Barclays Increases Credo Technology Group (NASDAQ:CRDO) Price Target to $90.00

Credo Technology Group (NASDAQ:CRDO) had its price target upped by stock analysts at Barclays from $80.00 to $90.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s target price would indicate a potential upside of 11.36% from the company’s current price.

CRDO has been the subject of several other research reports. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their price objective for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd. TD Cowen upped their price target on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. The Goldman Sachs Group raised their price objective on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Needham & Company LLC upped their target price on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Finally, Craig Hallum raised their price target on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Credo Technology Group has an average rating of “Moderate Buy” and an average price target of $76.40.

Credo Technology Group Stock Performance

CRDO traded up $5.22 on Friday, hitting $80.82. The company had a trading volume of 3,836,413 shares, compared to its average volume of 4,017,209. The stock has a market capitalization of $13.52 billion, a price-to-earnings ratio of -539.91 and a beta of 2.11. The stock has a fifty day moving average price of $62.23 and a 200-day moving average price of $42.66. Credo Technology Group has a 12-month low of $16.82 and a 12-month high of $82.00.

Insider Buying and Selling at Credo Technology Group

In other news, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $68.03, for a total value of $6,803,000.00. Following the sale, the chief operating officer now directly owns 400,000 shares of the company’s stock, valued at $27,212,000. This represents a 20.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William Joseph Brennan sold 143,880 shares of the firm’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the transaction, the chief executive officer now directly owns 2,370,858 shares of the company’s stock, valued at approximately $160,388,543.70. This trade represents a 5.72 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,188,804 shares of company stock worth $79,811,292. 16.04% of the stock is currently owned by insiders.

Institutional Trading of Credo Technology Group

Hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC boosted its position in Credo Technology Group by 8.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock worth $225,000 after purchasing an additional 255 shares in the last quarter. Assetmark Inc. increased its holdings in Credo Technology Group by 5.4% in the third quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock valued at $153,000 after buying an additional 257 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Credo Technology Group by 56.3% during the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after acquiring an additional 351 shares in the last quarter. Advisors Asset Management Inc. increased its stake in shares of Credo Technology Group by 11.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock valued at $145,000 after purchasing an additional 478 shares in the last quarter. Finally, US Bancorp DE raised its holdings in Credo Technology Group by 4.2% in the 3rd quarter. US Bancorp DE now owns 16,210 shares of the company’s stock worth $499,000 after purchasing an additional 649 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.