Credo Technology Group (NASDAQ:CRDO) Given New $85.00 Price Target at Mizuho

Credo Technology Group (NASDAQ:CRDO) had its target price upped by Mizuho from $70.00 to $85.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Mizuho’s target price suggests a potential upside of 16.25% from the stock’s current price.

Several other research firms also recently commented on CRDO. TD Cowen increased their target price on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Barclays boosted their target price on shares of Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. Needham & Company LLC lifted their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Susquehanna assumed coverage on Credo Technology Group in a research report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 target price for the company. Finally, Roth Mkm upped their price target on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. One investment 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.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $75.40.

Credo Technology Group Trading Up 0.1 %

Credo Technology Group stock traded up $0.10 during mid-day trading on Friday, reaching $73.12. The company had a trading volume of 1,930,673 shares, compared to its average volume of 3,765,158. The business has a fifty day simple moving average of $59.24 and a 200 day simple moving average of $41.18. The company has a market cap of $12.23 billion, a P/E ratio of -487.47 and a beta of 2.11. Credo Technology Group has a fifty-two week low of $16.82 and a fifty-two week high of $78.97.

Insider Activity

In other Credo Technology Group news, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $76.09, for a total value of $11,413,500.00. Following the transaction, the director now owns 1,113,725 shares in the company, valued at approximately $84,743,335.25. This represents a 11.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Daniel W. Fleming sold 3,790 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $69.93, for a total value of $265,034.70. Following the sale, the chief financial officer now owns 652,666 shares of the company’s stock, valued at approximately $45,640,933.38. This represents a 0.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 830,295 shares of company stock worth $53,403,723 in the last quarter. 16.04% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Swedbank AB boosted its stake in Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after purchasing an additional 2,961,454 shares during the last quarter. Point72 Asset Management L.P. lifted its holdings in shares of Credo Technology Group by 73.6% in the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after purchasing an additional 1,660,230 shares in the last quarter. FMR LLC boosted its holdings in Credo Technology Group by 731.6% during the 3rd quarter. FMR LLC now owns 1,152,361 shares of the company’s stock worth $35,493,000 after acquiring an additional 1,013,789 shares during the last quarter. JPMorgan Chase & Co. grew its position in Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after purchasing an additional 909,578 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in Credo Technology Group by 32.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after buying an additional 705,512 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.