Credo Technology Group (NASDAQ:CRDO) Price Target Cut to $60.00 by Analysts at Susquehanna

Credo Technology Group (NASDAQ:CRDO) had its target price dropped by stock analysts at Susquehanna from $80.00 to $60.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Susquehanna’s target price suggests a potential upside of 30.71% from the stock’s previous close.

Several other brokerages also recently commented on CRDO. Craig Hallum boosted their target price on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Mizuho upped their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Barclays raised their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Needham & Company LLC reiterated a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a report on Wednesday. Finally, TD Cowen raised their price objective on Credo Technology Group from $45.00 to $75.00 and gave the company 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. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $75.40.

Credo Technology Group Stock Down 15.5 %

Shares of CRDO traded down $8.42 during midday trading on Wednesday, hitting $45.90. The company’s stock had a trading volume of 7,074,307 shares, compared to its average volume of 2,973,665. Credo Technology Group has a one year low of $16.82 and a one year high of $86.69. The stock has a market capitalization of $7.68 billion, a price-to-earnings ratio of -309.01 and a beta of 2.09. The company’s fifty day simple moving average is $70.29 and its two-hundred day simple moving average is $52.20.

Insider Buying and Selling

In related news, COO Yat Tung Lam sold 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $61.13, for a total value of $6,113,000.00. Following the completion of the transaction, the chief operating officer now directly owns 1,000,000 shares of the company’s stock, valued at approximately $61,130,000. This trade represents a 9.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William Joseph Brennan sold 143,880 shares of the business’s stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $67.65, for a total value 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 $160,388,543.70. The trade was a 5.72 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,338,175 shares of company stock worth $92,697,698. 16.04% of the stock is owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. increased its stake in Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after purchasing an additional 909,578 shares in the last quarter. Point72 Asset Management L.P. grew 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 worth $120,627,000 after acquiring an additional 1,660,230 shares during the period. Geode Capital Management LLC increased its position in shares of Credo Technology Group by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company’s stock valued at $222,884,000 after purchasing an additional 138,686 shares during the last quarter. Swedbank AB raised its position in Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after acquiring an additional 2,961,454 shares during the period. Finally, Wellington Management Group LLP raised its holdings 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 worth $88,188,000 after purchasing an additional 705,512 shares during the period. 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.