Bank of America Lowers Credo Technology Group (NASDAQ:CRDO) Price Target to $75.00

Credo Technology Group (NASDAQ:CRDO) had its target price reduced by Bank of America from $83.00 to $75.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts have also commented on the stock. Stifel Nicolaus boosted their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Mizuho boosted 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 note on Friday, January 10th. The Goldman Sachs Group boosted their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Needham & Company LLC reissued a “buy” rating and set a $80.00 price objective on shares of Credo Technology Group in a research note on Wednesday. Finally, Barclays boosted their price objective on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $74.90.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $46.73 on Wednesday. Credo Technology Group has a one year low of $16.82 and a one year high of $86.69. The company’s 50-day simple moving average is $69.80 and its 200 day simple moving average is $52.16. The firm has a market capitalization of $7.82 billion, a P/E ratio of -311.53 and a beta of 2.09.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $57.87, for a total transaction of $3,182,850.00. Following the completion of the transaction, the chief technology officer now directly owns 8,213,602 shares of the company’s stock, valued at $475,321,147.74. The trade was a 0.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction of $265,034.70. Following the transaction, the chief financial officer now directly owns 652,666 shares of the company’s stock, valued at $45,640,933.38. The trade was a 0.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,190,496 shares of company stock valued at $82,695,512. Insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CRDO. Rakuten Securities Inc. purchased a new position in shares of Credo Technology Group during the third quarter valued at approximately $30,000. Brown Brothers Harriman & Co. raised its holdings in shares of Credo Technology Group by 695.1% during the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after purchasing an additional 1,001 shares during the last quarter. Kestra Investment Management LLC purchased a new position in shares of Credo Technology Group during the fourth quarter valued at approximately $38,000. WASHINGTON TRUST Co purchased a new position in shares of Credo Technology Group during the fourth quarter valued at approximately $43,000. Finally, Principal Securities Inc. increased its holdings in Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after buying an additional 576 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Company Profile

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.