Credo Technology Group (NASDAQ:CRDO) Upgraded by Susquehanna to “Strong-Buy” Rating

Susquehanna upgraded shares of Credo Technology Group (NASDAQ:CRDO) from a hold rating to a strong-buy rating in a research report report published on Monday,Zacks.com reports.

A number of other analysts have also weighed in on the company. The Goldman Sachs Group raised their target price on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, January 10th. TD Cowen increased their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Mizuho boosted their target price 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. Barclays increased their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Finally, Bank of America dropped their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $74.90.

Credo Technology Group Price Performance

NASDAQ CRDO opened at $39.45 on Monday. The stock’s 50 day simple moving average is $68.09 and its 200 day simple moving average is $52.46. Credo Technology Group has a one year low of $16.82 and a one year high of $86.69. The firm has a market cap of $6.60 billion, a PE ratio of -263.00 and a beta of 2.16.

Insider Transactions at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $68.04, for a total value of $3,742,200.00. Following the sale, the chief technology officer now directly owns 8,508,602 shares in the company, valued at $578,925,280.08. This trade represents a 0.64 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Yat Tung Lam sold 100,000 shares of the business’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 transaction of $6,113,000.00. Following the transaction, the chief operating officer now owns 1,000,000 shares of the company’s stock, valued at approximately $61,130,000. This represents a 9.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,190,496 shares of company stock worth $82,695,512 in the last three months. Insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds have recently bought and sold shares of the company. Rakuten Securities Inc. bought a new stake in shares of Credo Technology Group in the 3rd quarter valued at $30,000. Brown Brothers Harriman & Co. grew its stake in Credo Technology Group by 695.1% in the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after acquiring an additional 1,001 shares during the period. Kestra Investment Management LLC bought a new stake in shares of Credo Technology Group in the fourth quarter worth about $38,000. WASHINGTON TRUST Co acquired a new stake in shares of Credo Technology Group during the fourth quarter worth about $43,000. Finally, Principal Securities Inc. lifted its holdings in shares of Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after purchasing an additional 576 shares in 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.