Credo Technology Group (NASDAQ:CRDO) Reaches New 1-Year High – Time to Buy?

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares hit a new 52-week high during trading on Thursday . The company traded as high as $86.69 and last traded at $85.50, with a volume of 4867867 shares trading hands. The stock had previously closed at $81.52.

Analyst Ratings Changes

CRDO has been the subject of several recent research reports. Susquehanna initiated coverage on shares of Credo Technology Group in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price target for the company. The Goldman Sachs Group increased their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. TD Cowen upped their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Barclays upped 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. Finally, Roth Mkm upped their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Credo Technology Group currently has an average rating of “Moderate Buy” and an average target price of $76.40.

Credo Technology Group Stock Down 4.4 %

The business’s fifty day moving average is $66.70 and its two-hundred day moving average is $44.76. The firm has a market cap of $13.46 billion, a price-to-earnings ratio of -536.47 and a beta of 2.11.

Insiders Place Their Bets

In other Credo Technology Group news, CTO Chi Fung Cheng sold 60,000 shares of the business’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $80.57, for a total transaction of $4,834,200.00. Following the sale, the chief technology officer now directly owns 8,268,602 shares of the company’s stock, valued at $666,201,263.14. The trade was a 0.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $80.59, for a total transaction of $805,900.00. Following the sale, the chief operating officer now directly owns 2,825,621 shares in the company, valued at $227,716,796.39. This trade represents a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,203,804 shares of company stock valued at $83,293,192. Company insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Point72 Hong Kong Ltd acquired a new position in shares of Credo Technology Group during the 3rd quarter worth about $3,948,000. Wellington Management Group LLP increased its stake in shares of Credo Technology Group by 32.7% during 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 last quarter. Centiva Capital LP acquired a new position in shares of Credo Technology Group during the 3rd quarter worth about $553,000. Charles Schwab Investment Management Inc. increased its stake in shares of Credo Technology Group by 9.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock worth $35,006,000 after purchasing an additional 95,335 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Credo Technology Group by 94.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock worth $7,507,000 after purchasing an additional 118,169 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.