Susquehanna Lowers Credo Technology Group (NASDAQ:CRDO) Price Target to $60.00

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

CRDO has been the subject of a number of other research reports. The Goldman Sachs Group lifted their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. Needham & Company LLC reiterated a “buy” rating and issued a $80.00 target price on shares of Credo Technology Group in a research note on Wednesday. Craig Hallum increased their price objective on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Stifel Nicolaus upped their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Finally, Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and raised their price objective for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd. One equities research 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, Credo Technology Group currently has an average rating of “Moderate Buy” and a consensus price target of $75.40.

Credo Technology Group Trading Down 15.5 %

Shares of NASDAQ CRDO traded down $8.42 during trading hours on Wednesday, hitting $45.90. 7,074,307 shares of the company traded hands, compared to its average volume of 2,973,665. Credo Technology Group has a 12 month low of $16.82 and a 12 month 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 50 day moving average price is $70.29 and its 200 day moving average price is $52.20.

Insider Activity

In other news, COO Yat Tung Lam sold 100,000 shares of the business’s stock in a transaction 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 completion of the transaction, the chief operating officer now owns 1,000,000 shares of the company’s stock, valued at approximately $61,130,000. The trade was a 9.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Lip Bu Tan sold 3,799 shares of the company’s stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $70.73, for a total transaction of $268,703.27. Following the completion of the sale, the director now directly owns 1,709,926 shares of the company’s stock, valued at $120,943,065.98. The trade was a 0.22 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,338,175 shares of company stock valued at $92,697,698 in the last 90 days. 16.04% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CRDO. Rakuten Securities Inc. purchased a new position in Credo Technology Group during the 3rd quarter valued at about $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 worth $35,000 after acquiring an additional 1,001 shares in the last quarter. Kestra Investment Management LLC acquired a new stake in Credo Technology Group during the fourth quarter valued at $38,000. WASHINGTON TRUST Co purchased a new position in Credo Technology Group in the fourth quarter valued at about $43,000. Finally, Principal Securities Inc. raised its stake 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 worth $45,000 after purchasing an additional 576 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

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.