Barclays Lowers Credo Technology Group (NASDAQ:CRDO) Price Target to $70.00

Credo Technology Group (NASDAQ:CRDO) had its target price cut by equities researchers at Barclays from $90.00 to $70.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price objective would indicate a potential upside of 90.35% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. Mizuho reduced their target price on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a report on Thursday, April 3rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Credo Technology Group in a research note on Wednesday, March 5th. Bank of America dropped their target price 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. The Goldman Sachs Group lifted their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Finally, Susquehanna raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Credo Technology Group has a consensus rating of “Buy” and an average price target of $71.50.

Credo Technology Group Price Performance

CRDO stock traded up $1.91 on Tuesday, hitting $36.77. 1,274,075 shares of the company were exchanged, compared to its average volume of 3,508,546. The stock has a market capitalization of $6.24 billion, a price-to-earnings ratio of -245.08 and a beta of 2.30. Credo Technology Group has a twelve month low of $16.91 and a twelve month high of $86.69. The business’s fifty day moving average is $47.85 and its two-hundred day moving average is $54.85.

Insider Buying and Selling at Credo Technology Group

In other news, Director Pantas Sutardja sold 1,875 shares of the firm’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $66.96, for a total value of $125,550.00. Following the transaction, the director now directly owns 5,902,402 shares in the company, valued at approximately $395,224,837.92. This trade represents a 0.03 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider James Laufman sold 8,000 shares of the business’s stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $39.09, for a total transaction of $312,720.00. Following the sale, the insider now directly owns 271,725 shares of the company’s stock, valued at approximately $10,621,730.25. This represents a 2.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 563,665 shares of company stock worth $27,972,613 in the last ninety days. 16.04% of the stock is owned by insiders.

Institutional Trading of Credo Technology Group

Hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its position in shares of Credo Technology Group by 7.4% during the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after buying an additional 909,578 shares during the period. Geode Capital Management LLC boosted its position in 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 worth $222,884,000 after acquiring an additional 138,686 shares during the period. Principal Financial Group Inc. grew its stake in shares of Credo Technology Group by 22.7% in the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock worth $61,415,000 after purchasing an additional 368,518 shares in the last quarter. Norges Bank acquired a new position in shares of Credo Technology Group during the fourth quarter valued at $117,242,000. Finally, Alliancebernstein L.P. raised its stake in shares of Credo Technology Group by 299.9% during the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock valued at $117,011,000 after purchasing an additional 1,305,594 shares in the last quarter. 80.46% of the stock is currently owned by 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.