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

Credo Technology Group (NASDAQ:CRDO) had its price objective lowered by Susquehanna from $80.00 to $60.00 in a research report released on Wednesday,Benzinga reports. Susquehanna currently has a neutral rating on the stock.

Other equities research analysts also recently issued research reports about the stock. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and increased their target price for the company from $27.00 to $80.00 in a research note on Tuesday, December 3rd. TD Cowen increased their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Mizuho increased their target price on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. The Goldman Sachs Group increased their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Credo Technology Group has an average rating of “Moderate Buy” and an average price target of $74.90.

Credo Technology Group Trading Down 14.0 %

Shares of CRDO opened at $46.73 on Wednesday. Credo Technology Group has a twelve month low of $16.82 and a twelve month high of $86.69. The company has a market cap of $7.82 billion, a P/E ratio of -311.53 and a beta of 2.09. The company’s fifty day simple moving average is $69.80 and its 200-day simple moving average is $52.16.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated 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 transaction, the chief technology officer now directly owns 8,213,602 shares in the company, valued at $475,321,147.74. This represents a 0.67 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction dated Wednesday, February 26th. The stock was 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 in the company, valued at approximately $61,130,000. The trade was a 9.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,190,496 shares of company stock valued at $82,695,512 in the last 90 days. Company insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Point72 Hong Kong Ltd bought a new stake in shares of Credo Technology Group in the 3rd quarter valued at about $3,948,000. Wellington Management Group LLP boosted its holdings in shares of Credo Technology Group by 32.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after buying an additional 705,512 shares in the last quarter. Centiva Capital LP bought a new stake in shares of Credo Technology Group in the 3rd quarter valued at about $553,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Credo Technology Group by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock valued at $35,006,000 after buying an additional 95,335 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Credo Technology Group by 94.1% in 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 valued at $7,507,000 after buying an additional 118,169 shares in the last quarter. 80.46% of the stock is currently owned by 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.