Mizuho Raises Credo Technology Group (NASDAQ:CRDO) Price Target to $85.00

Credo Technology Group (NASDAQ:CRDO) had its price target hoisted by Mizuho from $70.00 to $85.00 in a research note issued to investors on Friday morning,Benzinga reports. Mizuho currently has an outperform rating on the stock.

A number of other research firms have also weighed in on CRDO. Stifel Nicolaus raised 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 report on Monday, January 6th. TD Cowen upped their target price on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Craig Hallum increased their price target on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Barclays boosted their price objective on Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Finally, Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and raised their target price for the company from $27.00 to $80.00 in a research report on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $75.40.

Credo Technology Group Trading Up 1.1 %

Shares of Credo Technology Group stock opened at $73.80 on Friday. The stock has a fifty day simple moving average of $59.24 and a 200 day simple moving average of $41.18. Credo Technology Group has a 12-month low of $16.82 and a 12-month high of $78.97. The company has a market capitalization of $12.34 billion, a P/E ratio of -492.00 and a beta of 2.11.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,790 shares of the stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total transaction of $265,034.70. Following the sale, the chief financial officer now owns 652,666 shares in the company, valued at $45,640,933.38. This represents a 0.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Chi Fung Cheng sold 60,000 shares of the firm’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $72.09, for a total value of $4,325,400.00. Following the completion of the transaction, the chief technology officer now directly owns 8,388,602 shares of the company’s stock, valued at $604,734,318.18. The trade was a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 890,295 shares of company stock worth $57,729,123. Company insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently modified their holdings of CRDO. JPMorgan Chase & Co. increased its holdings in Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after acquiring an additional 909,578 shares during the period. Point72 Asset Management L.P. raised its position in shares of Credo Technology Group by 73.6% in the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after buying an additional 1,660,230 shares in the last quarter. Driehaus Capital Management LLC grew its position in Credo Technology Group by 3.1% during the second quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock worth $121,097,000 after buying an additional 115,271 shares in the last quarter. Swedbank AB grew its position in Credo Technology Group by 873.9% during the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after buying an additional 2,961,454 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Credo Technology Group by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock worth $97,865,000 after acquiring an additional 170,412 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other 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.