Barclays Issues Pessimistic Forecast for Credo Technology Group (NASDAQ:CRDO) Stock Price

Credo Technology Group (NASDAQ:CRDO) had its price target cut by analysts at Barclays from $90.00 to $70.00 in a research note issued on Tuesday, MarketBeat Ratings reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s target price indicates a potential upside of 72.88% from the company’s previous close.

Several other research analysts have also recently commented on the stock. Bank of America decreased 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 report on Wednesday, March 5th. Mizuho lowered their price target 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 reiterated a “buy” rating and issued a $80.00 target price on shares of Credo Technology Group in a report on Wednesday, March 5th. Susquehanna upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Finally, 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 research note on Friday, January 10th. Nine equities 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.com, the stock presently has an average rating of “Buy” and an average target price of $71.50.

Credo Technology Group Stock Up 9.4 %

Shares of Credo Technology Group stock opened at $40.49 on Tuesday. The business has a fifty day simple moving average of $46.58 and a 200-day simple moving average of $54.62. Credo Technology Group has a fifty-two week low of $16.91 and a fifty-two week high of $86.69. The firm has a market cap of $6.88 billion, a price-to-earnings ratio of -269.93 and a beta of 2.30.

Insider Buying and Selling at Credo Technology Group

In other news, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $58.66, for a total transaction of $5,866,000.00. Following the sale, the chief operating officer now directly owns 2,825,621 shares of the company’s stock, valued at approximately $165,750,927.86. This represents a 3.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s 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 completion of the transaction, the chief technology officer now directly owns 8,213,602 shares in the company, valued at approximately $475,321,147.74. This represents a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 563,665 shares of company stock worth $27,972,613 over the last 90 days. Company insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Robeco Institutional Asset Management B.V. acquired a new position in Credo Technology Group in the first quarter valued at $4,201,000. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Credo Technology Group by 15.7% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 21,730 shares of the company’s stock worth $873,000 after buying an additional 2,947 shares in the last quarter. Praxis Investment Management Inc. increased its stake in shares of Credo Technology Group by 280.0% in the 1st quarter. Praxis Investment Management Inc. now owns 14,250 shares of the company’s stock valued at $572,000 after acquiring an additional 10,500 shares in the last quarter. Blue Trust Inc. acquired a new position in shares of Credo Technology Group during the 1st quarter valued at $159,000. Finally, Rakuten Securities Inc. grew its holdings in Credo Technology Group by 81.8% in the first quarter. Rakuten Securities Inc. now owns 4,248 shares of the company’s stock worth $171,000 after purchasing an additional 1,911 shares during the period. Institutional investors own 80.46% of the company’s stock.

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.