Credo Technology Group (NASDAQ:CRDO) Price Target Cut to $70.00 by Analysts at Barclays

Credo Technology Group (NASDAQ:CRDO - Free Report) had its price target reduced by Barclays from $90.00 to $70.00 in a research report released on Tuesday, Marketbeat.com reports. Barclays currently has an overweight rating on the stock.

Several other equities research analysts have also issued reports on CRDO. 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. Mizuho cut their target price on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research report on Thursday, April 3rd. Susquehanna raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Stifel Nicolaus cut their price objective on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $80.00 price objective on shares of Credo Technology Group in a research report on Wednesday, March 5th. Nine equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $71.50.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO traded up $1.29 on Tuesday, hitting $43.68. The company's stock had a trading volume of 2,369,561 shares, compared to its average volume of 3,560,290. Credo Technology Group has a 1 year low of $16.91 and a 1 year high of $86.69. The company has a market capitalization of $7.42 billion, a PE ratio of -291.20 and a beta of 2.30. The company has a 50-day simple moving average of $45.38 and a 200 day simple moving average of $54.76.

Insider Buying and Selling

In related news, COO Yat Tung Lam sold 100,000 shares of the firm's stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $58.66, for a total value 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 $165,750,927.86. This trade represents a 3.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $32.96, for a total value of $1,812,800.00. Following the transaction, the chief technology officer now directly owns 7,938,602 shares of the company's stock, valued at $261,656,321.92. The trade was a 0.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 618,665 shares of company stock valued at $29,993,313 over the last three months. 16.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds have recently made changes to their positions in CRDO. Franklin Resources Inc. boosted its holdings in Credo Technology Group by 17.9% in the third quarter. Franklin Resources Inc. now owns 73,037 shares of the company's stock valued at $2,250,000 after acquiring an additional 11,065 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Credo Technology Group by 22.7% during the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company's stock valued at $61,415,000 after buying an additional 368,518 shares during the period. JPMorgan Chase & Co. raised its stake in Credo Technology Group by 7.4% in 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 in the last quarter. GAMMA Investing LLC lifted its holdings in Credo Technology Group by 56.3% in the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company's stock worth $65,000 after buying an additional 351 shares during the period. Finally, Everence Capital Management Inc. bought a new stake in Credo Technology Group during the 4th quarter valued at approximately $252,000. 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.