Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report)'s share price gapped up prior to trading on Thursday . The stock had previously closed at $62.71, but opened at $65.90. Credo Technology Group shares last traded at $64.24, with a volume of 308,319 shares trading hands.
Wall Street Analysts Forecast Growth
Several analysts recently issued reports on CRDO shares. Needham & Company LLC restated a "buy" rating and issued a $80.00 price objective 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. Barclays reduced their price target on shares of Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Mizuho lowered their price objective on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a research note on Thursday, April 3rd. Finally, Stifel Nicolaus decreased their price target on shares of Credo Technology Group from $85.00 to $69.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Nine research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $71.50.
Check Out Our Latest Analysis on CRDO
Credo Technology Group Stock Performance
The firm has a 50-day moving average price of $47.29 and a 200-day moving average price of $57.35. The stock has a market cap of $10.28 billion, a PE ratio of -403.60 and a beta of 2.29.
Insider Transactions at Credo Technology Group
In other news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $49.77, for a total value of $2,737,350.00. Following the sale, the chief technology officer now owns 8,048,602 shares in the company, valued at $400,578,921.54. This trade represents a 0.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Pantas Sutardja sold 1,875 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $46.01, for a total transaction of $86,268.75. Following the completion of the sale, the director now directly owns 5,900,527 shares in the company, valued at $271,483,247.27. This trade represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 473,665 shares of company stock valued at $19,795,531 in the last ninety days. Corporate insiders own 16.04% of the company's stock.
Hedge Funds Weigh In On Credo Technology Group
Several hedge funds have recently added to or reduced their stakes in CRDO. JPMorgan Chase & Co. raised its stake 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 valued at $404,797,000 after purchasing an additional 909,578 shares during the period. Janney Montgomery Scott LLC acquired a new stake in Credo Technology Group in the fourth quarter worth about $353,000. KBC Group NV lifted its holdings in Credo Technology Group by 48.1% in the 4th quarter. KBC Group NV now owns 5,661 shares of the company's stock valued at $380,000 after acquiring an additional 1,839 shares during the last quarter. Pacer Advisors Inc. raised its holdings in Credo Technology Group by 30.2% during the 4th quarter. Pacer Advisors Inc. now owns 3,906 shares of the company's stock worth $263,000 after buying an additional 907 shares during the period. Finally, China Universal Asset Management Co. Ltd. acquired a new position in shares of Credo Technology Group in the 4th quarter valued at about $1,311,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.
About Credo Technology Group
(
Get Free Report)
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.
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