Brokerages Set Credo Technology Group Holding Ltd (NASDAQ:CRDO) Target Price at $74.90

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) have earned an average rating of “Buy” from the ten research firms that are currently covering the stock, MarketBeat Ratings reports. Nine research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $74.90.

CRDO has been the subject of a number of research analyst reports. Barclays raised their price objective on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Stifel Nicolaus increased their target price on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Mizuho increased their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. Finally, The Goldman Sachs Group boosted their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th.

Insider Buying and Selling at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 3,790 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $72.61, for a total transaction of $275,191.90. Following the transaction, the chief financial officer now owns 638,564 shares in the company, valued at $46,366,132.04. This trade represents a 0.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $73.26, for a total transaction of $7,326,000.00. Following the completion of the sale, the chief operating officer now owns 200,000 shares in the company, valued at approximately $14,652,000. This trade represents a 33.33 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,030,665 shares of company stock worth $69,289,092. 16.04% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds have recently modified their holdings of CRDO. Fire Capital Management LLC purchased a new position in Credo Technology Group during the fourth quarter worth about $569,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Credo Technology Group in the 4th quarter valued at about $7,799,000. B. Riley Wealth Advisors Inc. purchased a new position in Credo Technology Group in the 4th quarter valued at approximately $498,000. Mackenzie Financial Corp raised its holdings in Credo Technology Group by 395.3% in the fourth quarter. Mackenzie Financial Corp now owns 38,144 shares of the company’s stock valued at $2,564,000 after acquiring an additional 30,443 shares in the last quarter. Finally, Forum Financial Management LP acquired a new position in shares of Credo Technology Group during the fourth quarter worth $253,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Price Performance

Shares of CRDO opened at $41.72 on Friday. The firm has a market cap of $7.08 billion, a P/E ratio of -278.13 and a beta of 2.16. Credo Technology Group has a 1 year low of $16.82 and a 1 year high of $86.69. The company has a 50 day simple moving average of $58.98 and a two-hundred day simple moving average of $54.10.

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.