Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives $36.56 Average Price Target from Analysts

Credo Technology Group Holding Ltd (NASDAQ:CRDO) has received an average recommendation of “Moderate Buy” from the nine research firms that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $36.56.

A number of equities analysts recently commented on the stock. Barclays raised their price target on shares of Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. The Goldman Sachs Group raised their price target on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Mizuho increased their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Roth Mkm increased their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Finally, Stifel Nicolaus increased their price objective on shares of Credo Technology Group from $40.00 to $42.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th.

Insider Activity

In other news, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $27.67, for a total value of $276,700.00. Following the sale, the chief operating officer now directly owns 2,807,777 shares in the company, valued at approximately $77,691,189.59. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $30.50, for a total transaction of $4,575,000.00. Following the sale, the director now directly owns 2,638,725 shares in the company, valued at $80,481,112.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $27.67, for a total transaction of $276,700.00. Following the sale, the chief operating officer now owns 2,807,777 shares in the company, valued at approximately $77,691,189.59. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,389,817 shares of company stock worth $44,436,836. Corporate insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds have recently added to or reduced their stakes in CRDO. Swedbank AB raised its holdings in Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after purchasing an additional 2,961,454 shares during the last quarter. Vanguard Group Inc. raised its holdings in Credo Technology Group by 7.7% during the 1st quarter. Vanguard Group Inc. now owns 15,063,781 shares of the company’s stock worth $319,202,000 after purchasing an additional 1,072,301 shares during the last quarter. TimesSquare Capital Management LLC bought a new position in Credo Technology Group during the 1st quarter worth approximately $22,535,000. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Credo Technology Group by 290.9% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,184,344 shares of the company’s stock worth $25,096,000 after purchasing an additional 881,344 shares during the last quarter. Finally, Westfield Capital Management Co. LP bought a new position in Credo Technology Group during the 1st quarter worth approximately $17,847,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Price Performance

Shares of CRDO opened at $40.43 on Thursday. The firm has a market capitalization of $6.71 billion, a PE ratio of -252.69 and a beta of 2.24. The company’s 50-day moving average is $33.25 and its 200-day moving average is $28.22. Credo Technology Group has a fifty-two week low of $14.01 and a fifty-two week high of $41.92.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. The business had revenue of $59.71 million for the quarter, compared to the consensus estimate of $59.50 million. Analysts predict that Credo Technology Group will post -0.02 earnings per share for the current fiscal year.

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.