Analysts Set Credo Technology Group Holding Ltd (NASDAQ:CRDO) Price Target at $36.56

Credo Technology Group Holding Ltd (NASDAQ:CRDO) has received an average rating of “Moderate Buy” from the nine research firms that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $36.56.

CRDO has been the topic of a number of analyst reports. Needham & Company LLC upped their price objective on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Bank of America lifted their price objective on Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research report on Thursday, September 5th. Roth Mkm upped their target price on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. TD Cowen upgraded Credo Technology Group to a “strong-buy” rating in a report on Monday, September 16th. Finally, Barclays increased their price target on Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th.

Credo Technology Group Stock Down 2.1 %

Shares of NASDAQ:CRDO opened at $45.71 on Monday. The firm has a market cap of $7.59 billion, a P/E ratio of -285.69 and a beta of 2.19. Credo Technology Group has a 12-month low of $16.82 and a 12-month high of $48.94. The business has a fifty day simple moving average of $38.14 and a 200 day simple moving average of $31.56.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share (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 company had revenue of $59.71 million for the quarter, compared to the consensus estimate of $59.50 million. As a group, equities research analysts expect that Credo Technology Group will post -0.02 EPS for the current year.

Insider Transactions at Credo Technology Group

In related news, CEO William Joseph Brennan sold 143,880 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $25.75, for a total value of $3,704,910.00. Following the transaction, the chief executive officer now owns 2,529,738 shares of the company’s stock, valued at approximately $65,140,753.50. This trade represents a 5.38 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $30.50, for a total value of $4,575,000.00. Following the transaction, the director now owns 2,638,725 shares of the company’s stock, valued at $80,481,112.50. This trade represents a 5.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,324,817 shares of company stock valued at $43,552,936 over the last ninety days. 16.04% of the stock is owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently bought and sold shares of CRDO. Swedbank AB lifted its position in shares of 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 buying an additional 2,961,454 shares in the last quarter. Point72 Asset Management L.P. boosted its position in Credo Technology Group by 73.6% in the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after purchasing an additional 1,660,230 shares during the last quarter. Vanguard Group Inc. grew its stake in Credo Technology Group by 7.7% in the 1st quarter. Vanguard Group Inc. now owns 15,063,781 shares of the company’s stock valued at $319,202,000 after purchasing an additional 1,072,301 shares during the period. FMR LLC increased its position in shares of Credo Technology Group by 731.6% during the 3rd quarter. FMR LLC now owns 1,152,361 shares of the company’s stock valued at $35,493,000 after purchasing an additional 1,013,789 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of Credo Technology Group by 32.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares during the period. 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.