Brokerages Set Credo Technology Group Holding Ltd (NASDAQ:CRDO) PT at $68.60

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) have been given an average rating of “Moderate Buy” by the ten ratings firms that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $68.60.

Several analysts recently weighed in on CRDO shares. The Goldman Sachs Group lifted their price target on Credo Technology Group from $31.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. TD Cowen boosted their price target on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and increased their price objective for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Roth Mkm upped their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, Susquehanna assumed coverage on shares of Credo Technology Group in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price objective on the stock.

Credo Technology Group Stock Up 2.2 %

Shares of CRDO stock opened at $68.51 on Friday. Credo Technology Group has a 12-month low of $16.82 and a 12-month high of $78.97. The company has a market capitalization of $11.46 billion, a PE ratio of -456.73 and a beta of 2.26. The firm has a 50 day moving average price of $50.14 and a two-hundred day moving average price of $37.12.

Insiders Place Their Bets

In other news, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total transaction of $265,034.70. Following the sale, the chief financial officer now directly owns 652,666 shares of the company’s stock, valued at approximately $45,640,933.38. This trade represents a 0.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Lip Bu Tan sold 150,000 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the director now directly owns 2,638,725 shares of the company’s stock, valued at $80,481,112.50. This represents a 5.38 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,224,910 shares of company stock valued at $48,168,640. 16.04% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

Several large investors have recently modified their holdings of the business. Allworth Financial LP increased its position in Credo Technology Group by 917.9% during the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after purchasing an additional 771 shares during the period. Arcadia Investment Management Corp MI acquired a new stake in shares of Credo Technology Group during the second quarter worth $29,000. Rakuten Securities Inc. bought a new position in Credo Technology Group during the third quarter worth $30,000. Fifth Third Bancorp lifted its holdings in Credo Technology Group by 59.3% in the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after buying an additional 400 shares during the period. Finally, Brown Brothers Harriman & Co. lifted its holdings in Credo Technology Group by 695.1% in the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after buying an additional 1,001 shares during the period. Institutional investors own 80.46% of the company’s stock.

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.