Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives $75.40 Consensus Price Target from Analysts

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) have been assigned an average rating of “Moderate Buy” from the ten ratings firms that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $75.40.

CRDO has been the topic of a number of research analyst reports. Craig Hallum lifted their target price on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Mizuho raised their price objective on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. Barclays raised their price objective on Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. The Goldman Sachs Group raised their price objective on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Finally, Roth Mkm raised their price objective 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.

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, October 21st. The stock was sold at an average price of $39.24, for a total transaction of $2,158,200.00. Following the sale, the chief technology officer now directly owns 8,838,602 shares of the company’s stock, valued at approximately $346,826,742.48. The trade was a 0.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $68.03, for a total value of $6,803,000.00. Following the completion of the transaction, the chief operating officer now owns 400,000 shares of the company’s stock, valued at $27,212,000. This trade represents a 20.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,188,804 shares of company stock valued at $79,811,292. 16.04% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. grew its stake in Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after purchasing an additional 909,578 shares in the last quarter. Point72 Asset Management L.P. grew its stake 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 in the last quarter. Driehaus Capital Management LLC grew its stake in Credo Technology Group by 3.1% in the second quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock worth $121,097,000 after purchasing an additional 115,271 shares in the last quarter. Swedbank AB grew its stake in Credo Technology Group by 873.9% in the third 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 in the last quarter. Finally, Geode Capital Management LLC grew its stake in Credo Technology Group by 5.7% in the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock worth $97,865,000 after purchasing an additional 170,412 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Trading Up 0.2 %

Shares of Credo Technology Group stock opened at $75.60 on Tuesday. Credo Technology Group has a twelve month low of $16.82 and a twelve month high of $78.97. The stock has a market capitalization of $12.64 billion, a P/E ratio of -504.00 and a beta of 2.11. The business’s fifty day moving average price is $62.23 and its 200 day moving average price is $42.66.

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.