Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives $76.40 Average Target Price from Brokerages

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) have been assigned an average rating of “Moderate Buy” from the ten brokerages that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $74.90.

Several equities analysts recently commented on CRDO shares. TD Cowen increased their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Mizuho increased their target price on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Susquehanna reduced their target price on shares of Credo Technology Group from $80.00 to $60.00 and set a “neutral” rating on the stock in a report on Wednesday. The Goldman Sachs Group raised their price target 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. Finally, Barclays raised their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th.

Insider Transactions at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 3,790 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $69.93, for a total value of $265,034.70. Following the completion of 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Yat Tung Lam sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $61.13, for a total transaction of $6,113,000.00. Following the completion of the sale, the chief operating officer now directly owns 1,000,000 shares of the company’s stock, valued at approximately $61,130,000. This represents a 9.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,190,496 shares of company stock valued at $82,695,512. Company insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC lifted its position in shares of Credo Technology Group by 8.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock worth $225,000 after purchasing an additional 255 shares during the period. Assetmark Inc. lifted its position in Credo Technology Group by 5.4% during the 3rd quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock valued at $153,000 after acquiring an additional 257 shares during the period. CIBC Private Wealth Group LLC lifted its position in Credo Technology Group by 51.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company’s stock valued at $75,000 after acquiring an additional 348 shares during the period. GAMMA Investing LLC lifted its position in Credo Technology Group by 56.3% during the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock valued at $65,000 after acquiring an additional 351 shares during the period. Finally, Amalgamated Bank lifted its position in Credo Technology Group by 9.4% during the 4th quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock valued at $321,000 after acquiring an additional 411 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Stock Performance

CRDO stock opened at $43.70 on Wednesday. Credo Technology Group has a 52 week low of $16.82 and a 52 week high of $86.69. The firm’s fifty day moving average is $68.69 and its 200 day moving average is $52.18. The firm has a market cap of $7.31 billion, a P/E ratio of -291.33 and a beta of 2.16.

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.