Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives $74.90 Consensus Target Price from Analysts

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) have earned an average recommendation of “Buy” from the ten research firms that are covering the stock, Marketbeat reports. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $74.60.

A number of brokerages have recently commented on CRDO. Mizuho cut their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a report on Thursday. 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. Stifel Nicolaus upped their target price on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Barclays raised their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Finally, Susquehanna upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th.

Insider Activity

In other news, Director Lip Bu Tan sold 150,000 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the transaction, the director now directly owns 1,113,725 shares of the company’s stock, valued at approximately $84,743,335.25. This trade represents a 11.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Daniel W. Fleming sold 3,790 shares of the business’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $72.61, for a total value of $275,191.90. Following the completion of the sale, the chief financial officer now directly owns 638,564 shares of the company’s stock, valued at approximately $46,366,132.04. This trade represents a 0.59 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 980,665 shares of company stock worth $65,566,692. 16.04% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of large investors have recently bought and sold shares of CRDO. Kestra Investment Management LLC purchased a new position in shares of Credo Technology Group in the fourth quarter worth $38,000. WASHINGTON TRUST Co purchased a new stake in Credo Technology Group in the fourth quarter worth $43,000. Principal Securities Inc. boosted its holdings in Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after acquiring an additional 576 shares in the last quarter. Quarry LP purchased a new position in Credo Technology Group during the 4th quarter valued at $58,000. Finally, Plato Investment Management Ltd bought a new position in Credo Technology Group in the 4th quarter worth $61,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Stock Down 10.3 %

NASDAQ CRDO opened at $33.30 on Friday. The company has a market cap of $5.65 billion, a price-to-earnings ratio of -222.00 and a beta of 2.30. The business’s fifty day moving average is $56.25 and its 200 day moving average is $54.13. Credo Technology Group has a twelve month low of $16.82 and a twelve month high of $86.69.

About Credo Technology Group

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.