Brokerages Set Credo Technology Group Holding Ltd (NASDAQ:CRDO) PT at $71.50

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) have received an average rating of “Buy” from the ten research firms that are presently covering the firm, Marketbeat.com reports. Nine equities research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $71.50.

A number of analysts recently weighed in on CRDO shares. Stifel Nicolaus lowered their price target on shares of Credo Technology Group from $85.00 to $69.00 and set a “buy” rating for the company in a report on Thursday, April 17th. Needham & Company LLC reissued a “buy” rating and issued a $80.00 price target on shares of Credo Technology Group in a report on Wednesday, March 5th. Mizuho lowered their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a report on Thursday, April 3rd. Barclays lowered their price target on shares of Credo Technology Group from $90.00 to $70.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Finally, Bank of America lowered their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 5th.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $61.78 on Monday. The firm has a market cap of $10.49 billion, a P/E ratio of -411.87 and a beta of 2.29. The firm has a 50 day simple moving average of $45.82 and a 200 day simple moving average of $56.80. Credo Technology Group has a fifty-two week low of $19.13 and a fifty-two week high of $86.69.

Insiders Place Their Bets

In related news, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $61.13, for a total value of $6,113,000.00. Following the completion of the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $48.02, for a total transaction of $2,641,100.00. Following the completion of the transaction, the chief technology officer now directly owns 7,663,602 shares of the company’s stock, valued at approximately $368,006,168.04. The trade was a 0.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 573,665 shares of company stock valued at $25,908,531. Company insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRDO. Operose Advisors LLC boosted its stake in Credo Technology Group by 69.2% in the 1st quarter. Operose Advisors LLC now owns 616 shares of the company’s stock worth $25,000 after purchasing an additional 252 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new position in Credo Technology Group in the 1st quarter worth $25,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Credo Technology Group in the 1st quarter worth $27,000. Harbour Investments Inc. acquired a new position in Credo Technology Group in the 1st quarter worth $29,000. Finally, Virtus Advisers LLC acquired a new position in Credo Technology Group in the 1st quarter worth $31,000. 80.46% of the stock is owned by institutional investors and hedge funds.

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.