Analysts Set Credo Technology Group Holding Ltd (NASDAQ:CRDO) PT at $76.40

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) have received a consensus rating of “Moderate Buy” from the ten research firms that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $76.40.

A number of research firms have issued reports on CRDO. Needham & Company LLC increased their price objective on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Susquehanna started coverage on Credo Technology Group in a research report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 target price on the stock. 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 research note on Tuesday, December 3rd. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their price target for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Finally, Barclays upped their target price 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.

Credo Technology Group Stock Down 3.0 %

CRDO opened at $71.35 on Friday. Credo Technology Group has a 52 week low of $16.82 and a 52 week high of $86.69. The business’s fifty day simple moving average is $72.15 and its 200 day simple moving average is $48.48. The stock has a market cap of $11.93 billion, a PE ratio of -475.67 and a beta of 2.09.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of the company’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $66.96, for a total value of $125,550.00. Following the sale, the director now directly owns 5,902,402 shares of the company’s stock, valued at approximately $395,224,837.92. This represents a 0.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daniel W. Fleming sold 12,504 shares of Credo Technology Group stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $48.48, for a total transaction of $606,193.92. Following the completion of the sale, the chief financial officer now owns 656,456 shares in the company, valued at approximately $31,824,986.88. This trade represents a 1.87 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,305,679 shares of company stock valued at $89,862,242. 16.04% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds have recently made changes to their positions in the stock. Allworth Financial LP raised its holdings in shares of Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after buying an additional 771 shares during the last quarter. Rakuten Securities Inc. acquired a new stake in shares of Credo Technology Group in the third quarter worth approximately $30,000. Brown Brothers Harriman & Co. increased its stake in Credo Technology Group by 695.1% during the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after acquiring an additional 1,001 shares during the last quarter. Kestra Investment Management LLC purchased a new position in shares of Credo Technology Group in the 4th quarter valued at $38,000. Finally, WASHINGTON TRUST Co acquired a new position in Credo Technology Group during the 4th quarter worth approximately $43,000. Hedge funds and other 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.