Credo Technology Group Holding Ltd (NASDAQ:CRDO) Given Consensus Recommendation of “Moderate Buy” by Analysts

Credo Technology Group Holding Ltd (NASDAQ:CRDO) has been given an average rating of “Moderate Buy” by the ten research firms that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $74.90.

CRDO has been the subject of a number of recent research reports. Barclays upped their price objective on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Bank of America reduced their price target on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. The Goldman Sachs Group boosted their price target on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. TD Cowen boosted their price target on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Finally, Susquehanna reduced their price target on Credo Technology Group from $80.00 to $60.00 and set a “neutral” rating for the company in a research report on Wednesday, March 5th.

Credo Technology Group Price Performance

Shares of CRDO opened at $43.70 on Wednesday. The company has a market cap of $7.31 billion, a P/E ratio of -291.33 and a beta of 2.16. The stock has a fifty day moving average price of $68.69 and a 200 day moving average price of $52.43. Credo Technology Group has a 12 month low of $16.82 and a 12 month high of $86.69.

Insider Activity

In other news, Director Pantas Sutardja sold 1,875 shares of the company’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $66.96, for a total value of $125,550.00. Following the completion of the sale, the director now owns 5,902,402 shares in the company, valued at $395,224,837.92. This represents a 0.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Daniel W. Fleming sold 3,790 shares of the company’s stock in a transaction on 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 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 disclosure for this sale can be found here. Insiders sold a total of 1,190,496 shares of company stock worth $82,695,512 over the last 90 days. 16.04% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

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

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.