Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives Average Recommendation of “Moderate Buy” from Analysts

Credo Technology Group Holding Ltd (NASDAQ:CRDO) has been assigned an average rating of “Moderate Buy” from the ten ratings firms that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $76.40.

CRDO has been the topic of a number of research reports. Susquehanna started coverage on shares of Credo Technology Group in a report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price target on the stock. TD Cowen upped their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Stifel Nicolaus increased their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. Craig Hallum raised their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Finally, Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and lifted their price target for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd.

Insider Transactions at Credo Technology Group

In related news, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $66.96, for a total transaction of $125,550.00. Following the completion of the transaction, the director now directly owns 5,902,402 shares of the company’s stock, valued at approximately $395,224,837.92. The trade was a 0.03 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lip Bu Tan sold 150,000 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the completion of the sale, 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 disclosure for this sale can be found here. Insiders have sold a total of 1,305,679 shares of company stock worth $89,862,242 in the last three months. Insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several large investors have recently added to or reduced their stakes in CRDO. CWM LLC boosted its position in Credo Technology Group by 105.7% in the 3rd quarter. CWM LLC now owns 2,787 shares of the company’s stock valued at $86,000 after buying an additional 1,432 shares during the period. Carnegie Investment Counsel raised its holdings in shares of Credo Technology Group by 7.3% in the 3rd quarter. Carnegie Investment Counsel now owns 312,000 shares of the company’s stock valued at $9,610,000 after purchasing an additional 21,350 shares in the last quarter. Wesbanco Bank Inc. bought a new stake in shares of Credo Technology Group in the 3rd quarter valued at about $478,000. Creative Planning bought a new stake in shares of Credo Technology Group in the 3rd quarter valued at about $359,000. Finally, Swedbank AB raised its holdings in shares of Credo Technology Group by 873.9% in the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after purchasing an additional 2,961,454 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Stock Performance

CRDO stock opened at $77.28 on Friday. Credo Technology Group has a 52-week low of $16.82 and a 52-week high of $86.69. The business has a 50-day simple moving average of $70.90 and a two-hundred day simple moving average of $47.08. The company has a market capitalization of $12.92 billion, a P/E ratio of -515.20 and a beta of 2.09.

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.