Analysts Set Credo Technology Group Holding Ltd (NASDAQ:CRDO) Target Price at $30.38

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) have been given an average recommendation of “Moderate Buy” by the eight research firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation and seven have given a buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $30.38.

CRDO has been the subject of a number of recent analyst reports. TD Cowen upped their price objective on shares of Credo Technology Group from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Stifel Nicolaus upped their target price on Credo Technology Group from $30.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Needham & Company LLC upped their target price on Credo Technology Group from $26.00 to $29.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Bank of America reaffirmed an “underperform” rating and issued a $22.00 target price (up from $21.00) on shares of Credo Technology Group in a report on Thursday, May 30th. Finally, Barclays upped their target price on Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, May 30th.

Insider Buying and Selling

In other Credo Technology Group news, Director Lip Bu Tan sold 6,110 shares of the company’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $31.33, for a total transaction of $191,426.30. Following the sale, the director now directly owns 3,125,061 shares of the company’s stock, valued at $97,908,161.13. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO William Joseph Brennan sold 49,368 shares of Credo Technology Group stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $25.78, for a total value of $1,272,707.04. Following the completion of the transaction, the chief executive officer now directly owns 622,762 shares in the company, valued at $16,054,804.36. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Lip Bu Tan sold 6,110 shares of the stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $31.33, for a total value of $191,426.30. Following the sale, the director now directly owns 3,125,061 shares in the company, valued at approximately $97,908,161.13. The disclosure for this sale can be found here. In the last 90 days, insiders sold 906,678 shares of company stock valued at $27,388,494. 23.89% of the stock is owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Ulland Investment Advisors LLC purchased a new position in Credo Technology Group during the first quarter valued at approximately $29,000. Arcadia Investment Management Corp MI bought a new position in Credo Technology Group in the 2nd quarter valued at $29,000. Fifth Third Bancorp grew its position in shares of Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after purchasing an additional 400 shares in the last quarter. Covestor Ltd increased its holdings in shares of Credo Technology Group by 19,240.0% in the first quarter. Covestor Ltd now owns 1,934 shares of the company’s stock worth $41,000 after purchasing an additional 1,924 shares during the period. Finally, CWM LLC raised its position in shares of Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after buying an additional 594 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Trading Up 3.5 %

Credo Technology Group stock opened at $36.45 on Friday. The firm’s fifty day moving average price is $29.76 and its two-hundred day moving average price is $24.15. The firm has a market capitalization of $6.02 billion, a price-to-earnings ratio of -202.50 and a beta of 2.23. Credo Technology Group has a 1-year low of $13.38 and a 1-year high of $36.80.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Wednesday, May 29th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.04). Credo Technology Group had a negative net margin of 14.70% and a negative return on equity of 4.51%. The company had revenue of $60.78 million for the quarter, compared to the consensus estimate of $60.50 million. On average, research analysts forecast that Credo Technology Group will post 0.07 EPS for the current year.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.