Brokerages Set Credo Technology Group Holding Ltd (NASDAQ:CRDO) PT at $34.00

Credo Technology Group Holding Ltd (NASDAQ:CRDO) has been given an average recommendation of “Moderate Buy” by the nine brokerages that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, seven have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $34.22.

A number of analysts have issued reports on the company. Roth Mkm lifted their price target on Credo Technology Group from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Bank of America lifted their price target on Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research note on Thursday, September 5th. Barclays boosted their price target on Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. Stifel Nicolaus upped their price target on shares of Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a report on Wednesday. Finally, The Goldman Sachs Group lifted their price objective on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, September 6th.

Insider Buying and Selling

In other news, Director Lip Bu Tan sold 125,000 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $35.18, for a total transaction of $4,397,500.00. Following the sale, the director now owns 1,988,725 shares in the company, valued at $69,963,345.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Lip Bu Tan sold 125,000 shares of the business’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $35.18, for a total value of $4,397,500.00. Following the transaction, the director now owns 1,988,725 shares in the company, valued at approximately $69,963,345.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William Joseph Brennan sold 143,880 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $25.75, for a total value of $3,704,910.00. Following the sale, the chief executive officer now owns 2,529,738 shares of the company’s stock, valued at approximately $65,140,753.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,509,974 shares of company stock valued at $46,475,972. Corporate insiders own 23.89% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Arcadia Investment Management Corp MI acquired a new position in Credo Technology Group in the second quarter worth $29,000. Fifth Third Bancorp boosted its position in Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after acquiring an additional 400 shares during the period. Covestor Ltd grew its stake 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 in the last quarter. CWM LLC increased its stake in Credo Technology Group by 78.1% during the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after buying an additional 594 shares during the period. Finally, Cranbrook Wealth Management LLC acquired a new position in shares of Credo Technology Group during the second quarter valued at approximately $51,000. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Up 5.9 %

Shares of NASDAQ CRDO opened at $37.24 on Friday. The business’s 50 day moving average is $30.26 and its two-hundred day moving average is $26.30. Credo Technology Group has a 52-week low of $13.38 and a 52-week high of $37.29. The firm has a market cap of $6.15 billion, a price-to-earnings ratio of -206.89 and a beta of 2.24.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. The business had revenue of $59.71 million for the quarter, compared to analyst estimates of $59.50 million. Analysts anticipate that Credo Technology Group will post -0.02 EPS for the current fiscal year.

About Credo Technology Group

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.