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

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) have been assigned an average recommendation of “Moderate Buy” from the ten brokerages that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $76.40.

A number of brokerages have commented on CRDO. Roth Mkm raised their price objective on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Barclays raised their target price on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Needham & Company LLC raised their target price on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Susquehanna began coverage on Credo Technology Group in a research report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 target price for the company. Finally, Stifel Nicolaus raised their target price on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, January 6th.

Credo Technology Group Trading Down 3.0 %

Shares of CRDO stock opened at $77.28 on Friday. The stock has a 50 day moving average of $70.90 and a two-hundred day moving average of $47.08. Credo Technology Group has a 12 month low of $16.82 and a 12 month high of $86.69. The company has a market capitalization of $12.92 billion, a P/E ratio of -515.20 and a beta of 2.09.

Insider Activity at Credo Technology Group

In other news, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $76.09, for a total value of $11,413,500.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction dated 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 transaction, the director now directly owns 5,902,402 shares of the company’s stock, valued at approximately $395,224,837.92. This trade represents a 0.03 % 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 valued at $89,862,242 in the last 90 days. 16.04% of the stock is owned by corporate insiders.

Institutional Trading of Credo Technology Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd bought a new stake in Credo Technology Group in the 3rd quarter valued at about $3,948,000. Wellington Management Group LLP increased its position in Credo Technology Group by 32.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after buying an additional 705,512 shares in the last quarter. Centiva Capital LP bought a new stake in Credo Technology Group in the 3rd quarter valued at about $553,000. Charles Schwab Investment Management Inc. boosted its stake in Credo Technology Group by 9.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock valued at $35,006,000 after purchasing an additional 95,335 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Credo Technology Group by 94.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock valued at $7,507,000 after purchasing an additional 118,169 shares during the last quarter. 80.46% of the stock is owned by institutional investors.

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.