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

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) have been assigned a consensus rating of “Buy” from the ten research firms that are currently covering the company, MarketBeat Ratings reports. Nine equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $74.90.

CRDO has been the subject of a number of recent analyst reports. Barclays increased their price target on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Stifel Nicolaus boosted their price target on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Bank of America reduced their price objective on shares of 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. Finally, Mizuho boosted their target price on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, January 10th.

Credo Technology Group Stock Down 4.5 %

CRDO opened at $40.51 on Friday. Credo Technology Group has a twelve month low of $16.82 and a twelve month high of $86.69. The company has a fifty day moving average of $60.57 and a 200-day moving average of $53.73. The stock has a market cap of $6.88 billion, a PE ratio of -270.07 and a beta of 2.16.

Insider Buying and Selling at Credo Technology Group

In other news, Director Lip Bu Tan sold 150,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director now owns 1,113,725 shares in the company, valued at $84,743,335.25. This trade represents a 11.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $69.52, for a total value of $6,952,000.00. Following the sale, the chief operating officer now owns 300,000 shares of the company’s stock, valued at $20,856,000. This trade represents a 25.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,130,665 shares of company stock valued at $76,241,092. Corporate insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its position in shares of Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after buying an additional 909,578 shares in the last quarter. Point72 Asset Management L.P. increased its position in shares of Credo Technology Group by 73.6% during the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after acquiring an additional 1,660,230 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Credo Technology Group by 4.4% during the fourth quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company’s stock worth $222,884,000 after acquiring an additional 138,686 shares during the period. Wellington Management Group LLP grew its stake 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 purchasing an additional 705,512 shares during the period. Finally, Principal Financial Group Inc. increased its position in shares of Credo Technology Group by 22.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after purchasing an additional 368,518 shares during the last quarter. 80.46% of the stock is currently owned by hedge funds and other 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.