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

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

CRDO has been the topic of several recent analyst reports. Roth Mkm increased their target price on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and raised their price target for the company from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Barclays boosted their price objective on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday. Needham & Company LLC increased their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Finally, TD Cowen boosted their target price on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd.

Insider Buying and Selling at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $47.37, for a total value of $2,605,350.00. Following the completion of the sale, the chief technology officer now owns 8,728,602 shares of the company’s stock, valued at approximately $413,473,876.74. The trade was a 0.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $68.03, for a total transaction of $6,803,000.00. Following the transaction, the chief operating officer now owns 400,000 shares of the company’s stock, valued at approximately $27,212,000. This trade represents a 20.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,133,804 shares of company stock valued at $77,653,092. 16.04% of the stock is owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently made changes to their positions in CRDO. Nisa Investment Advisors LLC lifted its stake in Credo Technology Group by 8.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock worth $225,000 after purchasing an additional 255 shares in the last quarter. Assetmark Inc. increased its position in shares of Credo Technology Group by 5.4% during the third quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock valued at $153,000 after acquiring an additional 257 shares during the last quarter. GAMMA Investing LLC increased its holdings in Credo Technology Group by 56.3% in the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock valued at $65,000 after purchasing an additional 351 shares during the last quarter. Advisors Asset Management Inc. grew its stake in shares of Credo Technology Group by 11.3% in the third quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock valued at $145,000 after buying an additional 478 shares in the last quarter. Finally, US Bancorp DE increased its stake in Credo Technology Group by 4.2% during the third quarter. US Bancorp DE now owns 16,210 shares of the company’s stock worth $499,000 after purchasing an additional 649 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO opened at $80.02 on Tuesday. The business’s 50 day moving average is $63.55 and its two-hundred day moving average is $43.50. Credo Technology Group has a 1-year low of $16.82 and a 1-year high of $82.00. The stock has a market capitalization of $13.38 billion, a P/E ratio of -533.47 and a beta of 2.11.

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.