Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives $74.90 Consensus PT from Analysts

Credo Technology Group Holding Ltd (NASDAQ:CRDO) has received a consensus recommendation of “Buy” from the ten ratings firms that are presently covering the company, Marketbeat reports. Nine research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $74.60.

CRDO has been the topic of several research reports. The Goldman Sachs Group boosted their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Needham & Company LLC restated a “buy” rating and issued a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. Bank of America lowered their price objective on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Stifel Nicolaus increased their target price on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Finally, Barclays lifted their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th.

Credo Technology Group Trading Down 10.3 %

CRDO opened at $33.30 on Friday. Credo Technology Group has a 12-month low of $16.82 and a 12-month high of $86.69. The company has a market cap of $5.65 billion, a price-to-earnings ratio of -222.00 and a beta of 2.30. The stock has a fifty day simple moving average of $56.25 and a two-hundred day simple moving average of $54.13.

Insider Buying and Selling at Credo Technology Group

In related news, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction on Friday, January 10th. The stock was sold at an average price of $73.26, for a total transaction of $7,326,000.00. Following the transaction, the chief operating officer now directly owns 200,000 shares in the company, valued at approximately $14,652,000. The trade was a 33.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $66.96, for a total transaction of $125,550.00. Following the completion of the sale, the director now directly owns 5,902,402 shares of the company’s stock, valued at $395,224,837.92. This represents a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 980,665 shares of company stock worth $65,566,692 in the last three months. 16.04% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Kestra Investment Management LLC bought a new stake in shares of Credo Technology Group during the fourth quarter valued at approximately $38,000. WASHINGTON TRUST Co bought a new position in Credo Technology Group during the fourth quarter valued at approximately $43,000. Principal Securities Inc. grew its holdings in Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after buying an additional 576 shares in the last quarter. Quarry LP bought a new stake in Credo Technology Group in the 4th quarter worth approximately $58,000. Finally, Larson Financial Group LLC raised its holdings in shares of Credo Technology Group by 240.0% during the 3rd quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock worth $61,000 after acquiring an additional 1,399 shares in the last quarter. 80.46% of the stock is currently 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.