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

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) have earned a consensus rating of “Buy” from the ten ratings firms that are covering the firm, MarketBeat reports. Nine investment analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $74.90.

CRDO has been the subject of several research analyst reports. The Goldman Sachs Group raised their price target on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Mizuho raised their price target on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Bank of America lowered their price target on 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. Needham & Company LLC restated a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. Finally, Craig Hallum raised their price target on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd.

Insider Buying and Selling at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $57.87, for a total transaction of $3,182,850.00. Following the transaction, the chief technology officer now directly owns 8,213,602 shares in the company, valued at approximately $475,321,147.74. This trade represents a 0.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Daniel W. Fleming sold 3,790 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total transaction of $265,034.70. Following the transaction, the chief financial officer now owns 652,666 shares in the company, valued at approximately $45,640,933.38. This trade represents a 0.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,190,496 shares of company stock worth $82,695,512 over the last three months. Insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds have recently modified their holdings of CRDO. Point72 Hong Kong Ltd acquired a new stake in shares of Credo Technology Group during the third quarter worth $3,948,000. Wellington Management Group LLP lifted its holdings in shares of Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares during the period. Centiva Capital LP acquired a new stake in shares of Credo Technology Group during the third quarter worth $553,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Credo Technology Group by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock worth $35,006,000 after purchasing an additional 95,335 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Credo Technology Group by 94.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock worth $7,507,000 after purchasing an additional 118,169 shares during the period. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Stock Up 9.9 %

CRDO stock opened at $43.36 on Wednesday. The business has a fifty day moving average of $67.61 and a two-hundred day moving average of $52.51. The stock has a market cap of $7.25 billion, a price-to-earnings ratio of -289.07 and a beta of 2.16. Credo Technology Group has a 52-week low of $16.82 and a 52-week high of $86.69.

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.