Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives $71.50 Average PT from Analysts

Credo Technology Group Holding Ltd (NASDAQ:CRDO) has earned a consensus rating of “Buy” from the ten brokerages that are presently covering the firm, Marketbeat.com reports. Nine analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $71.50.

A number of equities research analysts have weighed in on CRDO shares. Bank of America decreased their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Mizuho cut their price target on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a report on Thursday, April 3rd. Stifel Nicolaus cut their price target on Credo Technology Group from $85.00 to $69.00 and set a “buy” rating for the company in a report on Thursday, April 17th. Barclays dropped their price objective on Credo Technology Group from $90.00 to $70.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Finally, Needham & Company LLC reissued a “buy” rating and set a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th.

Credo Technology Group Price Performance

CRDO opened at $60.45 on Monday. Credo Technology Group has a fifty-two week low of $18.98 and a fifty-two week high of $86.69. The firm’s fifty day moving average price is $45.19 and its two-hundred day moving average price is $56.52. The company has a market capitalization of $10.26 billion, a P/E ratio of -403.00 and a beta of 2.29.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $47.29, for a total value of $2,600,950.00. Following the sale, the chief technology officer now owns 8,103,602 shares in the company, valued at approximately $383,219,338.58. The trade was a 0.67% decrease in their position. The transaction 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 company’s stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $40.75, for a total value of $154,442.50. Following the sale, the chief financial officer now owns 608,602 shares in the company, valued at approximately $24,800,531.50. This represents a 0.62% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 573,665 shares of company stock worth $25,908,531. 16.04% of the stock is owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Larson Financial Group LLC raised its stake in Credo Technology Group by 21.5% in the 1st quarter. Larson Financial Group LLC now owns 1,386 shares of the company’s stock valued at $56,000 after acquiring an additional 245 shares during the period. Operose Advisors LLC grew its holdings in shares of Credo Technology Group by 69.2% during the 1st quarter. Operose Advisors LLC now owns 616 shares of the company’s stock worth $25,000 after purchasing an additional 252 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Credo Technology Group by 8.3% during 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. CIBC Private Wealth Group LLC grew its holdings in shares of Credo Technology Group by 51.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company’s stock worth $75,000 after purchasing an additional 348 shares in the last quarter. Finally, Amalgamated Bank grew its holdings in shares of Credo Technology Group by 9.4% during the 4th quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock worth $321,000 after purchasing an additional 411 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

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.