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

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) have received an average recommendation of “Moderate Buy” from the ten ratings firms that are covering the company, MarketBeat reports. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $76.40.

A number of analysts have weighed in on the company. Needham & Company LLC increased their price target on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Stifel Nicolaus increased their price target on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and raised their target price for the company from $27.00 to $80.00 in a research note on Tuesday, December 3rd. TD Cowen raised their target price on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Finally, Susquehanna started coverage on Credo Technology Group in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 target price for the company.

Insider Activity at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 12,504 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $48.48, for a total value of $606,193.92. Following the transaction, the chief financial officer now owns 656,456 shares of the company’s stock, valued at approximately $31,824,986.88. This trade represents a 1.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William Joseph Brennan sold 143,880 shares of the firm’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the completion of the transaction, the chief executive officer now directly owns 2,370,858 shares in the company, valued at approximately $160,388,543.70. The trade was a 5.72 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,305,679 shares of company stock valued at $89,862,242. 16.04% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds have recently modified their holdings of CRDO. CWM LLC lifted its position in shares of Credo Technology Group by 105.7% during the 3rd quarter. CWM LLC now owns 2,787 shares of the company’s stock worth $86,000 after buying an additional 1,432 shares in the last quarter. Carnegie Investment Counsel lifted its position in shares of Credo Technology Group by 7.3% during the 3rd quarter. Carnegie Investment Counsel now owns 312,000 shares of the company’s stock worth $9,610,000 after buying an additional 21,350 shares in the last quarter. Wesbanco Bank Inc. bought a new position in shares of Credo Technology Group during the 3rd quarter worth approximately $478,000. Creative Planning bought a new position in shares of Credo Technology Group during the 3rd quarter worth approximately $359,000. Finally, Swedbank AB lifted its position in shares of Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after buying an additional 2,961,454 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Trading Up 0.3 %

Shares of Credo Technology Group stock opened at $70.70 on Friday. The business has a 50-day moving average price of $72.08 and a two-hundred day moving average price of $48.93. Credo Technology Group has a 1-year low of $16.82 and a 1-year high of $86.69. The company has a market cap of $11.82 billion, a P/E ratio of -471.33 and a beta of 2.09.

About Credo Technology Group

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.