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

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) have been given a consensus rating of “Moderate Buy” by the ten analysts that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $68.60.

A number of analysts recently weighed in on CRDO shares. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and increased their price target for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Susquehanna assumed coverage on Credo Technology Group in a report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 price target on the stock. Stifel Nicolaus reaffirmed a “buy” rating and set a $75.00 price objective (up from $50.00) on shares of Credo Technology Group in a research note on Tuesday, December 3rd. Needham & Company LLC increased their price objective on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Finally, Mizuho boosted their target price on Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a report on Monday, October 14th.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 3,799 shares of the business’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $70.73, for a total transaction of $268,703.27. Following the sale, the director now directly owns 1,709,926 shares in the company, valued at approximately $120,943,065.98. The trade was a 0.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $68.04, for a total value of $3,742,200.00. Following the completion of the transaction, the chief technology officer now owns 8,508,602 shares of the company’s stock, valued at approximately $578,925,280.08. This represents a 0.64 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,380,951 shares of company stock valued at $59,521,425. 16.04% of the stock is owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

Large investors have recently added to or reduced their stakes in the business. Point72 Hong Kong Ltd acquired a new position in Credo Technology Group during the third quarter worth about $3,948,000. Wellington Management Group LLP raised its position in shares of Credo Technology Group by 32.7% during the 3rd 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 last quarter. Charles Schwab Investment Management Inc. lifted its stake in Credo Technology Group by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock valued at $35,006,000 after buying an additional 95,335 shares in the last quarter. Centiva Capital LP acquired a new stake in Credo Technology Group during the 3rd quarter valued at $553,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in 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 buying an additional 118,169 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Trading Up 1.1 %

CRDO stock opened at $72.02 on Friday. The company has a market capitalization of $12.04 billion, a P/E ratio of -480.13 and a beta of 2.26. The business has a 50 day simple moving average of $52.13 and a 200-day simple moving average of $37.97. Credo Technology Group has a twelve month low of $16.82 and a twelve month high of $78.97.

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.