Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives $34.00 Consensus Price Target from Analysts

Credo Technology Group Holding Ltd (NASDAQ:CRDO) has been given a consensus rating of “Moderate Buy” by the nine analysts that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, seven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $34.22.

A number of brokerages have recently weighed in on CRDO. Craig Hallum boosted their price target on Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Stifel Nicolaus boosted their target price on shares of Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Wednesday. The Goldman Sachs Group raised their price target on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Barclays boosted their price objective on shares of Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Thursday, September 5th. Finally, Bank of America lifted their target price on Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research note on Thursday, September 5th.

Insider Activity at Credo Technology Group

In other news, Director Lip Bu Tan sold 125,000 shares of the stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $35.18, for a total value of $4,397,500.00. Following the completion of the transaction, the director now owns 1,988,725 shares of the company’s stock, valued at approximately $69,963,345.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO William Joseph Brennan sold 143,880 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the sale, the chief executive officer now owns 2,529,738 shares of the company’s stock, valued at $65,140,753.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lip Bu Tan sold 125,000 shares of the stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $35.18, for a total value of $4,397,500.00. Following the transaction, the director now directly owns 1,988,725 shares of the company’s stock, valued at approximately $69,963,345.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,509,974 shares of company stock worth $46,475,972 in the last three months. 23.89% of the stock is owned by company insiders.

Institutional Trading of Credo Technology Group

Institutional investors have recently modified their holdings of the company. Arcadia Investment Management Corp MI bought a new stake in Credo Technology Group in the second quarter worth about $29,000. Fifth Third Bancorp raised its holdings in shares of Credo Technology Group by 59.3% in the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after purchasing an additional 400 shares in the last quarter. Covestor Ltd boosted its holdings in Credo Technology Group by 19,240.0% during the first quarter. Covestor Ltd now owns 1,934 shares of the company’s stock worth $41,000 after buying an additional 1,924 shares in the last quarter. CWM LLC grew its position in Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after buying an additional 594 shares during the last quarter. Finally, Cranbrook Wealth Management LLC bought a new position in shares of Credo Technology Group in the second quarter valued at $51,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Price Performance

NASDAQ CRDO opened at $38.26 on Friday. The company has a market capitalization of $6.32 billion, a price-to-earnings ratio of -212.56 and a beta of 2.24. Credo Technology Group has a 12 month low of $13.38 and a 12 month high of $39.00. The company’s fifty day moving average price is $30.52 and its two-hundred day moving average price is $26.44.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The company had revenue of $59.71 million for the quarter, compared to the consensus estimate of $59.50 million. Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. As a group, analysts anticipate that Credo Technology Group will post -0.02 EPS for the current year.

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.