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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) has earned a consensus recommendation of “Moderate Buy” from the nine research firms that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating and eight have given a buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $34.00.

A number of research firms have weighed in on CRDO. Craig Hallum increased their target price on Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Bank of America increased their price objective on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research note on Thursday, September 5th. TD Cowen boosted their target price on shares of Credo Technology Group from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, July 15th. The Goldman Sachs Group increased 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. Finally, Stifel Nicolaus lifted their price target on shares of Credo Technology Group from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd.

Credo Technology Group Price Performance

NASDAQ CRDO opened at $28.51 on Wednesday. The stock has a market capitalization of $4.73 billion, a price-to-earnings ratio of -158.39 and a beta of 2.26. Credo Technology Group has a 1-year low of $13.38 and a 1-year high of $36.80. The business’s fifty day moving average price is $29.94 and its 200-day moving average price is $24.97.

Insider Activity

In related news, Director Lip Bu Tan sold 6,110 shares of the company’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $31.33, for a total value of $191,426.30. Following the completion of the transaction, the director now owns 3,125,061 shares of the company’s stock, valued at approximately $97,908,161.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $27.49, for a total value of $1,511,950.00. Following the transaction, the chief technology officer now owns 9,498,602 shares of the company’s stock, valued at $261,116,568.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Lip Bu Tan sold 6,110 shares of the firm’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $31.33, for a total transaction of $191,426.30. Following the transaction, the director now directly owns 3,125,061 shares of the company’s stock, valued at $97,908,161.13. The disclosure for this sale can be found here. Insiders have sold 971,190 shares of company stock worth $29,204,447 in the last three months. Company insiders own 23.89% of the company’s stock.

Institutional Trading of Credo Technology Group

Several hedge funds have recently bought and sold shares of the stock. AMF Tjanstepension AB increased its holdings in shares of Credo Technology Group by 31.8% in the first quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock worth $36,302,000 after purchasing an additional 413,149 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Credo Technology Group by 13.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 958,316 shares of the company’s stock worth $18,658,000 after acquiring an additional 111,957 shares in the last quarter. Thornburg Investment Management Inc. boosted its position in shares of Credo Technology Group by 37.1% during the 1st quarter. Thornburg Investment Management Inc. now owns 237,327 shares of the company’s stock valued at $5,029,000 after acquiring an additional 64,177 shares during the last quarter. Capstone Investment Advisors LLC purchased a new position in shares of Credo Technology Group in the first quarter valued at $2,732,000. Finally, Swiss National Bank increased its position in Credo Technology Group by 14.7% in the first quarter. Swiss National Bank now owns 254,416 shares of the company’s stock worth $5,391,000 after purchasing an additional 32,600 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.