Brokerages Set Credo Technology Group Holding Ltd (NASDAQ:CRDO) PT at $76.40

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) have received an average recommendation of “Moderate Buy” from the ten ratings firms that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $76.40.

Several equities analysts recently commented on the company. Barclays raised their target price on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Needham & Company LLC lifted their price objective on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Mizuho upped their target price on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. The Goldman Sachs Group lifted their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. Finally, Stifel Nicolaus upped their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, January 6th.

Credo Technology Group Stock Down 0.3 %

Shares of CRDO opened at $77.08 on Friday. The company has a 50-day moving average price of $71.46 and a two-hundred day moving average price of $47.66. The stock has a market cap of $12.89 billion, a price-to-earnings ratio of -513.87 and a beta of 2.09. Credo Technology Group has a 12 month low of $16.82 and a 12 month high of $86.69.

Insider Activity

In other news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $48.57, for a total value of $2,671,350.00. Following the transaction, the chief technology officer now owns 8,618,602 shares of the company’s stock, valued at approximately $418,605,499.14. This trade represents a 0.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $68.03, for a total transaction of $6,803,000.00. Following the sale, the chief operating officer now owns 400,000 shares of the company’s stock, valued at approximately $27,212,000. This represents a 20.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,305,679 shares of company stock valued at $89,862,242 over the last three months. 16.04% of the stock is owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently bought and sold shares of CRDO. Point72 Hong Kong Ltd acquired a new stake in shares of Credo Technology Group in the 3rd quarter valued at approximately $3,948,000. Wellington Management Group LLP raised its holdings in Credo Technology Group by 32.7% in the third 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 period. Centiva Capital LP bought a new position in shares of Credo Technology Group during the third quarter worth $553,000. Charles Schwab Investment Management Inc. grew its holdings in shares of 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 during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Credo Technology Group by 94.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock valued at $7,507,000 after buying an additional 118,169 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

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.