Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives $36.56 Consensus Target Price from Analysts

Credo Technology Group Holding Ltd (NASDAQ:CRDO) has been assigned a consensus recommendation of “Moderate Buy” from the nine analysts that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $36.56.

A number of equities research analysts recently commented on CRDO shares. Needham & Company LLC lifted their price objective on Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. Barclays upped their price target on Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. Craig Hallum lifted their price objective on shares of Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. The Goldman Sachs Group upped their target price on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Finally, Bank of America increased their target price on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a report on Thursday, September 5th.

Credo Technology Group Trading Up 7.1 %

Credo Technology Group stock opened at $48.96 on Monday. Credo Technology Group has a 1 year low of $16.82 and a 1 year high of $51.40. The company’s 50-day moving average is $39.24 and its two-hundred day moving average is $32.16. The company has a market cap of $8.13 billion, a PE ratio of -306.00 and a beta of 2.19.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. The business had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. Research analysts forecast that Credo Technology Group will post -0.02 EPS for the current year.

Insider Transactions at Credo Technology Group

In related news, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $27.69, for a total transaction of $276,900.00. Following the completion of the transaction, the chief operating officer now directly owns 2,885,840 shares in the company, valued at approximately $79,908,909.60. This trade represents a 0.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $32.06, for a total value of $1,763,300.00. Following the completion of the sale, the chief technology officer now directly owns 9,113,602 shares in the company, valued at approximately $292,182,080.12. This represents a 0.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,324,817 shares of company stock valued at $43,552,936 over the last quarter. Corporate insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Assetmark Inc. lifted its position in Credo Technology Group by 5.4% during the 3rd quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock worth $153,000 after buying an additional 257 shares in the last quarter. Fifth Third Bancorp increased its position in shares of Credo Technology Group by 59.3% in the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after acquiring an additional 400 shares during the last quarter. Advisors Asset Management Inc. raised its holdings in Credo Technology Group by 11.3% during the third quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock worth $145,000 after acquiring an additional 478 shares in the last quarter. CWM LLC raised its holdings in Credo Technology Group by 78.1% during the second quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after acquiring an additional 594 shares in the last quarter. Finally, US Bancorp DE boosted its position in Credo Technology Group by 4.2% during the third quarter. US Bancorp DE now owns 16,210 shares of the company’s stock valued at $499,000 after purchasing an additional 649 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.