Analysts Set Credo Technology Group Holding Ltd (NASDAQ:CRDO) Target Price at $68.60

Credo Technology Group Holding Ltd (NASDAQ:CRDO) has received a consensus rating of “Moderate Buy” from the ten ratings firms that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12-month target price among brokers that have covered the stock in the last year is $68.60.

CRDO has been the subject of a number of research reports. Roth Mkm raised their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. The Goldman Sachs Group raised their price objective on Credo Technology Group from $31.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Susquehanna began coverage on Credo Technology Group in a report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 target price on the stock. Needham & Company LLC lifted their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Finally, Barclays upped their price objective on shares of Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd.

Insider Transactions at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total transaction of $265,034.70. Following the sale, the chief financial officer now directly owns 652,666 shares in the company, valued at approximately $45,640,933.38. This trade represents a 0.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, 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 Thursday, October 3rd. The shares were sold at an average price of $31.07, for a total value of $1,708,850.00. Following the sale, the chief technology officer now directly owns 8,948,602 shares of the company’s stock, valued at approximately $278,033,064.14. This represents a 0.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,224,910 shares of company stock worth $48,168,640 in the last quarter. 16.04% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. increased its holdings in Credo Technology Group by 22.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock worth $61,415,000 after acquiring an additional 368,518 shares during the last quarter. Franklin Resources Inc. grew its stake in Credo Technology Group by 17.9% in the 3rd quarter. Franklin Resources Inc. now owns 73,037 shares of the company’s stock valued at $2,250,000 after buying an additional 11,065 shares in the last quarter. Geode Capital Management LLC raised its holdings in Credo Technology Group by 5.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock valued at $97,865,000 after acquiring an additional 170,412 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in shares of Credo Technology Group during the third quarter worth $614,000. Finally, Orion Portfolio Solutions LLC boosted its holdings in shares of Credo Technology Group by 40.6% in the third quarter. Orion Portfolio Solutions LLC now owns 10,190 shares of the company’s stock worth $314,000 after acquiring an additional 2,945 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Up 2.2 %

Shares of CRDO stock opened at $68.51 on Friday. Credo Technology Group has a 52 week low of $16.82 and a 52 week high of $78.97. The firm has a 50 day moving average of $50.14 and a 200-day moving average of $37.12. The company has a market cap of $11.46 billion, a price-to-earnings ratio of -456.73 and a beta of 2.26.

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.