Credo Technology Group Holding Ltd (NASDAQ:CRDO) Given Consensus Recommendation of “Buy” by Brokerages

Credo Technology Group Holding Ltd (NASDAQ:CRDO) has received an average rating of “Buy” from the ten analysts that are covering the firm, Marketbeat Ratings reports. Nine equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $74.90.

A number of research firms have commented on CRDO. Mizuho raised their target price on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Stifel Nicolaus raised their target price on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday. Bank of America reduced their target price on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Finally, Barclays raised their target price on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, January 17th.

Insiders Place Their Bets

In other Credo Technology Group news, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $61.13, for a total transaction of $6,113,000.00. Following the transaction, the chief operating officer now owns 1,000,000 shares of the company’s stock, valued at $61,130,000. This trade represents a 9.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Pantas Sutardja sold 21,041 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $68.19, for a total transaction of $1,434,785.79. Following the transaction, the director now directly owns 5,904,277 shares in the company, valued at approximately $402,612,648.63. This represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,190,496 shares of company stock valued at $82,695,512 over the last quarter. Company insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds have recently made changes to their positions in the business. Nisa Investment Advisors LLC increased its stake in Credo Technology Group by 8.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock worth $225,000 after buying an additional 255 shares during the period. Assetmark Inc. increased its stake 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 during the period. CIBC Private Wealth Group LLC increased its stake in Credo Technology Group by 51.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company’s stock worth $75,000 after buying an additional 348 shares during the period. GAMMA Investing LLC increased its stake in Credo Technology Group by 56.3% during the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after buying an additional 351 shares during the period. Finally, Amalgamated Bank increased its stake in Credo Technology Group by 9.4% during the 4th quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock worth $321,000 after buying an additional 411 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

Credo Technology Group stock opened at $43.36 on Wednesday. Credo Technology Group has a one year low of $16.82 and a one year high of $86.69. The business has a fifty day moving average of $67.61 and a two-hundred day moving average of $52.51. The company has a market cap of $7.25 billion, a P/E ratio of -289.07 and a beta of 2.16.

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.