Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives Average Recommendation of “Moderate Buy” from Brokerages

Credo Technology Group Holding Ltd (NASDAQ:CRDO) has received a consensus rating of “Moderate Buy” from the nine analysts that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, seven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $34.00.

A number of equities research analysts have recently issued reports on the company. Bank of America increased their target price on Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research note on Thursday, September 5th. Barclays raised their price objective 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. Roth Mkm raised their price objective on Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Stifel Nicolaus raised their price objective on Credo Technology Group from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Finally, Needham & Company LLC raised their price objective on Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, September 5th.

Insider Buying and Selling

In related news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $27.49, for a total value of $1,511,950.00. Following the sale, the chief technology officer now owns 9,498,602 shares of the company’s stock, valued at approximately $261,116,568.98. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $27.49, for a total value of $1,511,950.00. Following the sale, the chief technology officer now owns 9,498,602 shares of the company’s stock, valued at approximately $261,116,568.98. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Lip Bu Tan sold 112,441 shares of Credo Technology Group stock in a transaction on Monday, July 8th. The shares were sold at an average price of $31.99, for a total value of $3,596,987.59. Following the sale, the director now directly owns 133,583 shares in the company, valued at approximately $4,273,320.17. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,036,190 shares of company stock valued at $31,033,447. Insiders own 23.89% of the company’s stock.

Institutional Trading of Credo Technology Group

Hedge funds have recently added to or reduced their stakes in the business. AMF Tjanstepension AB raised its stake in Credo Technology Group by 31.8% during the 1st quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock valued at $36,302,000 after acquiring an additional 413,149 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in 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 valued at $18,658,000 after acquiring an additional 111,957 shares in the last quarter. Thornburg Investment Management Inc. raised its stake in 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 in the last quarter. Capstone Investment Advisors LLC bought a new stake in shares of Credo Technology Group in the 1st quarter worth $2,732,000. Finally, Swiss National Bank raised its stake in shares of Credo Technology Group by 14.7% in the 1st quarter. Swiss National Bank now owns 254,416 shares of the company’s stock worth $5,391,000 after buying an additional 32,600 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

CRDO stock opened at $27.24 on Wednesday. Credo Technology Group has a 1 year low of $13.38 and a 1 year high of $36.80. The firm has a market cap of $4.50 billion, a P/E ratio of -151.33 and a beta of 2.26. The stock has a 50-day simple moving average of $29.71 and a 200-day simple moving average of $25.13.

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.