Credo Technology Group Holding Ltd (NASDAQ:CRDO) Given Average Rating of “Moderate Buy” by Analysts

Credo Technology Group Holding Ltd (NASDAQ:CRDO) has earned an average recommendation of “Moderate Buy” from the ten brokerages that are covering the company, MarketBeat reports. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $68.60.

A number of equities research analysts have recently commented on the stock. Susquehanna started coverage on shares of Credo Technology Group in a research report on Tuesday. They issued a “neutral” rating and a $80.00 price objective for the company. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their price target for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. Craig Hallum raised their price objective on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Roth Mkm upped their target price on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Finally, Needham & Company LLC raised their price target on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd.

Credo Technology Group Stock Up 0.9 %

CRDO opened at $67.04 on Friday. The business’s fifty day simple moving average is $49.53 and its 200 day simple moving average is $36.66. Credo Technology Group has a 52 week low of $16.82 and a 52 week high of $78.97. The firm has a market cap of $11.21 billion, a P/E ratio of -446.93 and a beta of 2.26.

Insider Transactions at Credo Technology Group

In other news, CEO William Joseph Brennan sold 143,880 shares of the stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $67.65, for a total value of $9,733,482.00. Following the completion of the sale, the chief executive officer now owns 2,370,858 shares of the company’s stock, valued at $160,388,543.70. This represents a 5.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider James Laufman sold 20,000 shares of Credo Technology Group stock in a transaction on Friday, September 27th. The shares were sold at an average price of $31.36, for a total transaction of $627,200.00. Following the transaction, the insider now owns 302,466 shares in the company, valued at $9,485,333.76. The trade was a 6.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,276,120 shares of company stock worth $49,535,455 in the last three months. 16.04% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Allworth Financial LP boosted its position in shares of Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after buying an additional 771 shares during the period. Arcadia Investment Management Corp MI purchased a new position in Credo Technology Group in the 2nd quarter worth approximately $29,000. Rakuten Securities Inc. acquired a new stake in Credo Technology Group in the third quarter valued at approximately $30,000. Fifth Third Bancorp raised its stake in shares of Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after purchasing an additional 400 shares during the period. Finally, Brown Brothers Harriman & Co. lifted its position in shares of Credo Technology Group by 695.1% during the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after purchasing an additional 1,001 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

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.