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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) has received an average rating of “Moderate Buy” from the ten analysts that are covering the company, Marketbeat reports. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $68.60.

Several equities research analysts recently weighed in on CRDO shares. Craig Hallum lifted 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. Needham & Company LLC boosted 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. The Goldman Sachs Group raised their price objective on shares of Credo Technology Group from $31.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Mizuho lifted their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Finally, TD Cowen increased their target price on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $71.22 on Friday. Credo Technology Group has a 1 year low of $16.82 and a 1 year high of $78.97. The business has a fifty day simple moving average of $50.75 and a two-hundred day simple moving average of $37.43. The company has a market capitalization of $11.91 billion, a P/E ratio of -474.80 and a beta of 2.26.

Insider Activity at Credo Technology Group

In related news, Director Lip Bu Tan sold 150,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $30.50, for a total value of $4,575,000.00. Following the sale, the director now directly owns 2,638,725 shares of the company’s stock, valued at $80,481,112.50. This trade represents a 5.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider James Laufman sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $31.36, for a total transaction of $627,200.00. Following the completion of the transaction, the insider now directly owns 302,466 shares of the company’s stock, valued at approximately $9,485,333.76. This represents a 6.20 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,224,910 shares of company stock valued at $48,168,640. Company insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its stake in Credo Technology Group by 22.7% in the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock worth $61,415,000 after buying an additional 368,518 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Credo Technology Group by 17.9% in the 3rd quarter. Franklin Resources Inc. now owns 73,037 shares of the company’s stock worth $2,250,000 after acquiring an additional 11,065 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Credo Technology Group by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock valued at $97,865,000 after purchasing an additional 170,412 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Credo Technology Group during the 3rd quarter valued at $614,000. Finally, Orion Portfolio Solutions LLC raised its position in Credo Technology Group by 40.6% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 10,190 shares of the company’s stock worth $314,000 after purchasing an additional 2,945 shares during the period. Institutional investors 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.