Brokerages Set Credo Technology Group Holding Ltd (NASDAQ:CRDO) Target Price at $75.40

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) have been assigned a consensus recommendation of “Moderate Buy” from the ten brokerages that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating on the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $75.40.

A number of brokerages have commented on CRDO. Craig Hallum lifted their target price on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Roth Mkm boosted their price objective on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. TD Cowen boosted their price objective 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. Mizuho boosted their price objective on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Finally, Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their price objective for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd.

Insider Buying and Selling

In other Credo Technology Group news, CFO Daniel W. Fleming sold 12,504 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $48.48, for a total value of $606,193.92. Following the transaction, the chief financial officer now owns 656,456 shares of the company’s stock, valued at approximately $31,824,986.88. This represents a 1.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $39.24, for a total value of $2,158,200.00. Following the completion of the transaction, the chief technology officer now directly owns 8,838,602 shares in the company, valued at $346,826,742.48. This represents a 0.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,188,804 shares of company stock valued at $79,811,292 over the last quarter. Corporate insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Allworth Financial LP increased its holdings 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 valued at $26,000 after buying an additional 771 shares in the last quarter. Rakuten Securities Inc. bought a new position in shares of Credo Technology Group in the third quarter valued at $30,000. Brown Brothers Harriman & Co. increased its holdings in shares of Credo Technology Group by 695.1% in the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after buying an additional 1,001 shares in the last quarter. Cranbrook Wealth Management LLC bought a new position in shares of Credo Technology Group in the second quarter valued at $51,000. Finally, Larson Financial Group LLC increased its holdings in shares of Credo Technology Group by 240.0% in the third quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock valued at $61,000 after buying an additional 1,399 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Up 0.2 %

Shares of CRDO stock opened at $75.60 on Tuesday. The business has a 50 day moving average of $62.23 and a two-hundred day moving average of $42.66. Credo Technology Group has a 52 week low of $16.82 and a 52 week high of $78.97. The company has a market cap of $12.64 billion, a P/E ratio of -504.00 and a beta of 2.11.

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.