Brokerages Set Credo Technology Group Holding Ltd (NASDAQ:CRDO) PT at $36.56

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) have been given an average recommendation of “Moderate Buy” by the nine ratings firms that are presently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, seven have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $36.56.

CRDO has been the topic of several research reports. Craig Hallum upped their price objective on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, September 5th. TD Cowen upgraded shares of Credo Technology Group to a “strong-buy” rating in a research note on Monday, September 16th. Needham & Company LLC increased their price target on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Bank of America boosted their price objective on Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a report on Thursday, September 5th. Finally, Mizuho increased their target price on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th.

Insiders Place Their Bets

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $47.37, for a total value of $2,605,350.00. Following the completion of the transaction, the chief technology officer now directly owns 8,728,602 shares in the company, valued at approximately $413,473,876.74. This represents a 0.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider James Laufman sold 20,000 shares of Credo Technology Group stock in a transaction 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 transaction, the insider now owns 302,466 shares in the company, valued at approximately $9,485,333.76. This trade represents a 6.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,324,817 shares of company stock worth $43,552,936 in the last 90 days. Company insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Credo Technology Group by 7.7% during the first quarter. Vanguard Group Inc. now owns 15,063,781 shares of the company’s stock worth $319,202,000 after acquiring an additional 1,072,301 shares during the last quarter. American International Group Inc. raised its holdings in Credo Technology Group by 7.4% during the 1st quarter. American International Group Inc. now owns 61,286 shares of the company’s stock worth $1,299,000 after purchasing an additional 4,242 shares during the last quarter. Advisors Asset Management Inc. lifted its position in shares of Credo Technology Group by 47.6% in the 1st quarter. Advisors Asset Management Inc. now owns 3,811 shares of the company’s stock worth $81,000 after purchasing an additional 1,229 shares during the period. Lazard Asset Management LLC bought a new stake in shares of Credo Technology Group in the 1st quarter valued at $3,741,000. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Credo Technology Group by 10.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 69,997 shares of the company’s stock worth $1,484,000 after buying an additional 6,813 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $48.96 on Monday. Credo Technology Group has a 52-week low of $16.82 and a 52-week high of $51.40. The company has a market capitalization of $8.13 billion, a P/E ratio of -306.00 and a beta of 2.19. The company has a 50-day simple moving average of $39.24 and a 200 day simple moving average of $32.16.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The business had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. As a group, equities analysts forecast that Credo Technology Group will post -0.02 earnings per share for the current year.

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.