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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) has been assigned an average rating of “Moderate Buy” from the ten analysts that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $76.40.

CRDO has been the topic of a number of analyst reports. Mizuho increased their price target 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. Craig Hallum increased their price target on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and increased their price target for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Stifel Nicolaus increased their price target on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Finally, The Goldman Sachs Group increased their price target on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th.

Credo Technology Group Trading Up 0.3 %

Credo Technology Group stock opened at $70.70 on Friday. The company has a market capitalization of $11.82 billion, a price-to-earnings ratio of -471.33 and a beta of 2.09. Credo Technology Group has a 12 month low of $16.82 and a 12 month high of $86.69. The stock’s 50 day moving average is $72.08 and its 200-day moving average is $48.93.

Insider Activity

In other news, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $66.96, for a total value of $125,550.00. Following the completion of the transaction, the director now directly owns 5,902,402 shares in the company, valued at approximately $395,224,837.92. This represents a 0.03 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Daniel W. Fleming sold 12,504 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $48.48, for a total value of $606,193.92. Following the completion of the transaction, the chief financial officer now owns 656,456 shares of the company’s stock, valued at $31,824,986.88. The trade was a 1.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,305,679 shares of company stock worth $89,862,242. Insiders own 16.04% of the company’s stock.

Institutional Trading of Credo Technology Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. Allworth Financial LP increased its holdings in 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 purchasing an additional 771 shares during the period. Rakuten Securities Inc. acquired a new stake in Credo Technology Group in the third quarter valued at $30,000. Brown Brothers Harriman & Co. increased its holdings in 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 purchasing an additional 1,001 shares during the period. Kestra Investment Management LLC acquired a new stake in Credo Technology Group in the fourth quarter valued at $38,000. Finally, WASHINGTON TRUST Co acquired a new stake in Credo Technology Group in the fourth quarter valued at $43,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.