Brokerages Set Credo Technology Group Holding Ltd (NASDAQ:CRDO) Target Price at $76.40

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) has earned an average recommendation of "Moderate Buy" from the ten analysts that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $74.90.

A number of analysts have issued reports on CRDO shares. Bank of America cut their target price on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research note on Wednesday. The Goldman Sachs Group upped their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a report on Friday, January 10th. Needham & Company LLC reaffirmed a "buy" rating and set a $80.00 target price on shares of Credo Technology Group in a research note on Wednesday. Susquehanna decreased their target price on shares of Credo Technology Group from $80.00 to $60.00 and set a "neutral" rating on the stock in a report on Wednesday. Finally, Mizuho raised their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an "outperform" rating in a report on Friday, January 10th.

Insider Buying and Selling

In other Credo Technology Group news, Director Lip Bu Tan sold 150,000 shares of the business's stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the sale, the director now directly owns 1,113,725 shares in the company, valued at $84,743,335.25. This represents a 11.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Pantas Sutardja sold 21,041 shares of the firm's stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $68.19, for a total transaction of $1,434,785.79. Following the completion of the transaction, the director now directly owns 5,904,277 shares of the company's stock, valued at approximately $402,612,648.63. The trade was a 0.36 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,190,496 shares of company stock valued at $82,695,512. Company insiders own 16.04% of the company's stock.

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Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC increased its position in shares of Credo Technology Group by 8.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company's stock worth $225,000 after acquiring an additional 255 shares during the period. Assetmark Inc. grew its stake in Credo Technology Group by 5.4% during the 3rd quarter. Assetmark Inc. now owns 4,978 shares of the company's stock worth $153,000 after purchasing an additional 257 shares in the last quarter. CIBC Private Wealth Group LLC increased its holdings in Credo Technology Group by 51.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock worth $75,000 after purchasing an additional 348 shares during the period. GAMMA Investing LLC raised its position in Credo Technology Group by 56.3% in the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company's stock valued at $65,000 after purchasing an additional 351 shares in the last quarter. Finally, Amalgamated Bank boosted its stake in shares of Credo Technology Group by 9.4% in the 4th quarter. Amalgamated Bank now owns 4,777 shares of the company's stock valued at $321,000 after buying an additional 411 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Stock Performance

Shares of CRDO stock traded up $1.63 during trading hours on Wednesday, reaching $43.70. The company had a trading volume of 8,368,709 shares, compared to its average volume of 3,090,954. Credo Technology Group has a 12-month low of $16.82 and a 12-month high of $86.69. The company has a market capitalization of $7.31 billion, a price-to-earnings ratio of -291.33 and a beta of 2.16. The stock has a fifty day moving average of $68.69 and a 200-day moving average of $52.18.

About Credo Technology Group

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.