Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives $76.40 Consensus Price Target from Brokerages

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) have been given an average recommendation of "Moderate Buy" by the ten research firms that are presently covering the stock, Marketbeat reports. One 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 $76.40.

A number of equities analysts recently weighed in on the stock. Susquehanna assumed coverage on shares of Credo Technology Group in a report on Tuesday, December 17th. They issued a "neutral" rating and a $80.00 price objective for the company. Bank of America upgraded shares of Credo Technology Group from an "underperform" rating to a "buy" rating and raised their target price for the stock from $27.00 to $80.00 in a report on Tuesday, December 3rd. The Goldman Sachs Group upped their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a research report on Friday, January 10th. Needham & Company LLC lifted their target price on Credo Technology Group from $43.00 to $70.00 and gave the company a "buy" rating in a research report on Tuesday, December 3rd. Finally, Mizuho increased their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an "outperform" rating in a research note on Friday, January 10th.

Insider Transactions at Credo Technology Group

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 value of $11,413,500.00. Following the completion of the sale, the director now directly owns 1,113,725 shares of the company's stock, valued at $84,743,335.25. The trade was a 11.87 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction on Friday, January 31st. The shares were sold at an average price of $66.96, for a total value of $125,550.00. Following the sale, the director now directly owns 5,902,402 shares of the company's stock, valued at approximately $395,224,837.92. This trade represents a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,305,679 shares of company stock worth $89,862,242 in the last three months. Insiders own 16.04% of the company's stock.

Institutional Trading of Credo Technology Group

Several institutional investors and hedge funds have recently made changes to their positions in CRDO. Kestra Investment Management LLC bought a new stake in shares of Credo Technology Group in the 4th quarter valued at about $38,000. WASHINGTON TRUST Co purchased a new position in Credo Technology Group during the fourth quarter valued at approximately $43,000. Principal Securities Inc. raised its stake in Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company's stock worth $45,000 after buying an additional 576 shares in the last quarter. Allworth Financial LP lifted its holdings in Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company's stock worth $26,000 after buying an additional 771 shares during the period. Finally, Plato Investment Management Ltd bought a new stake in Credo Technology Group during the 4th quarter valued at $61,000. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Trading Down 4.6 %

NASDAQ:CRDO traded down $3.52 on Friday, reaching $73.56. 3,472,740 shares of the stock traded hands, compared to its average volume of 5,427,725. The company has a market capitalization of $12.30 billion, a price-to-earnings ratio of -490.40 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 company's fifty day simple moving average is $72.05 and its 200 day simple moving average is $48.00.

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.