Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives $68.60 Average PT from Analysts

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) has been assigned an average rating of "Moderate Buy" from the ten brokerages that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $68.60.

CRDO has been the subject of several research analyst reports. TD Cowen raised their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, December 3rd. Needham & Company LLC lifted their price objective 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. Susquehanna initiated coverage on Credo Technology Group in a research report on Tuesday. They issued a "neutral" rating and a $80.00 target price for the company. Craig Hallum upped their price target on Credo Technology Group from $38.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, December 3rd. Finally, Stifel Nicolaus reiterated a "buy" rating and issued a $75.00 price objective (up previously from $50.00) on shares of Credo Technology Group in a report on Tuesday, December 3rd.

Credo Technology Group Price Performance

CRDO traded up $1.47 during trading on Friday, hitting $68.51. 6,446,715 shares of the stock traded hands, compared to its average volume of 2,490,844. The firm has a market capitalization of $11.46 billion, a P/E ratio of -456.73 and a beta of 2.26. Credo Technology Group has a 12-month low of $16.82 and a 12-month high of $78.97. The firm has a 50-day moving average of $49.53 and a 200 day moving average of $36.66.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $29.67, for a total value of $1,631,850.00. Following the completion of the transaction, the chief technology officer now owns 9,003,602 shares in the company, valued at $267,136,871.34. The trade was a 0.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider James Laufman sold 20,000 shares of the stock in a transaction on Friday, September 27th. The shares were sold at an average price of $31.36, for a total value of $627,200.00. Following the sale, the insider now directly owns 302,466 shares in the company, valued at $9,485,333.76. This trade represents a 6.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,279,910 shares of company stock valued at $49,800,490. Insiders own 16.04% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRDO. Allworth Financial LP grew its stake in shares of Credo Technology Group by 917.9% during the 3rd 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. Arcadia Investment Management Corp MI purchased a new stake in Credo Technology Group during the second quarter valued at approximately $29,000. Rakuten Securities Inc. bought a new position in Credo Technology Group in the 3rd quarter worth $30,000. Fifth Third Bancorp increased its position in Credo Technology Group by 59.3% in the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company's stock worth $34,000 after buying an additional 400 shares in the last quarter. Finally, Brown Brothers Harriman & Co. grew its stake in shares of Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company's stock valued at $35,000 after acquiring an additional 1,001 shares during the period. Institutional investors own 80.46% of the company's stock.

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.