Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives Consensus Recommendation of "Buy" from Analysts

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) has been given an average rating of "Buy" by the ten brokerages that are currently covering the company, MarketBeat.com reports. Nine equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $71.50.

A number of research firms recently issued reports on CRDO. Barclays cut their price target on Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating for the company in a report on Tuesday. Needham & Company LLC reiterated a "buy" rating and set a $80.00 target price on shares of Credo Technology Group in a research report on Wednesday, March 5th. The Goldman Sachs Group raised their price target 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. Susquehanna raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Finally, Bank of America lowered 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, March 5th.

Insider Buying and Selling

In related news, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $37.29, for a total transaction of $2,050,950.00. Following the completion of the transaction, the chief technology officer now owns 7,828,602 shares in the company, valued at approximately $291,928,568.58. The trade was a 0.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction of $125,550.00. Following the completion of the sale, the director now owns 5,902,402 shares in the company, 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 sold a total of 563,665 shares of company stock valued at $27,972,613 over the last three months. Company insiders own 16.04% of the company's stock.

Institutional Trading of Credo Technology Group

A number of large investors have recently made changes to their positions in the company. Norges Bank acquired a new position in Credo Technology Group in the fourth quarter valued at about $117,242,000. Alliancebernstein L.P. lifted its holdings in shares of Credo Technology Group by 299.9% during the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock valued at $117,011,000 after purchasing an additional 1,305,594 shares in the last quarter. Polar Capital Holdings Plc grew its position in shares of Credo Technology Group by 382.1% in the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company's stock valued at $97,527,000 after purchasing an additional 1,150,084 shares during the period. JPMorgan Chase & Co. increased its stake in Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock worth $404,797,000 after purchasing an additional 909,578 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in Credo Technology Group by 441.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company's stock worth $65,594,000 after buying an additional 795,751 shares during the period. Institutional investors own 80.46% of the company's stock.

Credo Technology Group Price Performance

CRDO stock opened at $40.49 on Thursday. The business has a fifty day moving average price of $46.58 and a 200 day moving average price of $54.62. Credo Technology Group has a fifty-two week low of $16.91 and a fifty-two week high of $86.69. The stock has a market capitalization of $6.88 billion, a price-to-earnings ratio of -269.93 and a beta of 2.30.

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.

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