Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives $74.90 Average Target Price from Analysts

Credo Technology Group Holding Ltd (NASDAQ:CRDO) has been given an average recommendation of “Buy” by the ten analysts that are currently covering the company, MarketBeat Ratings reports. Nine research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among analysts that have covered the stock in the last year is $74.90.

Several analysts have recently weighed in on CRDO shares. Barclays lifted their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Susquehanna upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Craig Hallum lifted 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. Mizuho increased their target price on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Finally, The Goldman Sachs Group lifted their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th.

Insider Transactions at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 60,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $69.22, for a total value of $4,153,200.00. Following the transaction, the chief technology officer now directly owns 8,448,602 shares in the company, valued at approximately $584,812,230.44. This trade represents a 0.71 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $45.23, for a total transaction of $452,300.00. Following the sale, the chief operating officer now directly owns 2,802,447 shares of the company’s stock, valued at approximately $126,754,677.81. This represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,030,665 shares of company stock worth $69,289,092. 16.04% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors have recently made changes to their positions in the stock. Kestra Investment Management LLC bought a new stake in Credo Technology Group in the 4th quarter valued at about $38,000. WASHINGTON TRUST Co purchased a new stake in shares of Credo Technology Group in the 4th quarter valued at approximately $43,000. Principal Securities Inc. boosted its position in Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after acquiring an additional 576 shares during the period. Quarry LP purchased a new position in Credo Technology Group during the fourth quarter valued at approximately $58,000. Finally, Plato Investment Management Ltd acquired a new stake in shares of Credo Technology Group during the 4th quarter valued at about $61,000. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Trading Up 3.9 %

Shares of CRDO stock opened at $41.72 on Friday. Credo Technology Group has a twelve month low of $16.82 and a twelve month high of $86.69. The business’s 50 day moving average is $58.98 and its two-hundred day moving average is $54.10. The company has a market capitalization of $7.08 billion, a P/E ratio of -278.13 and a beta of 2.16.

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.