Analysts Set Credo Technology Group Holding Ltd (NASDAQ:CRDO) PT at $36.56

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) have earned a consensus recommendation of “Moderate Buy” from the nine brokerages that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, seven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $36.56.

Several brokerages have commented on CRDO. Barclays raised their target price on Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. Mizuho boosted their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Bank of America increased their target price on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research note on Thursday, September 5th. Stifel Nicolaus boosted their price target on shares of Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, Needham & Company LLC increased their price objective on Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th.

Credo Technology Group Trading Down 2.1 %

Shares of NASDAQ CRDO opened at $45.71 on Monday. The stock has a fifty day simple moving average of $38.14 and a two-hundred day simple moving average of $31.56. Credo Technology Group has a 1-year low of $16.82 and a 1-year high of $48.94. The firm has a market cap of $7.59 billion, a price-to-earnings ratio of -285.69 and a beta of 2.19.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. The firm had revenue of $59.71 million for the quarter, compared to the consensus estimate of $59.50 million. Analysts forecast that Credo Technology Group will post -0.02 EPS for the current year.

Insider Transactions at Credo Technology Group

In other news, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $27.69, for a total transaction of $276,900.00. Following the completion of the sale, the chief operating officer now owns 2,885,840 shares of the company’s stock, valued at $79,908,909.60. This represents a 0.35 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $47.37, for a total transaction of $2,605,350.00. Following the completion of the transaction, the chief technology officer now owns 8,728,602 shares in the company, valued at $413,473,876.74. The trade was a 0.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,324,817 shares of company stock worth $43,552,936 over the last quarter. 16.04% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRDO. Allworth Financial LP raised its position in shares of Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after buying an additional 771 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new stake in Credo Technology Group in the 2nd quarter worth $29,000. Rakuten Securities Inc. bought a new position in shares of Credo Technology Group during the 3rd quarter valued at about $30,000. Fifth Third Bancorp grew its position in shares of Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after purchasing an additional 400 shares in the last quarter. Finally, Brown Brothers Harriman & Co. increased its holdings in shares of Credo Technology Group by 695.1% in the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after purchasing an additional 1,001 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

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.