Credo Technology Group Holding Ltd (NASDAQ:CRDO) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) have received an average rating of “Moderate Buy” from the ten research firms that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is $68.60.

A number of equities analysts have recently commented on the stock. The Goldman Sachs Group lifted their target price on shares of Credo Technology Group from $31.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Barclays upped their target price on shares of Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Stifel Nicolaus reiterated a “buy” rating and set a $75.00 target price (up previously from $50.00) on shares of Credo Technology Group in a research note on Tuesday, December 3rd. Craig Hallum boosted their price target on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Finally, TD Cowen increased their price objective on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd.

Credo Technology Group Stock Up 0.9 %

NASDAQ:CRDO opened at $67.04 on Friday. Credo Technology Group has a 52-week low of $16.82 and a 52-week high of $78.97. The stock’s 50 day moving average price is $49.53 and its 200 day moving average price is $36.66. The company has a market capitalization of $11.21 billion, a PE ratio of -446.93 and a beta of 2.26.

Insider Buying and Selling

In other Credo Technology Group news, insider James Laufman sold 20,000 shares of the company’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $31.36, for a total transaction of $627,200.00. Following the transaction, the insider now directly owns 302,466 shares in the company, valued at approximately $9,485,333.76. This represents a 6.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO William Joseph Brennan sold 143,880 shares of the stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the completion of the transaction, the chief executive officer now directly owns 2,370,858 shares of the company’s stock, valued at approximately $160,388,543.70. This trade represents a 5.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,276,120 shares of company stock valued at $49,535,455 over the last quarter. Company insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently modified their holdings of the company. Swedbank AB boosted its position in Credo Technology Group by 873.9% during the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after purchasing an additional 2,961,454 shares in the last quarter. Point72 Asset Management L.P. raised its stake in shares of Credo Technology Group by 73.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after buying an additional 1,660,230 shares during the last quarter. FMR LLC boosted its position in shares of Credo Technology Group by 731.6% in the 3rd quarter. FMR LLC now owns 1,152,361 shares of the company’s stock worth $35,493,000 after buying an additional 1,013,789 shares in the last quarter. Wellington Management Group LLP grew its stake in Credo Technology Group by 32.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after acquiring an additional 705,512 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in Credo Technology Group by 22.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after acquiring an additional 368,518 shares in the last quarter. Institutional investors and hedge funds 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.