Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives Consensus Rating of “Buy” from Analysts

Credo Technology Group Holding Ltd (NASDAQ:CRDO) has been assigned a consensus rating of “Buy” from the ten ratings firms that are presently covering the stock, MarketBeat Ratings reports. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $71.50.

A number of brokerages have recently issued reports on CRDO. Bank of America cut their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Barclays cut their price target on shares of Credo Technology Group from $90.00 to $70.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Mizuho cut their price target on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a report on Thursday, April 3rd. Stifel Nicolaus cut their price target on shares of Credo Technology Group from $85.00 to $69.00 and set a “buy” rating for the company in a report on Thursday, April 17th. Finally, Needham & Company LLC restated a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a report on Wednesday, March 5th.

Insider Buying and Selling at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Friday, April 4th. The shares were sold at an average price of $32.96, for a total transaction of $1,812,800.00. Following the completion of the sale, the chief technology officer now directly owns 7,938,602 shares of the company’s stock, valued at approximately $261,656,321.92. The trade was a 0.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $61.13, for a total transaction of $6,113,000.00. Following the sale, the chief operating officer now directly owns 1,000,000 shares of the company’s stock, valued at approximately $61,130,000. This trade represents a 9.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 573,665 shares of company stock valued at $25,908,531 in the last 90 days. Company insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors have recently modified their holdings of CRDO. JPMorgan Chase & Co. lifted its position in shares of 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 during the last quarter. HB Wealth Management LLC purchased a new stake in Credo Technology Group in the fourth quarter valued at $262,000. Oak Ridge Investments LLC purchased a new stake in Credo Technology Group in the fourth quarter valued at $3,399,000. Nisa Investment Advisors LLC lifted its position in Credo Technology Group by 8.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock valued at $225,000 after acquiring an additional 255 shares during the last quarter. Finally, Finley Financial LLC purchased a new stake in Credo Technology Group in the fourth quarter valued at $173,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Trading Up 0.9%

CRDO stock opened at $60.13 on Monday. The company has a market cap of $10.21 billion, a price-to-earnings ratio of -400.87 and a beta of 2.29. Credo Technology Group has a 12 month low of $18.54 and a 12 month high of $86.69. The firm has a 50-day moving average of $44.34 and a two-hundred day moving average of $56.30.

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.