Brokerages Set Credo Technology Group Holding Ltd (NASDAQ:CRDO) Target Price at $68.60

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) have earned an average recommendation of “Moderate Buy” from the ten research firms that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $68.60.

Several research firms have issued reports on CRDO. Needham & Company LLC raised their target price on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. 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 report on Monday, October 14th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $75.00 target price (up previously from $50.00) on shares of Credo Technology Group in a research report on Tuesday, December 3rd. TD Cowen lifted their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Finally, Roth Mkm upped their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $72.02 on Friday. The stock has a market cap of $12.04 billion, a price-to-earnings ratio of -480.13 and a beta of 2.26. The firm has a 50 day simple moving average of $52.13 and a 200-day simple moving average of $37.97. Credo Technology Group has a 1-year low of $16.82 and a 1-year high of $78.97.

Insider Buying and Selling at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $31.07, for a total transaction of $1,708,850.00. Following the sale, the chief technology officer now directly owns 8,948,602 shares in the company, valued at approximately $278,033,064.14. This represents a 0.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lip Bu Tan sold 13,820 shares of Credo Technology Group stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $31.12, for a total transaction of $430,078.40. Following the completion of the transaction, the director now owns 2,849,905 shares of the company’s stock, valued at $88,689,043.60. This represents a 0.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,380,951 shares of company stock valued at $59,521,425 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. Swedbank AB raised its stake in Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after buying an additional 2,961,454 shares in the last quarter. Point72 Asset Management L.P. increased its holdings in shares of Credo Technology Group by 73.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after acquiring an additional 1,660,230 shares during the last quarter. FMR LLC raised its position in shares of Credo Technology Group by 731.6% during the 3rd quarter. FMR LLC now owns 1,152,361 shares of the company’s stock worth $35,493,000 after acquiring an additional 1,013,789 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Credo Technology Group by 7.4% during the third 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. Finally, Wellington Management Group LLP boosted its holdings in Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after purchasing an additional 705,512 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

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.