Analysts Set Credo Technology Group Holding Ltd (NASDAQ:CRDO) Price Target at $75.40

Credo Technology Group Holding Ltd (NASDAQ:CRDO) has been assigned an average rating of “Moderate Buy” from the ten research firms that are currently covering the firm, Marketbeat.com reports. One 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 issued ratings on the stock in the last year is $76.40.

Several research firms recently commented on CRDO. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and upped their price objective for the company from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Stifel Nicolaus boosted their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Mizuho upped their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Barclays increased their target price on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday. Finally, TD Cowen lifted their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $80.02 on Tuesday. Credo Technology Group has a fifty-two week low of $16.82 and a fifty-two week high of $82.00. The company’s 50-day moving average is $63.55 and its 200 day moving average is $43.50. The company has a market capitalization of $13.38 billion, a P/E ratio of -533.47 and a beta of 2.11.

Insider Activity at Credo Technology Group

In related news, Director Lip Bu Tan sold 150,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $72.69, for a total transaction of $10,903,500.00. Following the completion of the transaction, the director now owns 963,725 shares of the company’s stock, valued at $70,053,170.25. This trade represents a 13.47 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $47.37, for a total value of $2,605,350.00. Following the transaction, the chief technology officer now owns 8,728,602 shares of the company’s stock, 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 a total of 1,133,804 shares of company stock worth $77,653,092 over the last quarter. 16.04% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CRDO. Dimensional Fund Advisors LP raised its stake in shares of Credo Technology Group by 13.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,112,656 shares of the company’s stock worth $67,473,000 after purchasing an additional 242,428 shares during the last quarter. Renaissance Technologies LLC lifted its position in Credo Technology Group by 10.0% during the second quarter. Renaissance Technologies LLC now owns 865,938 shares of the company’s stock valued at $27,658,000 after purchasing an additional 78,700 shares in the last quarter. Edgestream Partners L.P. bought a new position in shares of Credo Technology Group during the 2nd quarter valued at approximately $869,000. Connors Investor Services Inc. boosted its position in shares of Credo Technology Group by 2.5% in the second quarter. Connors Investor Services Inc. now owns 125,326 shares of the company’s stock worth $4,003,000 after purchasing an additional 3,034 shares during the period. Finally, Cranbrook Wealth Management LLC bought a new position in Credo Technology Group in the 2nd quarter worth $51,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

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.