Analysts Set Credo Technology Group Holding Ltd. (NASDAQ:CRDO) PT at $82.45

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report) has been assigned a consensus recommendation of "Buy" from the thirteen analysts that are covering the company, Marketbeat reports. Twelve equities research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $82.45.

Several analysts have recently issued reports on CRDO shares. Stifel Nicolaus upped their target price on shares of Credo Technology Group from $69.00 to $80.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. Barclays set a $85.00 target price on shares of Credo Technology Group and gave the company an "overweight" rating in a research report on Tuesday, June 3rd. TD Cowen upped their target price on shares of Credo Technology Group from $85.00 to $95.00 and gave the company a "buy" rating in a research report on Wednesday, June 18th. Susquehanna restated a "positive" rating and set a $90.00 target price (up from $60.00) on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Finally, Cowen reiterated a "buy" rating on shares of Credo Technology Group in a report on Tuesday, June 3rd.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $92.65, for a total value of $5,095,750.00. Following the completion of the sale, the chief technology officer directly owned 7,383,961 shares in the company, valued at $684,123,986.65. This trade represents a 0.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lip Bu Tan sold 12,248 shares of the firm's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $93.22, for a total transaction of $1,141,758.56. Following the completion of the transaction, the director directly owned 467,180 shares of the company's stock, valued at approximately $43,550,519.60. This represents a 2.55% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,086,139 shares of company stock worth $75,820,113 over the last three months. Corporate insiders own 16.04% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. increased its stake in shares of Credo Technology Group by 335.8% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,057 shares of the company's stock worth $190,000 after purchasing an additional 1,585 shares in the last quarter. City Center Advisors LLC purchased a new stake in Credo Technology Group during the 2nd quarter valued at about $472,000. Cullen Investment Group LTD. purchased a new stake in Credo Technology Group during the 2nd quarter valued at about $437,000. Swedbank AB grew its stake in Credo Technology Group by 29.5% during the 1st quarter. Swedbank AB now owns 3,219,125 shares of the company's stock valued at $129,280,000 after acquiring an additional 733,811 shares in the last quarter. Finally, Voya Investment Management LLC grew its stake in Credo Technology Group by 233.5% during the 1st quarter. Voya Investment Management LLC now owns 138,516 shares of the company's stock valued at $5,563,000 after acquiring an additional 96,985 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

Credo Technology Group Stock Performance

Shares of CRDO stock traded up $0.63 during mid-day trading on Tuesday, reaching $93.36. 5,477,677 shares of the company's stock traded hands, compared to its average volume of 5,431,827. Credo Technology Group has a 12 month low of $22.50 and a 12 month high of $95.71. The firm has a 50 day moving average price of $69.56 and a two-hundred day moving average price of $61.85. The firm has a market capitalization of $15.85 billion, a PE ratio of 345.78, a price-to-earnings-growth ratio of 1.68 and a beta of 2.57.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.08. The company had revenue of $170.00 million during the quarter, compared to the consensus estimate of $159.59 million. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. Credo Technology Group's quarterly revenue was up 179.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.07 EPS. As a group, equities analysts expect that Credo Technology Group will post 0.13 earnings per share for the current fiscal year.

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.