Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives $71.50 Consensus Target Price from Brokerages

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) have been assigned a consensus recommendation of "Buy" from the ten research firms that are currently covering the stock, MarketBeat.com reports. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $71.50.

CRDO has been the topic of several recent research reports. Susquehanna raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Barclays cut their price objective on Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. The Goldman Sachs Group raised their target price on Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a research report on Friday, January 10th. Mizuho lowered their target price on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research report on Thursday, April 3rd. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $80.00 target price on shares of Credo Technology Group in a research report on Wednesday, March 5th.

Insider Transactions at Credo Technology Group

In other news, insider James Laufman sold 8,000 shares of Credo Technology Group stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $39.09, for a total value of $312,720.00. Following the completion of the transaction, the insider now directly owns 271,725 shares of the company's stock, valued at approximately $10,621,730.25. This trade represents a 2.86 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $66.96, for a total value of $125,550.00. Following the completion of the transaction, the director now directly owns 5,902,402 shares of the company's stock, valued at approximately $395,224,837.92. This trade represents a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 563,665 shares of company stock valued at $26,810,463. Corporate insiders own 16.04% of the company's stock.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors have recently modified their holdings of the company. Straight Path Wealth Management bought a new position in shares of Credo Technology Group in the 1st quarter worth $246,000. Teacher Retirement System of Texas lifted its holdings in shares of Credo Technology Group by 464.4% in the 1st quarter. Teacher Retirement System of Texas now owns 34,987 shares of the company's stock worth $1,405,000 after purchasing an additional 28,788 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Credo Technology Group by 11.2% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 17,446 shares of the company's stock worth $701,000 after purchasing an additional 1,760 shares in the last quarter. Taylor Frigon Capital Management LLC bought a new position in shares of Credo Technology Group in the 1st quarter worth $1,959,000. Finally, KBC Group NV lifted its holdings in shares of Credo Technology Group by 11.7% in the 1st quarter. KBC Group NV now owns 6,324 shares of the company's stock worth $254,000 after purchasing an additional 663 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO traded down $0.64 during mid-day trading on Thursday, hitting $43.04. 3,180,828 shares of the stock traded hands, compared to its average volume of 3,558,774. Credo Technology Group has a twelve month low of $16.91 and a twelve month high of $86.69. The company has a market cap of $7.31 billion, a PE ratio of -286.93 and a beta of 2.30. The firm has a 50 day simple moving average of $44.80 and a two-hundred day simple moving average of $55.05.

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.