Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives $78.60 Average Price Target from Brokerages

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) have earned a consensus rating of "Buy" from the twelve analysts that are covering the firm, MarketBeat Ratings reports. Eleven research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokers that have covered the stock in the last year is $78.60.

Several equities analysts recently commented on CRDO shares. Susquehanna restated a "positive" rating and issued a $90.00 price target (up from $60.00) on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Needham & Company LLC raised their price target on shares of Credo Technology Group from $80.00 to $85.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Barclays set a $85.00 target price on Credo Technology Group and gave the stock an "overweight" rating in a report on Tuesday, June 3rd. TD Cowen upped their price objective on Credo Technology Group from $50.00 to $85.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Finally, Mizuho cut their target price on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a research report on Thursday, April 3rd.

Insider Activity at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $47.29, for a total transaction of $2,600,950.00. Following the transaction, the chief technology officer now owns 8,103,602 shares in the company, valued at approximately $383,219,338.58. This represents a 0.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Daniel W. Fleming sold 3,790 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $77.35, for a total transaction of $293,156.50. Following the transaction, the chief financial officer now directly owns 602,352 shares in the company, valued at $46,591,927.20. This trade represents a 0.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 679,594 shares of company stock worth $35,108,005 over the last quarter. Company insiders own 16.04% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRDO. Operose Advisors LLC boosted its position in shares of Credo Technology Group by 69.2% during the first quarter. Operose Advisors LLC now owns 616 shares of the company's stock valued at $25,000 after buying an additional 252 shares during the last quarter. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Credo Technology Group in the first quarter valued at approximately $25,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Credo Technology Group during the 1st quarter valued at $27,000. Harbour Investments Inc. bought a new stake in Credo Technology Group during the 1st quarter valued at $29,000. Finally, Virtus Advisers LLC purchased a new stake in shares of Credo Technology Group during the first quarter worth $31,000. Institutional investors own 80.46% of the company's stock.

Credo Technology Group Stock Performance

CRDO traded down $0.85 during trading on Friday, reaching $73.49. 4,558,877 shares of the stock were exchanged, compared to its average volume of 3,921,916. The stock has a market cap of $12.48 billion, a P/E ratio of -489.93 and a beta of 2.42. The stock's 50 day moving average price is $53.72 and its two-hundred day moving average price is $59.25. Credo Technology Group has a twelve month low of $22.50 and a twelve month high of $86.69.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.27 by $0.08. Credo Technology Group had a negative return on equity of 2.94% and a negative net margin of 9.70%. The company had revenue of $170.00 million during the quarter, compared to the consensus estimate of $159.59 million. During the same period in the previous year, the company posted $0.07 EPS. The firm's revenue for the quarter was up 179.6% compared to the same quarter last year. Equities research analysts predict 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.