Credo Technology Group Holding Ltd (NASDAQ:CRDO) Given Average Rating of “Buy” by Brokerages

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) have been given an average recommendation of “Buy” by the ten brokerages that are currently covering the firm, Marketbeat reports. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $71.50.

Several research analysts have issued reports on the company. Bank of America dropped their target price on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Mizuho dropped 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. Stifel Nicolaus dropped their target price on Credo Technology Group from $85.00 to $69.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Susquehanna upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Finally, Needham & Company LLC restated a “buy” rating and set a $80.00 target price on shares of Credo Technology Group in a research report on Wednesday, March 5th.

Credo Technology Group Trading Up 1.6%

CRDO opened at $61.78 on Monday. The firm has a market cap of $10.49 billion, a P/E ratio of -411.87 and a beta of 2.29. Credo Technology Group has a 12 month low of $19.72 and a 12 month high of $86.69. The stock has a 50-day moving average of $45.82 and a 200 day moving average of $56.95.

Insider Activity at Credo Technology Group

In related news, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $45.23, for a total value of $452,300.00. Following the completion of the sale, the chief operating officer now owns 2,802,447 shares in the company, valued at approximately $126,754,677.81. The trade was a 0.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $47.29, for a total value of $2,600,950.00. Following the completion of the sale, the chief technology officer now owns 8,103,602 shares of the company’s stock, valued at $383,219,338.58. The trade was a 0.67% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 573,665 shares of company stock worth $25,908,531. Company insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

A number of large investors have recently bought and sold shares of CRDO. JPMorgan Chase & Co. raised its stake in Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after buying an additional 909,578 shares in the last quarter. HB Wealth Management LLC bought a new position in Credo Technology Group in the fourth quarter worth approximately $262,000. Oak Ridge Investments LLC bought a new position in Credo Technology Group in the fourth quarter worth approximately $3,399,000. Nisa Investment Advisors LLC raised its stake in Credo Technology Group by 8.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock worth $225,000 after buying an additional 255 shares in the last quarter. Finally, Finley Financial LLC bought a new position in Credo Technology Group in the fourth quarter worth approximately $173,000. Institutional investors own 80.46% of the company’s stock.

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.