Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives $23.00 Average Target Price from Analysts

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) have received an average rating of “Moderate Buy” from the eight research firms that are covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $24.25.

Several research firms have issued reports on CRDO. Needham & Company LLC boosted their target price on Credo Technology Group from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. Craig Hallum upped their price objective on Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Monday. Mizuho restated a “buy” rating and set a $30.00 price objective (up from $28.00) on shares of Credo Technology Group in a report on Wednesday, February 28th. The Goldman Sachs Group increased their price target on Credo Technology Group from $23.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, February 28th. Finally, TD Cowen increased their price target on Credo Technology Group from $20.00 to $24.00 and gave the company a “market perform” rating in a report on Wednesday, February 28th.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, General Counsel Adam Thorngate-Gottlund sold 14,883 shares of the company’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $22.03, for a total value of $327,872.49. Following the completion of the transaction, the general counsel now directly owns 218,249 shares of the company’s stock, valued at approximately $4,808,025.47. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CTO Chi Fung Cheng sold 60,000 shares of the stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $21.62, for a total transaction of $1,297,200.00. Following the transaction, the chief technology officer now owns 10,648,602 shares of the company’s stock, valued at $230,222,775.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Adam Thorngate-Gottlund sold 14,883 shares of the stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $22.03, for a total transaction of $327,872.49. Following the transaction, the general counsel now directly owns 218,249 shares in the company, valued at approximately $4,808,025.47. The disclosure for this sale can be found here. Insiders sold a total of 2,087,198 shares of company stock valued at $45,233,664 in the last ninety days. Insiders own 23.89% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Large investors have recently modified their holdings of the stock. Royal Bank of Canada bought a new position in shares of Credo Technology Group during the first quarter worth about $26,000. Ameritas Investment Partners Inc. bought a new position in shares of Credo Technology Group during the first quarter worth about $26,000. Advisors Asset Management Inc. lifted its position in shares of Credo Technology Group by 295.9% during the third quarter. Advisors Asset Management Inc. now owns 1,841 shares of the company’s stock worth $28,000 after purchasing an additional 1,376 shares during the last quarter. KBC Group NV bought a new position in shares of Credo Technology Group during the fourth quarter worth about $43,000. Finally, Altshuler Shaham Ltd bought a new position in Credo Technology Group in the fourth quarter worth about $40,000. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Trading Down 0.3 %

NASDAQ:CRDO opened at $19.38 on Friday. The firm has a market cap of $3.16 billion, a PE ratio of -84.26 and a beta of 1.97. The stock has a fifty day moving average price of $21.53 and a 200 day moving average price of $19.16. Credo Technology Group has a 12-month low of $7.20 and a 12-month high of $23.90.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.01. Credo Technology Group had a negative return on equity of 7.82% and a negative net margin of 20.59%. The company had revenue of $53.06 million during the quarter, compared to the consensus estimate of $51.91 million. During the same period in the previous year, the business earned $0.02 EPS. Credo Technology Group’s revenue for the quarter was down 2.2% on a year-over-year basis. Equities analysts forecast that Credo Technology Group will post -0.12 EPS for the current year.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.