Credo Technology Group (NASDAQ:CRDO) Upgraded by Wall Street Zen to “Buy” Rating

Credo Technology Group (NASDAQ:CRDO) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Friday.

A number of other equities research analysts have also commented on CRDO. Stifel Nicolaus set a $155.00 price objective on shares of Credo Technology Group in a report on Thursday. Needham & Company LLC raised their price objective on shares of Credo Technology Group from $85.00 to $150.00 and gave the stock a “buy” rating in a report on Thursday. TD Cowen raised their price objective on shares of Credo Technology Group from $140.00 to $160.00 and gave the stock a “buy” rating in a report on Thursday. Roth Capital raised their price objective on shares of Credo Technology Group from $95.00 to $160.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Susquehanna raised their price objective on shares of Credo Technology Group from $115.00 to $165.00 and gave the stock a “positive” rating in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $126.27.

Credo Technology Group Stock Performance

NASDAQ:CRDO opened at $140.82 on Friday. Credo Technology Group has a 52-week low of $24.08 and a 52-week high of $142.57. The company has a market cap of $24.36 billion, a price-to-earnings ratio of 210.18, a P/E/G ratio of 2.40 and a beta of 2.59. The stock’s fifty day moving average price is $109.39 and its two-hundred day moving average price is $73.87.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Wednesday, September 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). The business had revenue of $223.07 million during the quarter, compared to the consensus estimate of $190.63 million. Credo Technology Group had a net margin of 20.85% and a return on equity of 20.24%. Credo Technology Group’s revenue was up 273.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.04 earnings per share. Credo Technology Group has set its Q2 2026 guidance at EPS. On average, equities analysts predict that Credo Technology Group will post 0.13 EPS for the current fiscal year.

Insider Activity

In related news, Director Lip Bu Tan sold 171,473 shares of Credo Technology Group stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $77.90, for a total transaction of $13,357,746.70. Following the completion of the sale, the director owned 613,725 shares of the company’s stock, valued at approximately $47,809,177.50. The trade was a 21.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $78.77, for a total transaction of $4,332,350.00. Following the completion of the sale, the chief technology officer owned 7,493,961 shares of the company’s stock, valued at $590,299,307.97. This trade represents a 0.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,123,654 shares of company stock valued at $101,794,933 in the last quarter. Company insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Credo Technology Group by 2.7% in the 2nd quarter. Vanguard Group Inc. now owns 16,375,368 shares of the company’s stock valued at $1,516,195,000 after buying an additional 430,445 shares in the last quarter. JPMorgan Chase & Co. increased its position in Credo Technology Group by 36.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock worth $602,662,000 after purchasing an additional 1,739,844 shares in the last quarter. Geode Capital Management LLC increased its position in Credo Technology Group by 4.7% during the 2nd quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company’s stock worth $334,740,000 after purchasing an additional 163,305 shares in the last quarter. Swedbank AB increased its position in Credo Technology Group by 29.5% during the 1st quarter. Swedbank AB now owns 3,219,125 shares of the company’s stock worth $129,280,000 after purchasing an additional 733,811 shares in the last quarter. Finally, Alliancebernstein L.P. increased its position in Credo Technology Group by 66.0% during the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after purchasing an additional 1,218,504 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.