Credo Technology Group (NASDAQ:CRDO) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Credo Technology Group (NASDAQ:CRDO) from a hold rating to a buy rating in a report released on Sunday.

CRDO has been the subject of several other reports. TD Cowen boosted their price objective on Credo Technology Group from $140.00 to $160.00 and gave the stock a “buy” rating in a research note on Thursday, September 4th. Roth Capital boosted their target price on Credo Technology Group from $95.00 to $160.00 and gave the stock a “buy” rating in a report on Thursday, September 4th. Stifel Nicolaus set a $155.00 target price on Credo Technology Group in a report on Thursday, September 4th. Noble Financial upgraded Credo Technology Group to a “strong-buy” rating in a report on Tuesday, June 3rd. Finally, William Blair initiated coverage on Credo Technology Group in a report on Thursday, September 18th. They set an “outperform” rating on the stock. Two analysts have rated the stock with a Strong Buy rating and thirteen have given a Buy rating to the stock. Based on data from MarketBeat, Credo Technology Group has a consensus rating of “Buy” and a consensus price target of $126.27.

Credo Technology Group Trading Down 1.4%

NASDAQ:CRDO opened at $142.93 on Friday. Credo Technology Group has a 12 month low of $29.09 and a 12 month high of $176.70. The stock has a 50 day moving average of $128.39 and a two-hundred day moving average of $85.19. The firm has a market cap of $24.73 billion, a P/E ratio of 213.33 and a beta of 2.59.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Wednesday, September 3rd. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.02). Credo Technology Group had a return on equity of 19.02% and a net margin of 20.85%.The firm had revenue of $223.07 million for the quarter, compared to analysts’ expectations of $190.63 million. During the same quarter last year, the firm posted $0.04 earnings per share. Credo Technology Group’s quarterly revenue was up 273.6% on a year-over-year basis. Credo Technology Group has set its Q2 2026 guidance at EPS. On average, research analysts forecast that Credo Technology Group will post 0.13 earnings per share for the current year.

Insider Buying and Selling

In other Credo Technology Group news, Director Lip Bu Tan sold 20,000 shares of Credo Technology Group stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $175.12, for a total value of $3,502,400.00. Following the sale, the director owned 422,180 shares in the company, valued at $73,932,161.60. The trade was a 4.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $164.98, for a total value of $9,073,900.00. Following the completion of the sale, the chief technology officer owned 6,943,961 shares in the company, valued at $1,145,614,685.78. This represents a 0.79% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 743,915 shares of company stock valued at $91,779,645. 11.84% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CRDO. JPMorgan Chase & Co. lifted its stake in Credo Technology Group by 36.5% during the second 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. Nuveen LLC acquired a new position in Credo Technology Group during the first quarter worth $52,636,000. Alliancebernstein L.P. lifted its stake in Credo Technology Group by 66.0% during the second 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. 1832 Asset Management L.P. acquired a new position in Credo Technology Group during the second quarter worth $82,479,000. Finally, Swedbank AB lifted its stake in Credo Technology Group by 29.5% during the first 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. 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.