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

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

CRDO has been the topic of several other reports. William Blair assumed coverage on Credo Technology Group in a research report on Thursday, September 18th. They issued an “outperform” rating on the stock. Mizuho raised their price target on shares of Credo Technology Group from $135.00 to $155.00 and gave the stock an “outperform” rating in a research report on Thursday, September 4th. Cowen reiterated a “buy” rating on shares of Credo Technology Group in a research note on Thursday, September 4th. Noble Financial raised Credo Technology Group to a “strong-buy” rating in a report on Tuesday, June 3rd. Finally, Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, September 8th. Two research analysts have rated the stock with a Strong Buy rating and thirteen have given a Buy rating to the company. Based on data from MarketBeat.com, Credo Technology Group presently has a consensus rating of “Buy” and a consensus target price of $127.18.

Credo Technology Group Trading Down 0.3%

NASDAQ:CRDO opened at $145.61 on Friday. Credo Technology Group has a twelve month low of $29.09 and a twelve month high of $176.70. The company has a 50-day moving average of $130.45 and a 200-day moving average of $86.28. The firm has a market cap of $25.19 billion, a price-to-earnings ratio of 217.33 and a beta of 2.59.

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 the consensus estimate of $0.36 by ($0.02). The business had revenue of $223.07 million during the quarter, compared to analysts’ expectations of $190.63 million. Credo Technology Group had a return on equity of 19.02% and a net margin of 20.85%.The firm’s revenue was up 273.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.04 earnings per share. 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 Activity

In other news, CEO William Joseph Brennan sold 150,000 shares of the stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $106.87, for a total value of $16,030,500.00. Following the transaction, the chief executive officer directly owned 2,061,978 shares of the company’s stock, valued at $220,363,588.86. This represents a 6.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $91.94, for a total transaction of $5,056,700.00. Following the transaction, the chief technology officer directly owned 7,328,961 shares in the company, valued at approximately $673,824,674.34. This represents a 0.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 743,915 shares of company stock worth $91,779,645 over the last 90 days. 11.84% of the stock is owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors have recently made changes to their positions in the stock. Janney Montgomery Scott LLC raised its position in shares of Credo Technology Group by 27.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 6,721 shares of the company’s stock worth $270,000 after acquiring an additional 1,467 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Credo Technology Group during the first quarter worth about $27,000. Teacher Retirement System of Texas lifted its holdings in shares of Credo Technology Group by 464.4% in the first quarter. Teacher Retirement System of Texas now owns 34,987 shares of the company’s stock valued at $1,405,000 after purchasing an additional 28,788 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in Credo Technology Group by 850.6% during the second quarter. Farther Finance Advisors LLC now owns 4,135 shares of the company’s stock worth $383,000 after purchasing an additional 3,700 shares during the last quarter. Finally, Triumph Capital Management purchased a new position in shares of Credo Technology Group in the 2nd quarter worth approximately $733,000. Institutional investors own 80.46% of the company’s stock.

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.