Credo Technology Group (NASDAQ:CRDO) Trading 8.1% Higher After Analyst Upgrade

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price traded up 8.1% during mid-day trading on Tuesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The company traded as high as $171.64 and last traded at $168.99. 8,214,064 shares were traded during trading, an increase of 16% from the average session volume of 7,062,162 shares. The stock had previously closed at $156.27.

Other equities research analysts have also recently issued research reports about the stock. Rothschild & Co Redburn assumed coverage on shares of Credo Technology Group in a research report on Friday, May 1st. They set a “buy” rating and a $206.00 target price for the company. Weiss Ratings cut shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, April 24th. Craig Hallum reiterated a “buy” rating and set a $200.00 target price on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Jefferies Financial Group started coverage on shares of Credo Technology Group in a research report on Monday, April 13th. They set a “buy” rating and a $175.00 target price for the company. Finally, The Goldman Sachs Group raised their price objective on shares of Credo Technology Group from $150.00 to $170.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $207.71.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, insider James Laufman sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $164.41, for a total value of $1,644,100.00. Following the completion of the sale, the insider owned 198,609 shares in the company, valued at approximately $32,653,305.69. This trade represents a 4.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $178.99, for a total transaction of $4,922,225.00. Following the completion of the sale, the chief technology officer owned 6,024,870 shares of the company’s stock, valued at $1,078,391,481.30. The trade was a 0.45% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 386,608 shares of company stock worth $50,371,351. 11.84% of the stock is owned by insiders.

Credo Technology Group News Summary

Here are the key news stories impacting Credo Technology Group this week:

• Positive Sentiment: CRDO gained momentum after announcing a partnership with Rebellions to integrate ZeroFlap cables into RebelPOD, a move aimed at improving efficiency in enterprise AI factories and reinforcing demand for its connectivity products. Article Title
• Positive Sentiment: Multiple bullish notes called Credo a top AI-related stock, with coverage pointing to upside from adoption of active electrical cables, new product families, and the company’s role in data-center networking. Article Title
• Positive Sentiment: Zacks Research upgraded Credo from “hold” to “strong-buy,” adding to the bullish analyst tone around the stock. Article Title
• Positive Sentiment: Commentary this week also framed CRDO as one of the better semiconductor names for investors seeking exposure to AI-driven connectivity demand, supported by recent analyst upgrades and conference appearances. Article Title
• Neutral Sentiment: Credo announced upcoming investor conference presentations, which should help keep the company visible but do not by themselves change the business outlook. Article Title
• Negative Sentiment: Not all coverage was bullish, as one analyst note warned the recent reversal could be a red flag, showing that expectations may be getting stretched after the stock’s sharp run-up. Article Title

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors have recently modified their holdings of the business. Savant Capital LLC grew its position in shares of Credo Technology Group by 0.7% during the 3rd quarter. Savant Capital LLC now owns 9,914 shares of the company’s stock worth $1,444,000 after buying an additional 68 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in shares of Credo Technology Group by 16.2% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock worth $80,000 after buying an additional 77 shares during the period. Illinois Municipal Retirement Fund grew its position in shares of Credo Technology Group by 0.6% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 15,783 shares of the company’s stock worth $2,298,000 after buying an additional 91 shares during the period. QRG Capital Management Inc. grew its position in shares of Credo Technology Group by 1.7% during the 1st quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock worth $507,000 after buying an additional 91 shares during the period. Finally, Bank of Nova Scotia grew its position in shares of Credo Technology Group by 1.6% during the 1st quarter. Bank of Nova Scotia now owns 6,026 shares of the company’s stock worth $566,000 after buying an additional 92 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

The firm’s 50-day moving average price is $143.14 and its 200 day moving average price is $142.48. The company has a market cap of $35.67 billion, a price-to-earnings ratio of 107.44 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, topping the consensus estimate of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The company had revenue of $407.01 million during the quarter, compared to analysts’ expectations of $385.94 million. During the same quarter in the previous year, the company earned $0.25 EPS. Credo Technology Group’s revenue was up 201.5% on a year-over-year basis. As a group, equities research analysts predict that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current fiscal year.

Credo Technology Group Company Profile

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.