Credo Technology Group (NASDAQ:CRDO) Trading 8.3% Higher Following Analyst Upgrade

Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) traded up 8.3% during trading on Wednesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $187.70 and last traded at $182.98. 7,381,032 shares changed hands during mid-day trading, an increase of 4% from the average session volume of 7,066,015 shares. The stock had previously closed at $168.99.

CRDO has been the topic of several other reports. Roth Mkm dropped their target price on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Rosenblatt Securities increased their target price on shares of Credo Technology Group from $125.00 to $175.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. Rothschild & Co Redburn assumed coverage on shares of Credo Technology Group in a report on Friday, May 1st. They set a “buy” rating and a $206.00 target price on the stock. Jefferies Financial Group assumed coverage on shares of Credo Technology Group in a report on Monday, April 13th. They set a “buy” rating and a $175.00 target price on the stock. Finally, Weiss Ratings cut shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, April 24th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $207.71.

Insider Buying and Selling

In other news, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total value of $3,234,000.00. Following the transaction, the chief technology officer owned 6,272,370 shares of the company’s stock, valued at $737,630,712. The trade was a 0.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,782,502 shares in the company, valued at approximately $209,764,835.36. The trade was a 2.73% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 386,608 shares of company stock worth $50,371,351. Insiders own 11.84% of the company’s stock.

Credo Technology Group News Summary

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

• Positive Sentiment: Credo was highlighted as an AI infrastructure winner alongside Nvidia, Innodata and Qualcomm, keeping investor focus on its exposure to edge computing and data growth. Zacks Investment Ideas feature highlights: Nvidia, Innodata, Credo Technology and Qualcomm
• Positive Sentiment: Zacks framed CRDO as one of the better alternative AI stocks to Nvidia, suggesting more upside as investors look beyond the mega-cap leader. Has Nvidia Become Too Big? 3 Alternative AI Stocks
• Positive Sentiment: Credo jumped after announcing an AI Factory partnership with Rebellions to integrate ZeroFlap cables into RebelPOD, which could strengthen its position in scalable AI data center builds. AI Factory Partnership With Rebellions Sends Credo’s Shares Up 8%
• Positive Sentiment: Several outlets described Credo as a “Bull of the Day” and a top semiconductor stock with high upside potential, adding to the upbeat sentiment around the shares. Bull of the Day: Credo Technology Group (CRDO)
• Neutral Sentiment: One article compared CRDO with Coherent as an AI connectivity stock, but the piece was more of an industry comparison than a fresh catalyst. CRDO vs. COHR: Which AI Connectivity Stock Is the Better Buy?
• Negative Sentiment: Broader market coverage noted Nvidia weakness and mixed trading in AI names, which could have tempered enthusiasm even as Credo outperformed. Stock Market Today: Dow Up, Nvidia Sinks 2% While Intuit Craters; These AI Companies Thrive (Live Coverage)

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Credo Technology Group by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock worth $2,386,449,000 after buying an additional 59,849 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Credo Technology Group by 18.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock worth $1,121,118,000 after purchasing an additional 1,190,522 shares in the last quarter. State Street Corp boosted its stake in Credo Technology Group by 23.4% in the 4th quarter. State Street Corp now owns 4,486,320 shares of the company’s stock worth $645,537,000 after purchasing an additional 849,654 shares in the last quarter. Geode Capital Management LLC boosted its stake in Credo Technology Group by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock worth $555,117,000 after purchasing an additional 184,676 shares in the last quarter. Finally, Corient Private Wealth LLC boosted its stake in Credo Technology Group by 239,024.5% in the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after purchasing an additional 3,597,318 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

The business’s 50 day moving average is $144.76 and its 200 day moving average is $142.53. The company has a market capitalization of $40.29 billion, a price-to-earnings ratio of 121.34 and a beta of 3.17.

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