Credo Technology Group (NASDAQ:CRDO) Issues Earnings Results

Credo Technology Group (NASDAQ:CRDO - Get Free Report) released its earnings results on Monday. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.27 by $0.08, Briefing.com reports. Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.94%. The company had revenue of $170.00 million during the quarter, compared to the consensus estimate of $159.59 million. During the same quarter in the prior year, the firm earned $0.07 EPS. The company's revenue was up 179.6% compared to the same quarter last year. Credo Technology Group updated its Q1 2026 guidance to EPS.

Credo Technology Group Trading Down 1.8%

Shares of Credo Technology Group stock traded down $1.41 on Thursday, reaching $75.05. The stock had a trading volume of 1,019,505 shares, compared to its average volume of 3,805,601. The business's 50 day moving average is $48.95 and its two-hundred day moving average is $57.93. The company has a market cap of $12.74 billion, a P/E ratio of -498.46 and a beta of 2.29. Credo Technology Group has a 1 year low of $22.50 and a 1 year high of $86.69.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Mizuho lowered their target price on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a research note on Thursday, April 3rd. Bank of America cut their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a report on Wednesday, March 5th. Stifel Nicolaus boosted their target price on shares of Credo Technology Group from $69.00 to $80.00 and gave the stock a "buy" rating in a research note on Tuesday. Susquehanna lifted their price target on shares of Credo Technology Group from $60.00 to $90.00 and gave the stock a "positive" rating in a research report on Tuesday. Finally, TD Cowen increased their target price on shares of Credo Technology Group from $50.00 to $85.00 and gave the stock a "buy" rating in a report on Tuesday. Ten equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $78.60.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,790 shares of the company's stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $40.75, for a total value of $154,442.50. Following the completion of the transaction, the chief financial officer now directly owns 608,602 shares in the company, valued at $24,800,531.50. This represents a 0.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Friday, April 4th. The shares were sold at an average price of $32.96, for a total value of $1,812,800.00. Following the sale, the chief technology officer now owns 7,938,602 shares in the company, valued at $261,656,321.92. The trade was a 0.69% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 473,665 shares of company stock worth $19,795,531. Insiders own 16.04% of the company's stock.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. boosted its position in Credo Technology Group by 63.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company's stock worth $61,235,000 after purchasing an additional 589,151 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Credo Technology Group by 2.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company's stock valued at $12,480,000 after purchasing an additional 7,107 shares during the last quarter. Finally, NewEdge Advisors LLC raised its stake in Credo Technology Group by 128.4% in the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company's stock valued at $284,000 after purchasing an additional 3,972 shares during the last quarter. Institutional investors and hedge funds 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.