Credo Technology Group (NASDAQ:CRDO) Coverage Initiated at TD Cowen

Key Points

• TD Cowen has initiated coverage on Credo Technology Group, assigning a "buy" rating with a price target of $170.00, suggesting an 18.17% upside from its previous close.
• Several analysts, including Mizuho and Barclays, have raised their price targets for Credo, with a consensus average price target of $128.09 and a general rating of "Buy."
• Despite the positive analyst outlook, shares of Credo Technology Group have recently seen a decline, trading down 1.2% to $143.86.

Stock analysts at TD Cowen initiated coverage on shares of Credo Technology Group (NASDAQ:CRDO - Get Free Report) in a research note issued on Wednesday. The firm set a "buy" rating and a $170.00 price target on the stock. TD Cowen's price target points to a potential upside of 18.17% from the stock's previous close.

A number of other equities research analysts have also recently issued reports on CRDO. Mizuho boosted their target price on shares of Credo Technology Group from $135.00 to $155.00 and gave the company an "outperform" rating in a research report on Thursday, September 4th. Wall Street Zen raised shares of Credo Technology Group from a "hold" rating to a "buy" rating in a research report on Sunday. Barclays upped their price objective on shares of Credo Technology Group from $85.00 to $165.00 and gave the stock an "overweight" rating in a research report on Thursday, September 4th. Stifel Nicolaus set a $155.00 price objective on shares of Credo Technology Group in a research report on Thursday, September 4th. Finally, William Blair started coverage on shares of Credo Technology Group in a research report on Thursday, September 18th. They set an "outperform" rating for the company. Two investment analysts have rated the stock with a Strong Buy rating and thirteen have assigned a Buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $128.09.

Credo Technology Group Stock Down 1.2%

Shares of Credo Technology Group stock traded down $1.75 during trading on Wednesday, reaching $143.86. The company's stock had a trading volume of 584,864 shares, compared to its average volume of 5,269,512. The business's 50-day moving average price is $130.45 and its 200-day moving average price is $86.28. The firm has a market cap of $24.89 billion, a PE ratio of 214.98 and a beta of 2.59. Credo Technology Group has a 52 week low of $29.09 and a 52 week high of $176.70.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its earnings results on Wednesday, September 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.36 by ($0.02). The business had revenue of $223.07 million during the quarter, compared to the consensus estimate of $190.63 million. Credo Technology Group had a net margin of 20.85% and a return on equity of 19.02%. The company's revenue was up 273.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.04 EPS. Credo Technology Group has set its Q2 2026 guidance at EPS. Equities analysts predict 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, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $137.55, for a total value of $521,314.50. Following the transaction, the chief financial officer directly owned 576,178 shares of the company's stock, valued at $79,253,283.90. The trade was a 0.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William Joseph Brennan sold 18,016 shares of the business's stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $164.11, for a total value of $2,956,605.76. Following the transaction, the chief executive officer directly owned 369,173 shares in the company, valued at $60,584,981.03. This trade represents a 4.65% 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 in the last quarter. 11.84% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC lifted its holdings in shares of Credo Technology Group by 8,072.2% in the 1st quarter. GAMMA Investing LLC now owns 79,597 shares of the company's stock valued at $3,197,000 after buying an additional 78,623 shares during the period. Rhumbline Advisers increased its holdings in shares of Credo Technology Group by 4.9% in the first quarter. Rhumbline Advisers now owns 205,046 shares of the company's stock valued at $8,235,000 after purchasing an additional 9,615 shares during the last quarter. Kraematon Investment Advisors Inc. acquired a new stake in shares of Credo Technology Group in the first quarter valued at approximately $389,000. Harbor Capital Advisors Inc. acquired a new stake in shares of Credo Technology Group in the first quarter valued at approximately $1,759,000. Finally, Handelsbanken Fonder AB increased its holdings in shares of Credo Technology Group by 7.3% in the first quarter. Handelsbanken Fonder AB now owns 35,400 shares of the company's stock valued at $1,422,000 after purchasing an additional 2,400 shares during the last quarter. 80.46% of the stock is owned by institutional investors.

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.

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