Mizuho Issues Positive Forecast for Credo Technology Group (NASDAQ:CRDO) Stock Price

Key Points

• Mizuho has raised Credo Technology Group's price target from $112.00 to $135.00, suggesting an 11.45% potential upside from the stock's previous close.
• The company reported strong quarterly earnings with $0.35 EPS, exceeding analysts' expectations, and showed a significant 179.6% year-over-year revenue growth.
• Insider trading activity includes significant stock sales by CEO William Joseph Brennan and CTO Chi Fung Cheng, collectively amounting to over $10 million.

Credo Technology Group (NASDAQ:CRDO - Free Report) had its target price increased by Mizuho from $112.00 to $135.00 in a research note published on Thursday morning, Marketbeat Ratings reports. The firm currently has an outperform rating on the stock.

Other research analysts have also issued research reports about the stock. Stifel Nicolaus raised their price objective on shares of Credo Technology Group from $80.00 to $115.00 and gave the company a "buy" rating in a report on Friday, July 18th. Needham & Company LLC raised their price objective on shares of Credo Technology Group from $80.00 to $85.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Cowen reiterated a "buy" rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Noble Financial upgraded shares of Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. Finally, Wall Street Zen lowered shares of Credo Technology Group from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. One research analyst has rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $91.27.

Credo Technology Group Trading Down 10.0%

Credo Technology Group stock traded down $11.8880 during trading hours on Thursday, reaching $106.8520. 2,728,849 shares of the stock were exchanged, compared to its average volume of 5,189,954. The company has a market cap of $18.34 billion, a P/E ratio of 397.00, a price-to-earnings-growth ratio of 2.09 and a beta of 2.59. Credo Technology Group has a twelve month low of $24.08 and a twelve month high of $128.56. The stock has a 50 day moving average of $98.66 and a two-hundred day moving average of $69.28.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The company had revenue of $170.00 million for the quarter, compared to the consensus estimate of $159.59 million. During the same period last year, the company posted $0.07 EPS. The firm's quarterly revenue was up 179.6% compared to the same quarter last year. Credo Technology Group has set its Q1 2026 guidance at EPS. On average, analysts expect that Credo Technology Group will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In related news, CEO William Joseph Brennan sold 46,444 shares of Credo Technology Group stock in a transaction on Friday, August 1st. The shares were sold at an average price of $106.87, for a total value of $4,963,470.28. Following the completion of the sale, the chief executive officer owned 393,338 shares of the company's stock, valued at approximately $42,036,032.06. This trade represents a 10.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Friday, August 1st. The shares were sold at an average price of $107.12, for a total transaction of $5,891,600.00. Following the completion of the sale, the chief technology officer directly owned 7,108,961 shares of the company's stock, valued at approximately $761,511,902.32. The trade was a 0.77% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,274,583 shares of company stock worth $113,118,257. 16.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds have recently bought and sold shares of the company. Operose Advisors LLC boosted its holdings in Credo Technology Group by 69.2% during the 1st quarter. Operose Advisors LLC now owns 616 shares of the company's stock worth $25,000 after acquiring an additional 252 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in Credo Technology Group during the 1st quarter worth $25,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Credo Technology Group during the 1st quarter worth $27,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new position in Credo Technology Group during the 2nd quarter worth $27,000. Finally, Harbour Investments Inc. purchased a new position in Credo Technology Group during the 1st quarter worth $29,000. 80.46% of the stock is owned by hedge funds and other 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.