Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $340.00

Key Points

• Bank of America raised Credo Technology Group’s price target from $252 to $340 and kept a buy rating, implying about 12.4% upside from the prior close.
• The move comes amid broader bullish analyst momentum, with several firms recently boosting targets; the current consensus is a Buy and the average price target stands at $263.11.
• Credo has also been performing strongly operationally, reporting EPS of $1.16 versus $1.02 expected and 157% year-over-year revenue growth in its latest quarter.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) had its price objective boosted by stock analysts at Bank of America from $252.00 to $340.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Bank of America's price objective points to a potential upside of 12.39% from the stock's previous close.

CRDO has been the topic of several other reports. Weiss Ratings upgraded shares of Credo Technology Group from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, May 26th. Rosenblatt Securities upped their price objective on Credo Technology Group from $175.00 to $215.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 2nd. TD Cowen raised their price target on shares of Credo Technology Group from $240.00 to $260.00 and gave the company a "buy" rating in a report on Tuesday, June 2nd. Susquehanna raised their price target on shares of Credo Technology Group from $200.00 to $235.00 and gave the company a "positive" rating in a report on Tuesday, June 2nd. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Credo Technology Group from $230.00 to $250.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 2nd. 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's stock. Based on data from MarketBeat.com, Credo Technology Group has a consensus rating of "Buy" and an average price target of $263.11.

Credo Technology Group Stock Up 11.3%

Shares of NASDAQ:CRDO opened at $302.52 on Tuesday. The business's 50 day moving average is $203.74 and its 200 day moving average is $154.84. The stock has a market cap of $56.41 billion, a P/E ratio of 121.98, a price-to-earnings-growth ratio of 1.43 and a beta of 3.22. Credo Technology Group has a 52-week low of $81.72 and a 52-week high of $308.67.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating analysts' consensus estimates of $1.02 by $0.14. The business had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.Credo Technology Group's revenue was up 157.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.20 EPS. On average, sell-side analysts anticipate that Credo Technology Group will post 4.84 EPS for the current fiscal year.

Insider Buying and Selling

In other Credo Technology Group news, CFO Daniel W. Fleming sold 40,000 shares of Credo Technology Group stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the completion of the sale, the chief financial officer owned 501,873 shares of the company's stock, valued at approximately $125,207,276.04. The trade was a 7.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Chi Fung Cheng sold 27,500 shares of the business's stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $118.25, for a total value of $3,251,875.00. Following the sale, the chief technology officer owned 6,134,870 shares in the company, valued at approximately $725,448,377.50. The trade was a 0.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 389,384 shares of company stock worth $70,041,518 in the last 90 days. Insiders own 11.84% of the company's stock.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Credo Technology Group by 0.4% during 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. State Street Corp boosted its holdings in shares of Credo Technology Group by 23.4% in the 4th quarter. State Street Corp now owns 4,486,320 shares of the company's stock valued at $645,537,000 after acquiring an additional 849,654 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of 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 valued at $555,117,000 after acquiring an additional 184,676 shares during the last quarter. Corient Private Wealth LLC increased its stake in shares of Credo Technology Group by 239,024.5% in the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company's stock worth $517,835,000 after acquiring an additional 3,597,318 shares during the period. Finally, Alliancebernstein L.P. increased its stake in shares of Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company's stock worth $283,778,000 after acquiring an additional 1,218,504 shares during the period. Hedge funds and other institutional investors own 80.46% of the company's stock.

Key Headlines Impacting Credo Technology Group

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

• Positive Sentiment: Evercore ISI initiated coverage on Credo Technology Group with an Outperform rating and a $325 target, highlighting upside tied to AI networking infrastructure and expanding optical opportunities.
• Positive Sentiment: Stifel lifted its price target to $350 from $250 and maintained a Buy rating, adding to the bullish analyst momentum behind CRDO.
• Positive Sentiment: Credo was also added to Zacks’ Rank #1 (Strong Buy) growth list, which may support investor confidence in its earnings and growth profile.
• Neutral Sentiment: Analyst commentary continues to emphasize Credo’s position in AI interconnects, including active electrical cables and optical products, keeping the stock in focus as an AI infrastructure play.

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.

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