Credo Technology Group (NASDAQ:CRDO) Upgraded at Wall Street Zen

Key Points

• Credo Technology Group was upgraded from a "hold" to a "buy" rating by analysts at Wall Street Zen, indicating an optimistic outlook for the company.
• Multiple analyst firms, including Needham & Company and Susquehanna, have raised their price targets for Credo Technology stock, with a consensus target of $91.27.
• Insider trading reports show significant sales of stock by the company’s CTO and CEO, indicating possible profit-taking amid rising stock prices.

Wall Street Zen upgraded shares of Credo Technology Group (NASDAQ:CRDO - Free Report) from a hold rating to a buy rating in a research report sent to investors on Saturday.

CRDO has been the topic of several other research reports. Barclays set a $85.00 price objective on Credo Technology Group and gave the stock an "overweight" rating in a report on Tuesday, June 3rd. Stifel Nicolaus upped their price objective on Credo Technology Group from $80.00 to $115.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Needham & Company LLC lifted their price target 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. TD Cowen lifted their price objective on shares of Credo Technology Group from $85.00 to $95.00 and gave the company a "buy" rating in a report on Wednesday, June 18th. Finally, Susquehanna boosted their target price on shares of Credo Technology Group from $90.00 to $115.00 and gave the company a "positive" rating in a research report on Tuesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating and twelve have given a Buy rating to the stock. According to MarketBeat, Credo Technology Group currently has a consensus rating of "Buy" and an average price target of $91.27.

Credo Technology Group Trading Down 10.4%

NASDAQ CRDO traded down $12.3780 during midday trading on Friday, hitting $106.3620. The company had a trading volume of 3,693,324 shares, compared to its average volume of 5,196,002. Credo Technology Group has a twelve month low of $24.08 and a twelve month high of $128.56. The company has a market capitalization of $18.26 billion, a PE ratio of 394.60, a P/E/G ratio of 2.09 and a beta of 2.59. The firm has a 50-day moving average price of $98.66 and a 200-day moving average price of $69.28.

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

Insider Transactions at Credo Technology Group

In related news, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $107.00, for a total transaction of $200,625.00. Following the sale, the director directly owned 5,898,652 shares in the company, valued at $631,155,764. The trade was a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William Joseph Brennan sold 46,444 shares of the business's stock in a transaction on Friday, August 1st. The stock was 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 directly owned 393,338 shares in the company, valued at $42,036,032.06. This trade represents a 10.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,274,583 shares of company stock valued at $113,118,257. Company insiders own 16.04% of the company's stock.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors have recently modified their holdings of CRDO. Janney Montgomery Scott LLC increased its holdings in Credo Technology Group by 27.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 6,721 shares of the company's stock worth $270,000 after purchasing an additional 1,467 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Credo Technology Group during the 1st quarter worth about $27,000. Teacher Retirement System of Texas lifted its position in Credo Technology Group by 464.4% during the 1st quarter. Teacher Retirement System of Texas now owns 34,987 shares of the company's stock worth $1,405,000 after acquiring an additional 28,788 shares during the period. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Credo Technology Group by 15.7% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 21,730 shares of the company's stock valued at $873,000 after buying an additional 2,947 shares during the period. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in Credo Technology Group during the 1st quarter worth approximately $301,000. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Company Profile

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.