Credo Technology Group (NASDAQ:CRDO) Trading 9.3% Higher After Analyst Upgrade

Key Points

• Credo Technology Group's stock rose by 9.3% after Susquehanna increased its price target from $165.00 to $175.00, maintaining a positive rating for the stock.
• Institutional ownership of Credo Technology Group stands at 80.46%, with significant contributions from firms like JPMorgan Chase & Co., which raised its stake by 36.5%.
• In recent insider trading, CFO Daniel W. Fleming sold 112,580 shares valued at approximately $15.56 million, decreasing his ownership stake by 19.71%.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report)'s stock price shot up 9.3% during mid-day trading on Thursday after Susquehanna raised their price target on the stock from $165.00 to $175.00. Susquehanna currently has a positive rating on the stock. Credo Technology Group traded as high as $149.13 and last traded at $149.96. 2,222,727 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 5,374,979 shares. The stock had previously closed at $137.20.

CRDO has been the topic of a number of other reports. Needham & Company LLC lifted their target price on Credo Technology Group from $85.00 to $150.00 and gave the stock a "buy" rating in a research report on Thursday, September 4th. Wall Street Zen raised Credo Technology Group from a "hold" rating to a "buy" rating in a research report on Sunday, September 28th. Zacks Research raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, September 8th. TD Cowen started coverage on shares of Credo Technology Group in a research note on Wednesday, October 1st. They set a "buy" rating and a $170.00 price target for the company. Finally, William Blair started coverage on shares of Credo Technology Group in a research note on Thursday, September 18th. They set an "outperform" rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, Credo Technology Group presently has an average rating of "Buy" and a consensus target price of $140.36.

Insider Buying and Selling at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 112,580 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $138.20, for a total value of $15,558,556.00. Following the completion of the transaction, the chief financial officer owned 458,678 shares in the company, valued at approximately $63,389,299.60. The trade was a 19.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $163.98, for a total transaction of $9,018,900.00. Following the completion of the transaction, the chief technology officer owned 6,998,961 shares of the company's stock, valued at $1,147,689,624.78. This trade represents a 0.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,006,589 shares of company stock worth $138,151,863 in the last three months. 11.84% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CRDO. JPMorgan Chase & Co. raised its stake in shares of Credo Technology Group by 36.5% in the second quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company's stock valued at $602,662,000 after acquiring an additional 1,739,844 shares during the last quarter. Nuveen LLC bought a new position in shares of Credo Technology Group in the first quarter valued at approximately $52,636,000. Alliancebernstein L.P. raised 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 valued at $283,778,000 after acquiring an additional 1,218,504 shares during the last quarter. 1832 Asset Management L.P. bought a new position in shares of Credo Technology Group in the second quarter valued at approximately $82,479,000. Finally, Swedbank AB raised its stake in shares of Credo Technology Group by 29.5% in the first quarter. Swedbank AB now owns 3,219,125 shares of the company's stock valued at $129,280,000 after acquiring an additional 733,811 shares during the last quarter. Institutional investors own 80.46% of the company's stock.

Credo Technology Group Price Performance

The business's 50 day moving average price is $140.16 and its 200-day moving average price is $96.95. The company has a market cap of $26.18 billion, a P/E ratio of 225.37 and a beta of 2.60.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings data on Wednesday, September 3rd. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.02). Credo Technology Group had a return on equity of 19.02% and a net margin of 20.85%.The company had revenue of $223.07 million during the quarter, compared to the consensus estimate of $190.63 million. During the same quarter last year, the firm earned $0.04 EPS. The business's revenue for the quarter was up 273.6% on a year-over-year basis. Credo Technology Group has set its Q2 2026 guidance at EPS. As a group, research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

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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