Credo Technology Group (NASDAQ:CRDO) Trading Up 2.2% - What's Next?

Key Points

• Credo Technology Group's stock price increased by 2.2% to $146.01 during mid-day trading, with approximately 5.2 million shares changing hands, reflecting a slight decline from average daily volume.
• Several analysts have upgraded their price targets for Credo Technology Group, with Susquehanna setting a new target of $165.00 and multiple firms maintaining a “buy” rating, indicating a positive outlook.
• In its latest earnings report, Credo Technology Group reported a 20.85% net margin and a 273.6% year-over-year revenue growth, although it missed analyst estimates for earnings per share by $0.02.

Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Get Free Report)'s share price was up 2.2% during mid-day trading on Monday . The company traded as high as $152.75 and last traded at $146.01. Approximately 5,234,863 shares traded hands during mid-day trading, a decline of 1% from the average daily volume of 5,304,740 shares. The stock had previously closed at $142.93.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on CRDO shares. Susquehanna raised their price target on shares of Credo Technology Group from $115.00 to $165.00 and gave the stock a "positive" rating in a report on Thursday, September 4th. Cowen reiterated a "buy" rating on shares of Credo Technology Group in a report on Thursday, September 4th. Needham & Company LLC increased their price objective on Credo Technology Group from $85.00 to $150.00 and gave the stock a "buy" rating in a report on Thursday, September 4th. TD Cowen increased their price objective on Credo Technology Group from $140.00 to $160.00 and gave the stock a "buy" rating in a report on Thursday, September 4th. Finally, Roth Capital increased their price objective on Credo Technology Group from $95.00 to $160.00 and gave the stock a "buy" rating in a report on Thursday, September 4th. Two equities research analysts have rated the stock with a Strong Buy rating and thirteen have issued a Buy rating to the stock. Based on data from MarketBeat, Credo Technology Group has a consensus rating of "Buy" and an average price target of $126.27.

Credo Technology Group Stock Performance

The company has a market cap of $25.26 billion, a P/E ratio of 217.93 and a beta of 2.59. The stock has a 50-day moving average of $128.39 and a two-hundred day moving average of $85.19.

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 analysts' consensus estimates of $0.36 by ($0.02). Credo Technology Group had a net margin of 20.85% and a return on equity of 19.02%. The company had revenue of $223.07 million for the quarter, compared to the consensus estimate of $190.63 million. During the same period last year, the business earned $0.04 EPS. The firm's quarterly revenue was up 273.6% on a year-over-year basis. Credo Technology Group has set its Q2 2026 guidance at EPS. Research analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insiders Place Their Bets

In other Credo Technology Group news, CEO William Joseph Brennan sold 18,016 shares of Credo Technology Group stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $164.11, for a total value of $2,956,605.76. Following the completion of the sale, the chief executive officer owned 369,173 shares of the company's stock, valued at approximately $60,584,981.03. This trade represents a 4.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction 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 completion of the sale, the chief financial officer directly owned 576,178 shares of the company's stock, valued at approximately $79,253,283.90. The trade was a 0.65% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 743,915 shares of company stock worth $91,779,645. 11.84% of the stock is owned by corporate insiders.

Institutional Trading of Credo Technology Group

Institutional investors and hedge funds have recently modified their holdings of the business. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new position in shares of Credo Technology Group in the 2nd quarter worth $27,000. Wolff Wiese Magana LLC boosted its stake in shares of Credo Technology Group by 200.0% in the 2nd quarter. Wolff Wiese Magana LLC now owns 450 shares of the company's stock worth $42,000 after buying an additional 300 shares during the last quarter. Cullen Frost Bankers Inc. boosted its stake in shares of Credo Technology Group by 278.4% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 473 shares of the company's stock worth $44,000 after buying an additional 348 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Credo Technology Group by 198.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company's stock worth $46,000 after buying an additional 333 shares during the last quarter. Finally, Operose Advisors LLC boosted its stake in shares of Credo Technology Group by 69.2% in the 1st quarter. Operose Advisors LLC now owns 616 shares of the company's stock worth $25,000 after buying an additional 252 shares during the last quarter. Institutional investors own 80.46% of the company's stock.

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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