Credo Technology Group (NASDAQ:CRDO) Upgraded by Wall Street Zen to "Buy" Rating

Key Points

• Credo Technology Group has been upgraded from a "hold" to a "buy" rating by Wall Street Zen, indicating increasing analyst confidence in the stock.
• The stock has seen target price revisions, with analysts setting prices ranging from $155.00 to $165.00, reflecting growing optimism about the company's performance.
• Despite posting earnings below expectations of $0.36 with $0.34 EPS, Credo Technology Group reported significant revenue growth of 273.6% year-over-year, totaling $223.07 million.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued to investors on Sunday.

Several other analysts have also issued reports on CRDO. Stifel Nicolaus set a $155.00 target price on Credo Technology Group 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. Susquehanna lifted their target price on Credo Technology Group from $115.00 to $165.00 and gave the company a "positive" rating in a research report on Thursday, September 4th. Noble Financial raised Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. Finally, Roth Capital upped their target price on Credo Technology Group from $95.00 to $160.00 and gave the stock a "buy" rating in a research note on Thursday, September 4th. Two analysts have rated the stock with a Strong Buy rating and thirteen have assigned a Buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $126.27.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $142.93 on Friday. The stock has a market capitalization of $24.73 billion, a price-to-earnings ratio of 213.33 and a beta of 2.59. The stock's 50 day moving average price is $128.39 and its two-hundred day moving average price is $84.91. Credo Technology Group has a 52 week low of $29.09 and a 52 week high of $176.70.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its earnings results on Wednesday, September 3rd. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.02). The firm had revenue of $223.07 million during the quarter, compared to the consensus estimate of $190.63 million. Credo Technology Group had a net margin of 20.85% and a return on equity of 19.02%. The company's revenue was up 273.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.04 EPS. Credo Technology Group has set its Q2 2026 guidance at EPS. On average, equities research analysts forecast that Credo Technology Group 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, insider James Laufman sold 10,000 shares of Credo Technology Group stock in a transaction on Friday, September 5th. The stock was sold at an average price of $140.00, for a total value of $1,400,000.00. Following the completion of the sale, the insider directly owned 232,284 shares of the company's stock, valued at approximately $32,519,760. The trade was a 4.13% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 798,915 shares of company stock worth $96,875,395. 11.84% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. lifted its position in Credo Technology Group by 36.5% during the second quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company's stock valued at $602,662,000 after purchasing an additional 1,739,844 shares in the last quarter. Nuveen LLC purchased a new position in Credo Technology Group during the first quarter valued at $52,636,000. Alliancebernstein L.P. lifted its position in Credo Technology Group by 66.0% during the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company's stock valued at $283,778,000 after purchasing an additional 1,218,504 shares in the last quarter. 1832 Asset Management L.P. purchased a new position in Credo Technology Group during the second quarter valued at $82,479,000. Finally, Swedbank AB lifted its position in Credo Technology Group by 29.5% during the first quarter. Swedbank AB now owns 3,219,125 shares of the company's stock valued at $129,280,000 after purchasing an additional 733,811 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other 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.

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