Credo Technology Group (NASDAQ:CRDO) Upgraded to Strong-Buy at Rothschild & Co Redburn

Key Points

• Rothschild & Co Redburn upgraded Credo Technology Group to a "strong-buy", while overall analyst coverage shows two Strong Buy, fourteen Buy and three Hold ratings, leaving a MarketBeat consensus of "Moderate Buy" with a $207.71 price target.
• Credo reported a beat for the quarter—EPS of $1.07 vs. $0.78 expected and revenue of $407.0M (up 201.5% year‑over‑year)—with a 31.8% net margin and 29.6% ROE, signaling strong operational results.
• Insider activity was notable: the CTO and CEO sold shares on March 11 (combined proceeds ≈$9.1M) and insiders sold 359,108 shares valued at about $45.45M over the last quarter, though insiders still own 11.84% of the company.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) was upgraded by equities research analysts at Rothschild & Co Redburn to a "strong-buy" rating in a research note issued to investors on Friday,Zacks.com reports.

Several other brokerages also recently weighed in on CRDO. Barclays restated an "overweight" rating and set a $260.00 target price on shares of Credo Technology Group in a research note on Thursday, January 15th. Mizuho lowered their target price on Credo Technology Group from $225.00 to $200.00 and set an "outperform" rating for the company in a research note on Tuesday, March 3rd. Needham & Company LLC restated a "buy" rating and set a $220.00 target price on shares of Credo Technology Group in a research note on Wednesday, April 15th. Rosenblatt Securities raised their target price on Credo Technology Group from $125.00 to $175.00 and gave the company a "neutral" rating in a research note on Wednesday, April 15th. Finally, Susquehanna lowered their target price on Credo Technology Group from $230.00 to $170.00 and set a "positive" rating for the company in a research note on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Credo Technology Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $207.71.

Credo Technology Group Stock Up 6.0%

Shares of NASDAQ:CRDO opened at $184.38 on Friday. Credo Technology Group has a 52-week low of $45.65 and a 52-week high of $213.80. The company has a 50 day moving average of $125.98 and a two-hundred day moving average of $139.49. The company has a market capitalization of $34.01 billion, a price-to-earnings ratio of 102.43 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings data on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The company had revenue of $407.01 million during the quarter, compared to the consensus estimate of $385.94 million. During the same quarter last year, the company earned $0.25 earnings per share. Credo Technology Group's revenue for the quarter was up 201.5% on a year-over-year basis. On average, equities analysts anticipate that Credo Technology Group will post 2.36 earnings per share for the current year.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total value of $3,234,000.00. Following the completion of the transaction, the chief technology officer owned 6,272,370 shares of the company's stock, valued at $737,630,712. The trade was a 0.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,782,502 shares of the company's stock, valued at approximately $209,764,835.36. This represents a 2.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 359,108 shares of company stock valued at $45,449,126 over the last quarter. Insiders own 11.84% of the company's stock.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Savant Capital LLC boosted its stake in Credo Technology Group by 0.7% in the third quarter. Savant Capital LLC now owns 9,914 shares of the company's stock valued at $1,444,000 after acquiring an additional 68 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in Credo Technology Group by 16.2% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company's stock valued at $80,000 after acquiring an additional 77 shares during the period. Illinois Municipal Retirement Fund boosted its stake in Credo Technology Group by 0.6% in the third quarter. Illinois Municipal Retirement Fund now owns 15,783 shares of the company's stock valued at $2,298,000 after acquiring an additional 91 shares during the period. QRG Capital Management Inc. boosted its holdings in shares of Credo Technology Group by 1.7% during the first quarter. QRG Capital Management Inc. now owns 5,402 shares of the company's stock valued at $507,000 after acquiring an additional 91 shares during the period. Finally, Mark Sheptoff Financial Planning LLC grew its position in shares of Credo Technology Group by 2.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 5,150 shares of the company's stock worth $741,000 after acquiring an additional 100 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

About Credo Technology Group

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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