Credo Technology Group (NASDAQ:CRDO) Reaches New 1-Year High Following Analyst Upgrade

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price hit a new 52-week high during mid-day trading on Thursday after Wall Street Zen upgraded the stock from a hold rating to a buy rating. The stock traded as high as $140.00 and last traded at $137.51, with a volume of 634007 shares changing hands. The stock had previously closed at $124.77.

CRDO has been the topic of several other research reports. Cowen reissued a “buy” rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Needham & Company LLC boosted their price target on shares of Credo Technology Group from $85.00 to $150.00 and gave the company a “buy” rating in a report on Thursday. Mizuho boosted their price target on shares of Credo Technology Group from $135.00 to $155.00 and gave the company an “outperform” rating in a report on Thursday. Roth Capital boosted their price target on shares of Credo Technology Group from $95.00 to $160.00 and gave the company a “buy” rating in a report on Thursday. Finally, Barclays boosted their price target on shares of Credo Technology Group from $85.00 to $165.00 and gave the company an “overweight” rating in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $126.27.

Insider Activity

In other news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $107.12, for a total value of $5,891,600.00. Following the sale, the chief technology officer owned 7,108,961 shares of the company’s stock, valued at approximately $761,511,902.32. This represents a 0.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Pantas Sutardja sold 1,875 shares of the company’s stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $107.00, for a total transaction of $200,625.00. Following the completion of the sale, the director directly owned 5,898,652 shares in the company, valued at approximately $631,155,764. The trade was a 0.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,123,654 shares of company stock worth $101,794,933 in the last quarter. 11.84% of the stock is owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds have recently added to or reduced their stakes in CRDO. JPMorgan Chase & Co. grew its holdings in Credo Technology Group by 36.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock worth $602,662,000 after acquiring an additional 1,739,844 shares during the last quarter. Nuveen LLC bought a new stake in Credo Technology Group during the 1st quarter worth about $52,636,000. Alliancebernstein L.P. grew its holdings in Credo Technology Group by 66.0% during the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after acquiring an additional 1,218,504 shares during the last quarter. Polar Capital Holdings Plc grew its holdings in Credo Technology Group by 382.1% during the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company’s stock worth $97,527,000 after acquiring an additional 1,150,084 shares during the last quarter. Finally, 1832 Asset Management L.P. bought a new stake in Credo Technology Group during the 2nd quarter worth about $82,479,000. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Trading Up 5.1%

The business’s fifty day simple moving average is $109.39 and its 200 day simple moving average is $73.87. The stock has a market cap of $24.36 billion, a P/E ratio of 210.18, a price-to-earnings-growth ratio of 2.40 and a beta of 2.59.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Wednesday, September 3rd. The company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). Credo Technology Group had a return on equity of 20.24% and a net margin of 20.85%.The company had revenue of $223.07 million for the quarter, compared to the consensus estimate of $190.63 million. During the same period in the prior year, the company earned $0.04 EPS. The firm’s revenue was up 273.6% compared to the same quarter last year. Credo Technology Group has set its Q2 2026 guidance at EPS. On average, analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal 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.