Credo Technology Group (NASDAQ:CRDO) Upgraded to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Credo Technology Group (NASDAQ:CRDO) from a hold rating to a strong-buy rating in a report released on Monday morning,Zacks.com reports.

Several other brokerages also recently issued reports on CRDO. TD Cowen lifted their price objective on Credo Technology Group from $140.00 to $160.00 and gave the company a “buy” rating in a research report on Thursday, September 4th. Needham & Company LLC lifted their price objective on Credo Technology Group from $85.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday, September 4th. Cowen reiterated a “buy” rating on shares of Credo Technology Group in a research report on Thursday, September 4th. Mizuho lifted their target price on Credo Technology Group from $135.00 to $155.00 and gave the company an “outperform” rating in a research note on Thursday, September 4th. Finally, Barclays lifted their target price on Credo Technology Group from $85.00 to $165.00 and gave the company an “overweight” rating in a research note on Thursday, September 4th. Two equities research analysts have 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 company currently has an average rating of “Buy” and a consensus price target of $126.27.

Credo Technology Group Stock Performance

Shares of CRDO opened at $163.96 on Monday. The stock has a fifty day moving average price of $113.21 and a two-hundred day moving average price of $75.60. Credo Technology Group has a 52-week low of $25.04 and a 52-week high of $164.06. The company has a market cap of $28.37 billion, a price-to-earnings ratio of 244.72 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 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $223.07 million during the quarter, compared to the consensus estimate of $190.63 million. During the same quarter in the previous year, the firm posted $0.04 EPS. The company’s revenue for the quarter was up 273.6% compared to the same quarter last year. Credo Technology Group has set its Q2 2026 guidance at EPS. As a group, research analysts predict that Credo Technology Group will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling

In related news, 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 transaction 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 $32,519,760. The trade was a 4.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William Joseph Brennan sold 46,444 shares of Credo Technology Group stock in a transaction on Friday, August 1st. The stock was sold at an average price of $106.87, for a total value of $4,963,470.28. Following the sale, the chief executive officer directly owned 393,338 shares of the company’s stock, valued at approximately $42,036,032.06. This trade represents a 10.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,037,444 shares of company stock worth $100,235,647. 11.84% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors have recently made changes to their positions in the stock. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new stake in shares of Credo Technology Group during the second quarter worth $27,000. Wolff Wiese Magana LLC grew its stake in shares of Credo Technology Group by 200.0% during the second quarter. Wolff Wiese Magana LLC now owns 450 shares of the company’s stock worth $42,000 after purchasing an additional 300 shares during the period. Cullen Frost Bankers Inc. grew its stake in shares of Credo Technology Group by 278.4% during the second quarter. Cullen Frost Bankers Inc. now owns 473 shares of the company’s stock worth $44,000 after purchasing an additional 348 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of Credo Technology Group by 198.2% during the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after purchasing an additional 333 shares during the period. Finally, Operose Advisors LLC grew its stake in shares of Credo Technology Group by 69.2% during the first quarter. Operose Advisors LLC now owns 616 shares of the company’s stock worth $25,000 after purchasing an additional 252 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

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.