Credo Technology Group (NASDAQ:CRDO) Upgraded by Evercore to Strong-Buy Rating

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

CRDO has been the subject of several other reports. Susquehanna raised their price objective on shares of Credo Technology Group from $200.00 to $235.00 and gave the stock a “positive” rating in a research report on Tuesday, June 2nd. Stifel Nicolaus upped their target price on Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a research report on Monday. JPMorgan Chase & Co. increased their target price on Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 2nd. TD Cowen lifted their price target on Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Finally, Rosenblatt Securities boosted their price target on Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $258.22.

Credo Technology Group Price Performance

Shares of CRDO opened at $302.52 on Monday. Credo Technology Group has a one year low of $81.72 and a one year high of $308.67. The company has a market cap of $56.41 billion, a PE ratio of 121.98, a price-to-earnings-growth ratio of 1.43 and a beta of 3.22. The firm has a 50-day moving average of $203.74 and a 200-day moving average of $154.84.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.14. The firm had revenue of $437.00 million during the quarter, compared to analysts’ expectations of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The company’s revenue for the quarter was up 157.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.20 earnings per share. Analysts expect that Credo Technology Group will post 4.84 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Daniel W. Fleming sold 40,000 shares of the business’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $249.48, for a total value of $9,979,200.00. Following the completion of the transaction, the chief financial officer owned 501,873 shares of the company’s stock, valued at $125,207,276.04. The trade was a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO William Joseph Brennan sold 54,984 shares of the company’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the sale, the chief executive officer directly owned 367,327 shares of the company’s stock, valued at $80,286,662.39. This represents a 13.02% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 389,384 shares of company stock worth $70,041,518. Company insiders own 11.84% of the company’s stock.

Institutional Trading of Credo Technology Group

Institutional investors and hedge funds have recently made changes to their positions in the company. Crewe Advisors LLC increased its stake in Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after acquiring an additional 106 shares during the last quarter. Reflection Asset Management bought a new stake in Credo Technology Group during the fourth quarter worth $25,000. Acumen Wealth Advisors LLC acquired a new stake in shares of Credo Technology Group in the 4th quarter valued at $25,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Credo Technology Group in the 4th quarter valued at $32,000. Finally, AlphaCentric Advisors LLC acquired a new stake in shares of Credo Technology Group in the 1st quarter valued at $33,000. Institutional investors own 80.46% of the company’s stock.

Trending Headlines about Credo Technology Group

Here are the key news stories impacting Credo Technology Group this week:

• Positive Sentiment: Evercore ISI initiated coverage with an Outperform rating and a $325 price target, calling Wall Street too conservative on Credo’s long-term opportunity as it expands beyond copper into AI networking infrastructure. Evercore Says Wall Street Is 40% Too Low on Credo
• Positive Sentiment: Stifel also raised its price target on CRDO to $350 and reiterated a Buy rating, adding to the bullish analyst momentum. Why Is Credo Technology Stock Soaring Monday?
• Positive Sentiment: Investors are also responding to Credo’s strong recent operating results, including sharply higher revenue, solid profitability, and management’s upbeat outlook tied to AI data-center demand and optical growth. Credo Stock Spikes To Record High On Bullish Reports
• Neutral Sentiment: The stock has been setting record highs as traders continue to price in Credo’s expansion into high-speed interconnect products, including optical solutions that could broaden its AI infrastructure market opportunity.

Credo Technology Group Company Profile

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.