Credo Technology Group (NASDAQ:CRDO) Trading Up 8.1% After Analyst Upgrade

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price traded up 8.1% during trading on Tuesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $171.64 and last traded at $168.99. 8,214,064 shares changed hands during trading, an increase of 16% from the average session volume of 7,062,162 shares. The stock had previously closed at $156.27.

CRDO has been the topic of several other reports. Susquehanna cut their price objective on shares of Credo Technology Group from $230.00 to $170.00 and set a “positive” rating on the stock in a report on Tuesday, March 3rd. Craig Hallum reiterated a “buy” rating and set a $200.00 target price on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Mizuho reduced their price target on Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 3rd. Jefferies Financial Group started coverage on Credo Technology Group in a report on Monday, April 13th. They issued a “buy” rating and a $175.00 price objective for the company. Finally, Needham & Company LLC restated a “buy” rating and set a $220.00 target price on shares of Credo Technology Group in a research report on Wednesday, April 15th. Two equities 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. Based on data from MarketBeat.com, Credo Technology Group currently has an average rating of “Buy” and an average price target of $207.71.

Insider Activity 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 that occurred 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 transaction, the chief technology officer owned 6,272,370 shares of the company’s stock, valued at approximately $737,630,712. The trade was a 0.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO William Joseph Brennan sold 50,000 shares of the 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 sale, the chief executive officer directly owned 1,782,502 shares of the company’s stock, valued at $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 a total of 386,608 shares of company stock valued at $50,371,351 over the last quarter. 11.84% of the stock is owned by insiders.

Key Stories Impacting Credo Technology Group

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

• Positive Sentiment: CRDO gained momentum after announcing a partnership with Rebellions to integrate ZeroFlap cables into RebelPOD, a move aimed at improving efficiency in enterprise AI factories and reinforcing demand for its connectivity products. Article Title
• Positive Sentiment: Multiple bullish notes called Credo a top AI-related stock, with coverage pointing to upside from adoption of active electrical cables, new product families, and the company’s role in data-center networking. Article Title
• Positive Sentiment: Zacks Research upgraded Credo from “hold” to “strong-buy,” adding to the bullish analyst tone around the stock. Article Title
• Positive Sentiment: Commentary this week also framed CRDO as one of the better semiconductor names for investors seeking exposure to AI-driven connectivity demand, supported by recent analyst upgrades and conference appearances. Article Title
• Neutral Sentiment: Credo announced upcoming investor conference presentations, which should help keep the company visible but do not by themselves change the business outlook. Article Title
• Negative Sentiment: Not all coverage was bullish, as one analyst note warned the recent reversal could be a red flag, showing that expectations may be getting stretched after the stock’s sharp run-up. Article Title

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Credo Technology Group by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock worth $2,386,449,000 after acquiring an additional 59,849 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Credo Technology Group by 18.3% in the third quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock valued at $1,121,118,000 after purchasing an additional 1,190,522 shares during the last quarter. State Street Corp lifted its position in shares of Credo Technology Group by 23.4% in the fourth quarter. State Street Corp now owns 4,486,320 shares of the company’s stock worth $645,537,000 after purchasing an additional 849,654 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Credo Technology Group by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock worth $555,117,000 after purchasing an additional 184,676 shares during the last quarter. Finally, Corient Private Wealth LLC grew its position in Credo Technology Group by 239,024.5% in the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock valued at $517,835,000 after purchasing an additional 3,597,318 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Trading Up 5.7%

The firm’s 50 day simple moving average is $143.14 and its 200-day simple moving average is $142.48. The stock has a market capitalization of $35.67 billion, a price-to-earnings ratio of 107.44 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, March 2nd. The company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.29. The company had revenue of $407.01 million during the quarter, compared to the consensus estimate of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The company’s quarterly revenue was up 201.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.25 EPS. As a group, equities research analysts predict that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current year.

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.