Credo Technology Group (NASDAQ:CRDO) Upgraded at Evercore

Credo Technology Group (NASDAQ:CRDO) was upgraded by investment analysts at Evercore to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

Several other equities research analysts also recently issued reports on CRDO. Stifel Nicolaus lifted their price objective on Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a report on Monday. Jefferies Financial Group increased their target price on Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Susquehanna raised their price target 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. The Goldman Sachs Group restated a “buy” rating and issued a $250.00 price target on shares of Credo Technology Group in a research note on Tuesday, June 2nd. Finally, Rothschild & Co Redburn assumed coverage on shares of Credo Technology Group in a report on Friday, May 1st. They issued a “buy” rating and a $206.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $258.22.

Credo Technology Group Price Performance

Shares of CRDO stock opened at $302.52 on Monday. The company’s fifty day moving average price is $203.74 and its two-hundred day moving average price is $154.84. The firm has a market capitalization of $56.41 billion, a P/E ratio of 121.98, a P/E/G ratio of 1.43 and a beta of 3.22. Credo Technology Group has a 12 month low of $81.72 and a 12 month high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.14. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The business had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. During the same period in the previous year, the company earned $0.20 earnings per share. The company’s revenue for the quarter was up 157.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Credo Technology Group will post 4.84 EPS for the current year.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $118.25, for a total value of $3,251,875.00. Following the completion of the sale, the chief technology officer directly owned 6,134,870 shares in the company, valued at approximately $725,448,377.50. The trade was a 0.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 40,000 shares of the firm’s stock in a transaction on 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 transaction, the chief financial officer owned 501,873 shares in the company, valued at $125,207,276.04. This trade represents a 7.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Insiders have sold a total of 389,384 shares of company stock valued at $70,041,518 in the last quarter. Insiders own 11.84% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. NewEdge Advisors LLC grew its position in shares of Credo Technology Group by 128.4% during the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock valued at $284,000 after buying an additional 3,972 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Credo Technology Group by 63.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after acquiring an additional 589,151 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Credo Technology Group by 2.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after acquiring an additional 7,107 shares during the last quarter. CW Advisors LLC acquired a new position in Credo Technology Group in the second quarter valued at approximately $288,000. Finally, EverSource Wealth Advisors LLC boosted its stake in Credo Technology Group by 198.2% in the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock valued at $46,000 after acquiring an additional 333 shares during the period. 80.46% of the stock is currently owned by institutional investors.

Key Credo Technology Group News

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.