Credo Technology Group (NASDAQ:CRDO) Upgraded at Evercore

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

Several other research analysts have also recently issued reports on CRDO. Craig Hallum reissued a “buy” rating and issued a $200.00 price target on shares of Credo Technology Group in a research note on Tuesday, March 3rd. Roth Mkm raised their price objective on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Rosenblatt Securities boosted their target price on Credo Technology Group from $175.00 to $215.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd. Susquehanna upped their target price on Credo Technology Group from $200.00 to $235.00 and gave the stock a “positive” rating in a research report on Tuesday, June 2nd. Finally, Weiss Ratings raised Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $258.22.

Credo Technology Group Trading Up 11.3%

CRDO opened at $302.52 on Monday. The business’s 50 day moving average is $203.74 and its 200-day moving average is $154.84. The stock 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. Credo Technology Group has a twelve month low of $81.72 and a twelve month high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.02 by $0.14. The firm had revenue of $437.00 million for the quarter, compared to analysts’ expectations of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The firm’s revenue was up 157.0% compared to the same quarter last year. During the same period last year, the firm earned $0.20 EPS. As a group, analysts forecast that Credo Technology Group will post 4.84 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Daniel W. Fleming sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the completion of the sale, the chief financial officer directly owned 501,873 shares in the company, valued at approximately $125,207,276.04. This trade represents a 7.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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 Credo Technology Group stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer owned 367,327 shares in the company, valued at approximately $80,286,662.39. This trade represents a 13.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 389,384 shares of company stock worth $70,041,518. Company insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds have recently modified their holdings of CRDO. NewEdge Advisors LLC raised its position in shares of Credo Technology Group by 128.4% during the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after purchasing an additional 3,972 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Credo Technology Group by 63.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $61,235,000 after purchasing an additional 589,151 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Credo Technology Group by 2.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock valued at $12,480,000 after purchasing an additional 7,107 shares during the period. CW Advisors LLC acquired a new position in shares of Credo Technology Group in the 2nd quarter valued at $288,000. Finally, EverSource Wealth Advisors LLC increased its stake in Credo Technology Group by 198.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after purchasing an additional 333 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.

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.