Credo Technology Group (NASDAQ:CRDO) Trading 2.7% Higher – Time to Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares traded up 2.7% on Thursday . The stock traded as high as $279.20 and last traded at $265.65. Approximately 6,865,187 shares traded hands during mid-day trading, a decline of 12% from the average daily volume of 7,832,840 shares. The stock had previously closed at $258.69.

Key Headlines Impacting Credo Technology Group

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

• Positive Sentiment: Recent commentary remains bullish on Credo’s role in AI data-center infrastructure, highlighting strong demand for its high-speed connectivity products, expanding margins, and rapid revenue growth. Credo Climbs 165% in a Year: Is the Stock Still Worth Buying?
• Positive Sentiment: Another recent piece emphasized Credo’s exposure to AI “toll roads,” including its active electrical cables and 1.6T interconnects, which are reportedly used in major hyperscaler training clusters and point to continued long-term growth. Credo: Strong AI-Led Growth Proposition
• Neutral Sentiment: Short interest fell sharply in June, which may ease some bearish pressure, but a separate July update showed no meaningful short-interest data change. Credo Technologies Accelerates AI—Its Stock Price Will Follow
• Neutral Sentiment: CTO Chi Fung Cheng sold shares in recent days under a pre-arranged Rule 10b5-1 plan, which is generally viewed as routine, but repeated insider sales can still weigh on investor sentiment. Credo’s CTO Sold 31,290 Shares. His Remaining $1.6 Billion Stake Tells the Real Story
• Negative Sentiment: The stock also faced some headwinds from a broader chip-sector selloff, adding to near-term volatility in semiconductor names. Chip Stocks Join in Broad Selloff

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Rosenblatt Securities increased 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. The Goldman Sachs Group reaffirmed a “buy” rating and set a $250.00 target price on shares of Credo Technology Group in a report on Tuesday, June 2nd. Jefferies Financial Group boosted their target price on Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. TD Cowen raised their price objective on Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Finally, Needham & Company LLC boosted their target price on Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $263.11.

Credo Technology Group Stock Down 3.0%

The company’s fifty day moving average price is $228.75 and its two-hundred day moving average price is $164.56. The company has a market cap of $48.07 billion, a price-to-earnings ratio of 103.95, a PEG ratio of 1.21 and a beta of 3.20.

Credo Technology Group (NASDAQ:CRDO) last issued 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 business had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The firm’s quarterly revenue was up 157.0% on a year-over-year basis. During the same period last year, the business posted $0.20 earnings per share. On average, equities research analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In other news, Director Fariba Danesh sold 1,100 shares of the business’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $236.34, for a total value of $259,974.00. Following the sale, the director directly owned 7,017 shares in the company, valued at $1,658,397.78. The trade was a 13.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 3,790 shares of the company’s stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $258.71, for a total value of $980,510.90. Following the transaction, the chief technology officer directly owned 140,358 shares of the company’s stock, valued at $36,312,018.18. This represents a 2.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 367,162 shares of company stock worth $81,338,911. 11.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds have recently made changes to their positions in CRDO. Vanguard Group Inc. boosted its holdings in Credo Technology Group by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock worth $2,386,449,000 after purchasing an additional 59,849 shares during the last quarter. State Street Corp lifted its position in Credo Technology Group by 23.4% during the 4th quarter. State Street Corp now owns 4,486,320 shares of the company’s stock worth $645,537,000 after buying an additional 849,654 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Credo Technology Group by 5.0% during the 4th quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock worth $555,117,000 after buying an additional 184,676 shares during the last quarter. Corient Private Wealth LLC boosted its stake in shares of Credo Technology Group by 239,024.5% during the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after buying an additional 3,597,318 shares during the last quarter. Finally, Alliancebernstein L.P. grew its holdings in shares of Credo Technology Group by 66.0% in the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after acquiring an additional 1,218,504 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

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.