Credo Technology Group (NASDAQ:CRDO) Trading Up 12.9% – Still a Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares were up 12.9% during mid-day trading on Friday . The company traded as high as $218.95 and last traded at $218.41. Approximately 8,467,649 shares changed hands during trading, an increase of 20% from the average daily volume of 7,078,404 shares. The stock had previously closed at $193.39.

Key Headlines Impacting Credo Technology Group

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

• Positive Sentiment: Credo was highlighted as an AI infrastructure winner alongside Nvidia, Innodata and Qualcomm, keeping investor focus on its exposure to edge computing and data growth. Zacks Investment Ideas feature highlights: Nvidia, Innodata, Credo Technology and Qualcomm
• Positive Sentiment: Zacks framed CRDO as one of the better alternative AI stocks to Nvidia, suggesting more upside as investors look beyond the mega-cap leader. Has Nvidia Become Too Big? 3 Alternative AI Stocks
• Positive Sentiment: Credo jumped after announcing an AI Factory partnership with Rebellions to integrate ZeroFlap cables into RebelPOD, which could strengthen its position in scalable AI data center builds. AI Factory Partnership With Rebellions Sends Credo’s Shares Up 8%
• Positive Sentiment: Several outlets described Credo as a “Bull of the Day” and a top semiconductor stock with high upside potential, adding to the upbeat sentiment around the shares. Bull of the Day: Credo Technology Group (CRDO)
• Neutral Sentiment: One article compared CRDO with Coherent as an AI connectivity stock, but the piece was more of an industry comparison than a fresh catalyst. CRDO vs. COHR: Which AI Connectivity Stock Is the Better Buy?
• Negative Sentiment: Broader market coverage noted Nvidia weakness and mixed trading in AI names, which could have tempered enthusiasm even as Credo outperformed. Stock Market Today: Dow Up, Nvidia Sinks 2% While Intuit Craters; These AI Companies Thrive (Live Coverage)

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on CRDO shares. Jefferies Financial Group started coverage on Credo Technology Group in a report on Monday, April 13th. They set a “buy” rating and a $175.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and issued a $220.00 target price on shares of Credo Technology Group in a report on Wednesday, April 15th. Rosenblatt Securities increased their price target on Credo Technology Group from $125.00 to $175.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 15th. Stifel Nicolaus set a $200.00 price target on Credo Technology Group in a research note on Tuesday, March 3rd. Finally, Craig Hallum restated a “buy” rating and issued a $200.00 price objective on shares of Credo Technology Group in a report on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Credo Technology Group has an average rating of “Buy” and an average target price of $207.71.

Credo Technology Group Price Performance

The firm has a fifty day moving average of $146.81 and a two-hundred day moving average of $143.06. The stock has a market capitalization of $40.29 billion, a P/E ratio of 121.34 and a beta of 3.17.

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

Insider Buying and Selling

In related news, CEO William Joseph Brennan sold 6,149 shares of the company’s stock in a transaction on Sunday, April 5th. The stock was sold at an average price of $101.45, for a total transaction of $623,816.05. Following the completion of the sale, the chief executive officer directly owned 222,311 shares in the company, valued at $22,553,450.95. This represents a 2.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider James Laufman sold 10,000 shares of the company’s stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $164.41, for a total value of $1,644,100.00. Following the sale, the insider owned 198,609 shares of the company’s stock, valued at $32,653,305.69. This trade represents a 4.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 386,608 shares of company stock valued at $50,371,351. Company insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds have recently made changes to their positions in CRDO. Corient Private Wealth LLC lifted 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 purchasing an additional 3,597,318 shares during the last quarter. Amundi lifted its stake in shares of Credo Technology Group by 28,478.2% during the 4th quarter. Amundi now owns 1,559,796 shares of the company’s stock worth $224,439,000 after purchasing an additional 1,554,338 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of Credo Technology Group by 841.9% during the 4th quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company’s stock worth $228,979,000 after purchasing an additional 1,422,391 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of Credo Technology Group by 161.5% during the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after purchasing an additional 1,406,752 shares during the last quarter. Finally, Rafferty Asset Management LLC purchased a new stake in shares of Credo Technology Group during the 3rd quarter worth $183,553,000. 80.46% of the stock is currently owned by hedge funds and other 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.