Credo Technology Group (NASDAQ:CRDO) Trading Up 6.2% – Still a Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s stock price rose 6.2% during trading on Friday . The company traded as high as $240.81 and last traded at $236.03. Approximately 7,517,256 shares changed hands during trading, an increase of 6% from the average daily volume of 7,058,511 shares. The stock had previously closed at $222.35.

More Credo Technology Group News

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

• Positive Sentiment: Credo completed its acquisition of DustPhotonics, a deal that should broaden its optical and active electrical cable offerings and increase its exposure to hyperscaler and AI data-center spending. Credo Completes Acquisition of DustPhotonics
• Positive Sentiment: Analysts remain generally bullish, with brokerage consensus still rating CRDO as a “Buy,” reflecting confidence in its growth outlook. Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Receives Consensus Recommendation of “Buy” from Brokerages
• Positive Sentiment: Market commentary continues to frame Credo as an AI infrastructure winner, with its high-speed connectivity products benefiting from rising demand for enterprise AI factories and hyperscale data-center buildouts. Credo Technology (CRDO) Enters a Partnership to Build Enterprise AI Factories
• Neutral Sentiment: Several previews ahead of fiscal Q4 earnings note strong expectations, including consensus for about $1.03 in EPS on roughly $430 million in revenue, which suggests investors are watching closely for another upside surprise. Credo Technology Before Q4 Earnings: Should Investors Buy the Stock?
• Neutral Sentiment: Some recent articles suggest the stock is already stretched after a strong run and is trading near its 52-week high, which could limit upside if earnings or guidance disappoint. Credo Technology Nearing 52-Week High: Buy, Sell or Hold?

Wall Street Analyst Weigh In

CRDO has been the subject of a number of recent analyst reports. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 19th. Jefferies Financial Group initiated coverage on shares of Credo Technology Group in a report on Monday, April 13th. They set a “buy” rating and a $175.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and set a $220.00 price target on shares of Credo Technology Group in a report on Wednesday, April 15th. Mizuho lowered their price target on shares of Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating for the company in a report on Tuesday, March 3rd. Finally, Craig Hallum reiterated a “buy” rating and set a $200.00 price target 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 given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $210.65.

Credo Technology Group Stock Performance

The stock’s 50-day simple moving average is $155.48 and its 200-day simple moving average is $144.34. The firm has a market capitalization of $43.54 billion, a PE ratio of 131.13 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.29. The business had revenue of $407.01 million for 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% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.25 EPS. As a group, analysts predict that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the transaction, the chief technology officer directly 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the transaction, the chief executive officer directly owned 1,782,502 shares in the company, valued at approximately $209,764,835.36. The trade was a 2.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 386,608 shares of company stock worth $50,371,351. Insiders own 11.84% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently bought and sold shares of CRDO. Vanguard Group Inc. grew 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 valued at $2,386,449,000 after purchasing an additional 59,849 shares during the last quarter. JPMorgan Chase & Co. grew its position in Credo Technology Group by 18.3% during the 3rd 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 grew 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 valued at $645,537,000 after purchasing an additional 849,654 shares during the last quarter. Geode Capital Management LLC grew its position in 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 valued at $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% during the 4th 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 during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.