Credo Technology Group (NASDAQ:CRDO) Cut to Hold at Wall Street Zen

Wall Street Zen lowered shares of Credo Technology Group (NASDAQ:CRDO) from a buy rating to a hold rating in a research note issued to investors on Saturday morning.

Several other equities analysts have also recently weighed in on CRDO. Zacks Research raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 8th. Cowen reaffirmed a “buy” rating on shares of Credo Technology Group in a research report on Thursday, September 4th. TD Cowen lifted their price target on shares of Credo Technology Group from $140.00 to $160.00 and gave the company a “buy” rating in a research note on Thursday, September 4th. Susquehanna increased their price objective on shares of Credo Technology Group from $115.00 to $165.00 and gave the stock a “positive” rating in a research note on Thursday, September 4th. Finally, Mizuho raised their price objective on Credo Technology Group from $135.00 to $155.00 and gave the company an “outperform” rating in a report on Thursday, September 4th. Two analysts have rated the stock with a Strong Buy rating and thirteen have issued a Buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $126.27.

Credo Technology Group Price Performance

CRDO opened at $164.10 on Friday. The company has a market capitalization of $28.39 billion, a price-to-earnings ratio of 244.93 and a beta of 2.59. The business’s 50-day moving average price is $124.32 and its two-hundred day moving average price is $82.22. Credo Technology Group has a 1 year low of $28.75 and a 1 year high of $176.70.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Wednesday, September 3rd. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.02). Credo Technology Group had a return on equity of 19.02% and a net margin of 20.85%.The firm had revenue of $223.07 million for the quarter, compared to analyst estimates of $190.63 million. During the same period in the prior year, the company earned $0.04 earnings per share. The firm’s quarterly revenue was up 273.6% on a year-over-year basis. Credo Technology Group has set its Q2 2026 guidance at EPS. Sell-side analysts anticipate that Credo Technology Group will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $107.12, for a total transaction of $5,891,600.00. Following the completion of the transaction, the chief technology officer directly owned 7,108,961 shares in the company, valued at approximately $761,511,902.32. The trade was a 0.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William Joseph Brennan sold 150,000 shares of the stock in a transaction on Friday, August 1st. The shares were sold at an average price of $106.87, for a total value of $16,030,500.00. Following the completion of the sale, the chief executive officer owned 2,061,978 shares in the company, valued at approximately $220,363,588.86. This trade represents a 6.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 756,163 shares of company stock valued at $88,943,253 in the last quarter. 11.84% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Credo Technology Group by 2.7% in the second quarter. Vanguard Group Inc. now owns 16,375,368 shares of the company’s stock valued at $1,516,195,000 after purchasing an additional 430,445 shares during the period. JPMorgan Chase & Co. grew its stake in Credo Technology Group by 36.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock valued at $602,662,000 after buying an additional 1,739,844 shares during the last quarter. Geode Capital Management LLC raised its holdings in Credo Technology Group by 4.7% in the 2nd quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company’s stock valued at $334,740,000 after acquiring an additional 163,305 shares during the period. Swedbank AB lifted its position in Credo Technology Group by 29.5% during the first quarter. Swedbank AB now owns 3,219,125 shares of the company’s stock worth $129,280,000 after acquiring an additional 733,811 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in shares of Credo Technology Group by 66.0% during the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after acquiring an additional 1,218,504 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.