Credo Technology Group (NASDAQ:CRDO) Cut to Hold at Zacks Research

Credo Technology Group (NASDAQ:CRDO) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other research firms also recently weighed in on CRDO. Roth Capital restated a “buy” rating and set a $170.00 price target on shares of Credo Technology Group in a report on Tuesday, September 30th. Mizuho raised their price target on shares of Credo Technology Group from $135.00 to $155.00 and gave the company an “outperform” rating in a report on Thursday, September 4th. Wall Street Zen upgraded shares of Credo Technology Group from a “hold” rating to a “buy” rating in a report on Sunday, September 28th. William Blair began coverage on shares of Credo Technology Group in a report on Thursday, September 18th. They issued an “outperform” rating on the stock. Finally, Cowen reiterated a “buy” rating on shares of Credo Technology Group in a report on Thursday, September 4th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Credo Technology Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $140.36.

Credo Technology Group Stock Up 5.4%

CRDO stock opened at $173.16 on Tuesday. Credo Technology Group has a 12-month low of $29.09 and a 12-month high of $193.50. The company has a market cap of $29.96 billion, a price-to-earnings ratio of 258.45 and a beta of 2.62. The company has a 50 day moving average of $150.54 and a two-hundred day moving average of $106.75.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Wednesday, September 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $223.07 million during the quarter, compared to analysts’ expectations of $190.63 million. During the same quarter in the previous year, the company earned $0.04 EPS. The firm’s quarterly revenue was up 273.6% compared to the same quarter last year. Credo Technology Group has set its Q2 2026 guidance at EPS. On average, research analysts anticipate that Credo Technology Group will post 0.13 EPS for the current year.

Insider Buying and Selling

In other Credo Technology Group news, CEO William Joseph Brennan sold 18,016 shares of the firm’s stock in a transaction on Thursday, October 30th. The shares were sold at an average price of $171.23, for a total value of $3,084,879.68. Following the sale, the chief executive officer directly owned 319,907 shares in the company, valued at $54,777,675.61. This trade represents a 5.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Manpreet Khaira sold 5,000 shares of Credo Technology Group stock in a transaction dated Monday, October 13th. The shares were sold at an average price of $149.67, for a total transaction of $748,350.00. Following the sale, the director owned 58,574 shares in the company, valued at approximately $8,766,770.58. This trade represents a 7.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 973,161 shares of company stock worth $149,011,579. 11.84% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRDO. JPMorgan Chase & Co. boosted its position in Credo Technology Group by 36.5% in the second 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 in the last quarter. Nuveen LLC acquired a new position in Credo Technology Group in the first quarter valued at about $52,636,000. Alliancebernstein L.P. boosted its position in Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after buying an additional 1,218,504 shares in the last quarter. 1832 Asset Management L.P. acquired a new position in Credo Technology Group in the second quarter valued at about $82,479,000. Finally, Swedbank AB boosted its position in Credo Technology Group by 29.5% in the first quarter. Swedbank AB now owns 3,219,125 shares of the company’s stock valued at $129,280,000 after buying an additional 733,811 shares in the last quarter. 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.