Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $240.00

Credo Technology Group (NASDAQ:CRDO) had its price objective lifted by stock analysts at Bank of America from $165.00 to $240.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price target indicates a potential upside of 40.24% from the company’s previous close.

Other equities research analysts have also issued reports about the company. Barclays upped their price objective on Credo Technology Group from $165.00 to $220.00 and gave the company an “overweight” rating in a research note on Tuesday. JPMorgan Chase & Co. assumed coverage on shares of Credo Technology Group in a research note on Friday, October 17th. They issued an “overweight” rating and a $165.00 target price on the stock. Cowen restated a “buy” rating on shares of Credo Technology Group in a research report on Thursday, September 4th. Zacks Research downgraded Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 4th. Finally, New Street Research set a $240.00 price objective on shares of Credo Technology Group in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $191.17.

Credo Technology Group Trading Down 3.6%

Shares of NASDAQ:CRDO opened at $171.13 on Tuesday. The firm has a market capitalization of $29.61 billion, a PE ratio of 255.42 and a beta of 2.63. Credo Technology Group has a 1-year low of $29.09 and a 1-year high of $193.50. The business’s 50 day moving average is $152.51 and its 200-day moving average is $120.73.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.18. The firm had revenue of $268.03 million for the quarter, compared to the consensus estimate of $234.99 million. Credo Technology Group had a net margin of 20.85% and a return on equity of 19.02%. The business’s revenue was up 272.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.07 earnings per share. Credo Technology Group has set its Q3 2026 guidance at EPS. On average, sell-side analysts predict that Credo Technology Group will post 0.13 EPS for the current year.

Insider Buying and Selling at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 112,580 shares of Credo Technology Group stock in a transaction dated Wednesday, October 8th. The shares were sold at an average price of $138.20, for a total value of $15,558,556.00. Following the completion of the transaction, the chief financial officer owned 458,678 shares of the company’s stock, valued at $63,389,299.60. This trade represents a 19.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Yat Tung Lam sold 80,000 shares of the company’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $143.53, for a total transaction of $11,482,400.00. Following the completion of the transaction, the chief operating officer owned 920,000 shares in the company, valued at approximately $132,047,600. This represents a 8.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 973,161 shares of company stock valued at $149,011,579. 11.84% of the stock is currently owned by corporate insiders.

Institutional Trading of Credo Technology Group

Institutional investors and hedge funds have recently made changes to their positions in the company. Mutual of America Capital Management LLC increased its holdings in shares of Credo Technology Group by 20.8% during the first quarter. Mutual of America Capital Management LLC now owns 96,651 shares of the company’s stock worth $3,882,000 after buying an additional 16,664 shares in the last quarter. Avantax Advisory Services Inc. boosted its holdings in Credo Technology Group by 90.2% in the first quarter. Avantax Advisory Services Inc. now owns 10,345 shares of the company’s stock valued at $415,000 after acquiring an additional 4,905 shares during the last quarter. Cetera Investment Advisers lifted its holdings in Credo Technology Group by 213.6% in the first quarter. Cetera Investment Advisers now owns 37,495 shares of the company’s stock valued at $1,506,000 after buying an additional 25,539 shares during the period. LPL Financial LLC boosted its position in shares of Credo Technology Group by 363.1% during the 1st quarter. LPL Financial LLC now owns 226,644 shares of the company’s stock valued at $9,102,000 after purchasing an additional 177,708 shares in the last quarter. Finally, Harbour Investments Inc. bought a new position in shares of Credo Technology Group during the 1st quarter worth approximately $29,000. Institutional investors own 80.46% of the company’s stock.

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.