Credo Technology Group (NASDAQ:CRDO) Stock Price Up 5% – Time to Buy?

Credo Technology Group Holding Ltd. (NASDAQ:CRDO)’s share price shot up 5% on Wednesday . The company traded as high as $264.20 and last traded at $258.69. Approximately 5,683,414 shares were traded during trading, a decline of 28% from the average daily volume of 7,851,226 shares. The stock had previously closed at $246.40.

Trending Headlines about Credo Technology Group

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

• Positive Sentiment: Credo was included on Zacks’ Rank #1 “Strong Buy” growth stocks list, reinforcing bullish expectations for near-term momentum. Best Growth Stocks to Buy for July 7th
• Positive Sentiment: MarketBeat highlighted Credo as one of several “quiet AI revenue accelerators,” citing strong AI-driven sales growth and solid Buy ratings from analysts. 3 Quiet AI Revenue Accelerators With Sales Growth Outpacing Peers (CRDO)
• Positive Sentiment: Commentary suggesting Credo benefited from Nvidia’s delay has added to optimism that demand for Credo’s high-speed connectivity products could stay strong. Credo Scores A Major Win From Nvidia’s Delay
• Positive Sentiment: Semiconductor stocks are broadly firmer, with the PHLX Semiconductor Index rising despite a wider market sell-off, which is helping sentiment across the chip sector. Chip Stocks Rise Despite Broad Sell-Off
• Neutral Sentiment: Several articles compared Credo with Marvell and other networking-chip peers, keeping CRDO in the spotlight as investors reassess which AI/networking stock offers the best long-term value. Credo Technology Group vs. Marvell Technology
• Neutral Sentiment: Seeking Alpha published a cautious take titled “Q3 Won’t Be As Kind,” which may temper enthusiasm, but the headline alone does not indicate a clear major new fundamental issue. Credo: Q3 Won’t Be As Kind

Analyst Ratings Changes

A number of research analysts recently commented on CRDO shares. The Goldman Sachs Group restated a “buy” rating and set a $250.00 price objective on shares of Credo Technology Group in a research note on Tuesday, June 2nd. Roth Capital lifted their price target on Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Needham & Company LLC boosted their price objective on Credo Technology Group from $220.00 to $275.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Evercore assumed coverage on Credo Technology Group in a research note on Monday, June 22nd. They set an “outperform” rating and a $325.00 target price on the stock. Finally, Jefferies Financial Group boosted their price target on Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Credo Technology Group presently has a consensus rating of “Buy” and a consensus target price of $263.11.

Credo Technology Group Price Performance

The firm has a market capitalization of $48.24 billion, a P/E ratio of 104.31, a PEG ratio of 1.21 and a beta of 3.20. The firm’s fifty day moving average price is $223.55 and its 200-day moving average price is $162.25.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.02 by $0.14. The firm had revenue of $437.00 million for the quarter, compared to analysts’ expectations of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The firm’s quarterly revenue was up 157.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.20 earnings per share. Analysts expect that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Insiders Place Their Bets

In other Credo Technology Group news, CEO William Joseph Brennan sold 54,984 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $218.57, for a total value of $12,017,852.88. Following the sale, the chief executive officer directly owned 367,327 shares in the company, valued at approximately $80,286,662.39. The trade was a 13.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Daniel W. Fleming sold 40,000 shares of the company’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the completion of the sale, the chief financial officer directly owned 501,873 shares of the company’s stock, valued at $125,207,276.04. The trade was a 7.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 363,372 shares of company stock valued at $76,926,125. 11.84% of the stock is currently owned by insiders.

Institutional Trading of Credo Technology Group

A number of hedge funds and other institutional investors have recently made changes to their positions in CRDO. Crewe Advisors LLC lifted its stake in Credo Technology Group by 163.1% during the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after purchasing an additional 106 shares during the last quarter. Reflection Asset Management acquired a new position in Credo Technology Group in the fourth quarter worth approximately $25,000. Acumen Wealth Advisors LLC acquired a new position in Credo Technology Group in the fourth quarter worth approximately $25,000. Flagship Harbor Advisors LLC bought a new position in shares of Credo Technology Group in the fourth quarter valued at $32,000. Finally, Smallwood Wealth Investment Management LLC bought a new position in shares of Credo Technology Group in the fourth quarter valued at $36,000. 80.46% of the stock is currently owned by 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.