Bank of America Forecasts Strong Price Appreciation for Credo Technology Group (NASDAQ:CRDO) Stock

Credo Technology Group (NASDAQ:CRDO) had its price target increased by equities research analysts at Bank of America from $252.00 to $340.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price objective suggests a potential upside of 12.39% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the stock. TD Cowen raised their price objective on shares of Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Needham & Company LLC boosted their target price on shares of Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Stifel Nicolaus increased their price target on shares of Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a report on Monday. Weiss Ratings raised shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Finally, Evercore assumed coverage on Credo Technology Group in a report on Monday. They issued an “outperform” rating and a $325.00 price target for the company. 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’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $263.11.

Credo Technology Group Stock Up 11.3%

Shares of CRDO stock opened at $302.52 on Tuesday. Credo Technology Group has a 52-week low of $81.72 and a 52-week high of $308.67. The stock has a market cap of $56.41 billion, a PE ratio of 121.98, a price-to-earnings-growth ratio of 1.43 and a beta of 3.22. The business has a 50-day simple moving average of $203.74 and a 200-day simple moving average of $154.84.

Credo Technology Group (NASDAQ:CRDO) last posted 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 analyst estimates of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.Credo Technology Group’s revenue for the quarter was up 157.0% compared to the same quarter last year. During the same period last year, the company earned $0.20 earnings per share. Sell-side analysts anticipate that Credo Technology Group will post 4.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $246.69, for a total value of $6,783,975.00. Following the transaction, the chief technology officer owned 5,964,870 shares in the company, valued at $1,471,473,780.30. This trade represents a 0.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $249.48, for a total value of $9,979,200.00. Following the completion of the transaction, the chief financial officer owned 501,873 shares in the company, valued at approximately $125,207,276.04. This trade represents a 7.38% decrease in their position. 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. Insiders sold a total of 389,384 shares of company stock worth $70,041,518 in the last quarter. 11.84% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CRDO. Vanguard Group Inc. lifted its holdings in Credo Technology Group by 0.4% in 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 in the last quarter. State Street Corp grew its holdings in shares of Credo Technology Group by 23.4% during the fourth quarter. State Street Corp now owns 4,486,320 shares of the company’s stock worth $645,537,000 after buying an additional 849,654 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Credo Technology Group by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock worth $555,117,000 after buying an additional 184,676 shares in the last quarter. Corient Private Wealth LLC raised its position in shares of Credo Technology Group by 239,024.5% in the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock valued at $517,835,000 after buying an additional 3,597,318 shares during the last quarter. Finally, Alliancebernstein L.P. raised its position in shares of 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 during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Key Credo Technology Group News

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

• Positive Sentiment: Evercore ISI initiated coverage on Credo Technology Group with an Outperform rating and a $325 target, highlighting upside tied to AI networking infrastructure and expanding optical opportunities.
• Positive Sentiment: Stifel lifted its price target to $350 from $250 and maintained a Buy rating, adding to the bullish analyst momentum behind CRDO.
• Positive Sentiment: Credo was also added to Zacks’ Rank #1 (Strong Buy) growth list, which may support investor confidence in its earnings and growth profile.
• Neutral Sentiment: Analyst commentary continues to emphasize Credo’s position in AI interconnects, including active electrical cables and optical products, keeping the stock in focus as an AI infrastructure play.

Credo Technology Group Company Profile

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.