Credo Technology Group (NASDAQ:CRDO) Releases Earnings Results, Beats Estimates By $0.18 EPS

by · The Markets Daily

Credo Technology Group (NASDAQ:CRDO – Get Free Report) released its quarterly earnings results on Monday. The company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.49 by $0.18, FiscalAI reports. The firm had revenue of $268.03 million during 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%. Credo Technology Group’s revenue for the quarter was up 272.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.07 EPS. Credo Technology Group updated its Q3 2026 guidance to EPS.

Credo Technology Group Trading Down 3.6%

Shares of CRDO opened at $171.13 on Tuesday. The stock’s 50 day moving average is $152.51 and its two-hundred day moving average is $120.73. Credo Technology Group has a twelve month low of $29.09 and a twelve month high of $193.50. The firm has a market capitalization of $29.61 billion, a PE ratio of 255.42 and a beta of 2.63.

Insiders Place Their Bets

In related news, CEO William Joseph Brennan sold 18,016 shares of Credo Technology Group stock in a transaction that occurred on Thursday, October 30th. The stock was 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. The trade was a 5.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Manpreet Khaira sold 5,000 shares of the company’s stock in a transaction on Monday, October 13th. The stock was sold at an average price of $149.67, for a total value of $748,350.00. Following the transaction, the director directly owned 58,574 shares in the company, valued at $8,766,770.58. This represents a 7.86% decrease in their position. 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. Corporate insiders own 11.84% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

A number of large investors have recently made changes to their positions in the stock. CIBC Private Wealth Group LLC lifted its stake in shares of Credo Technology Group by 14.8% in the third quarter. CIBC Private Wealth Group LLC now owns 861 shares of the company’s stock valued at $125,000 after purchasing an additional 111 shares during the period. CIBC Bancorp USA Inc. acquired a new position in Credo Technology Group during the third quarter worth about $2,301,000. Coldstream Capital Management Inc. purchased a new position in Credo Technology Group in the third quarter valued at about $303,000. Danske Bank A S acquired a new stake in shares of Credo Technology Group during the 3rd quarter valued at approximately $4,328,000. Finally, Advisory Services Network LLC lifted its position in shares of Credo Technology Group by 22.6% during the 3rd quarter. Advisory Services Network LLC now owns 12,007 shares of the company’s stock valued at $1,748,000 after acquiring an additional 2,214 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on CRDO. Barclays restated an “overweight” rating and issued a $220.00 price objective on shares of Credo Technology Group in a research note on Tuesday. New Street Research set a $240.00 price target on Credo Technology Group in a research report on Tuesday. Wall Street Zen raised Credo Technology Group from a “hold” rating to a “buy” rating in a research note on Sunday, September 28th. Susquehanna increased their price objective on Credo Technology Group from $165.00 to $175.00 and gave the stock a “positive” rating in a research report on Wednesday, October 22nd. Finally, JPMorgan Chase & Co. initiated coverage on Credo Technology Group in a report on Friday, October 17th. They issued an “overweight” rating and a $165.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus target price of $153.25.

View Our Latest Stock Analysis on Credo Technology Group

About Credo Technology Group

(Get Free Report)

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.

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