Today, Credo Technology Group Holding (NASDAQ:CRDO) Ltd, a company specializing in semiconductors and related devices, announced a change in its legal team leadership. James Laufman is set to join the company as the new Chief Legal Officer and Secretary starting August 19, 2024. He will be taking over from Katherine E. Schuelke, who has held the position since January 2024.
Schuelke will step down from her role effective today but will continue to work with the company in a consulting capacity to facilitate a smooth transition. The announcement was made through a filing with the Securities and Exchange Commission.
Credo Technology Group Holding Ltd, listed on the Nasdaq Stock Market under the ticker NASDAQ:CRDO, is headquartered in Grand Cayman, Cayman Islands. The company's business phone is (408) 664-9329. This change comes at a time when the company is navigating an evolving semiconductor industry landscape.
In other recent news, Credo Technology Group Holding Ltd. reported record revenues for the fourth quarter of fiscal year 2024, primarily driven by its artificial intelligence (AI) applications. The company's Q4 revenue reached a record $60.8 million, marking an 89% increase year-over-year. AI deployments were a key growth driver, contributing to approximately three-quarters of Q4 revenue. In addition, the company's IP business saw substantial growth, generating $16.6 million in Q4, up 193% year-over-year.
TD Cowen recently adjusted its outlook on Credo Technology, raising the price target to $40 from $35, while reaffirming a Buy rating on the stock. The discussions during investor meetings centered on Credo's unique low-power product offerings, including proprietary SERDES IP, and the potential growth drivers in various connectivity markets. The firm expressed a reinforced belief in Credo as their top Small to Mid-cap (Smidcap) pick for the year 2024, citing the company's strategic position in the industry.
Credo Technology also received an upgrade in its stock rating from TD Cowen, shifting from Hold to Buy. The firm anticipates a turning point in Credo's business model beginning in the second half of fiscal year 2025. Credo has been highlighted as TD Cowen's "Best Smidcap Idea," pointing to the firm's confidence in Credo's market position and future performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.