Credo Technology Group (NASDAQ:CRDO) Price Target Cut to $15.00

Credo Technology Group (NASDAQ:CRDOGet Rating) had its target price reduced by equities research analysts at Needham & Company LLC from $20.00 to $15.00 in a research note issued to investors on Thursday, Stock Target Advisor reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price target would indicate a potential upside of 46.34% from the stock’s current price.

Several other research analysts have also recently weighed in on CRDO. Mizuho decreased their price objective on shares of Credo Technology Group from $21.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, April 26th. Cowen raised their price target on shares of Credo Technology Group from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Thursday, March 10th. Bank of America began coverage on Credo Technology Group in a report on Tuesday, February 22nd. They set a “buy” rating and a $20.00 price target on the stock. Roth Capital upped their price target on Credo Technology Group from $20.00 to $25.00 in a report on Thursday, March 10th. Finally, Craig Hallum started coverage on Credo Technology Group in a research report on Tuesday, February 22nd. They issued a “buy” rating and a $19.00 price objective for the company. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $19.33.

NASDAQ CRDO opened at $10.25 on Thursday. The stock’s 50 day simple moving average is $11.62. Credo Technology Group has a one year low of $8.61 and a one year high of $18.00.

Credo Technology Group (NASDAQ:CRDOGet Rating) last released its quarterly earnings results on Wednesday, June 1st. The company reported $0.02 earnings per share for the quarter. The business had revenue of $37.53 million during the quarter, compared to analyst estimates of $36.35 million. The company’s revenue for the quarter was up 90.0% compared to the same quarter last year. On average, analysts anticipate that Credo Technology Group will post -0.11 earnings per share for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in CRDO. Capital Research Global Investors acquired a new position in shares of Credo Technology Group during the 1st quarter worth about $125,306,000. Mass Ave Global Inc. purchased a new stake in shares of Credo Technology Group in the first quarter valued at about $65,983,000. BlackRock Inc. acquired a new position in Credo Technology Group during the first quarter worth approximately $48,844,000. Vanguard Group Inc. purchased a new position in shares of Credo Technology Group in the first quarter valued at $29,191,000. Finally, Cisco Systems Inc. acquired a new stake in shares of Credo Technology Group during the first quarter worth $21,811,000. Hedge funds and other institutional investors own 0.37% of the company’s stock.

About Credo Technology Group (Get Rating)

Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, Malaysia, Hong Kong, and internationally. Its products include integrated circuits, active electrical cables, and SerDes chiplets that are based on its serializer/deserializer and digital signal processor technologies.

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