Credo Technology Group Holding Ltd (NASDAQ:CRDO) Receives Consensus “Buy” Rating from Analysts

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Credo Technology Group Holding Ltd (NASDAQ:CRDO – Get Rating) received an average recommendation of “Buy” from the eight brokerages that cover the business, MarketBeat.com reports. Six equity research analysts rated the stock with a buy rating. The 1-year average target price among brokers who updated their coverage on the stock in the past year is $19.00.

A number of equity research analysts have commented on the company. Needham & Company LLC cut its price target on Credo Technology Group from $20.00 to $15.00 and set a “buy” rating on the stock in a Thursday, June 2 research report. Stifel Nicolaus cut his price target on Credo Technology Group to $19.00 and set a “buy” rating on the stock in a Wednesday, April 13 research report. Goldman Sachs Group lowered its price target on Credo Technology Group from $21.00 to $19.00 in a Friday, July 15 research report. Bank of America cut its price target on Credo Technology Group from $17.00 to $15.00 and placed a “buy” rating on the stock in a Wednesday, June 29 research report. Finally, Mizuho cut its price target on Credo Technology Group from $21.00 to $20.00 and set a “buy” rating on the stock in a Tuesday, April 26 research report.

Performance of the shares of the technology group Credo

CRDO shares opened at $11.95 on Friday. Credo Technology Group has a 12-month low of $8.61 and a 12-month high of $18.00. The stock’s fifty-day moving average price is $11.50.

Credo Technology Group (NASDAQ:CRDO – Get Rating) last released quarterly earnings data on Wednesday, June 1. The company reported earnings per share of $0.02 for the quarter, beating analyst consensus estimates of $0.01 by $0.01. The company posted revenue of $37.53 million for the quarter, versus a consensus estimate of $36.35 million. The company’s quarterly revenue increased 90.0% year over year. Equity research analysts expect Credo Technology Group to post EPS of 0.16 for the current fiscal year.

Institutional entries and exits

A number of institutional investors have recently increased or reduced their stake in the company. Capital Research Global Investors acquired a new position in Credo Technology Group during Q1 worth approximately $125,306,000. Mass Ave Global Inc. purchased a new stake in Credo Technology Group during Q1 for approximately $65,983,000. BlackRock Inc. acquired a new stake in Credo Technology Group during Q1 for a value of approximately $48,844,000. Vanguard Group Inc. purchased a new stake in Credo Technology Group during Q1 for approximately $29,191,000. Finally, Cisco Systems Inc. acquired a new stake in Credo Technology Group during the 1st quarter for a value of approximately $21,811,000. 0.37% of the shares are held by institutional investors and hedge funds.

Credo Technology Group Company Profile

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

See also

Analyst Recommendations for Credo Technology Group (NASDAQ: CRDO)



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