Credo Technology Group Holding Ltd. (NASDAQ:CRDO) on Monday posted upbeat earnings for the third quarter.

The company reported quarterly adjusted earnings of $1.07 per share, which beat the 95-cent consensus estimate, according to Benzinga Pro data. Quarterly revenue came in at $407.01 million, which beat the $400.23 million Street estimate.

"In the third quarter, Credo once again delivered record results with revenue of $407 million, an increase of more than 50% sequentially and 200% year over year," CEO Bill Brennan said.

Credo expects fourth quarter revenue in a range of $425 million to $435 million, versus the $422.61 million analyst estimate.

Credo Technology shares dipped 10.6% to $102.13 in pre-market trading.

These analysts made changes to their price targets on Credo Technology following earnings announcement.

• Rosenblatt analyst Mike Genovese maintained Credo Technology with a Neutral and lowered the price target from $170 to $125.
• Susquehanna analyst Christopher Rolland maintained the stock with a Positive and cut the price target from $230 to $170.

Considering buying CRDO stock? Here’s what analysts think:

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