PNC Financial Services Group Inc. Buys 5,435 Shares of Credo Technology Group Holding Ltd. $CRDO

PNC Financial Services Group Inc. grew its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 44.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 17,636 shares of the company’s stock after acquiring an additional 5,435 shares during the period. PNC Financial Services Group Inc.’s holdings in Credo Technology Group were worth $2,538,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Credo Technology Group by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock valued at $2,386,449,000 after acquiring an additional 59,849 shares during the period. JPMorgan Chase & Co. lifted its position in Credo Technology Group by 18.3% during the third quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock worth $1,121,118,000 after acquiring an additional 1,190,522 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Credo Technology Group by 66.0% during the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after acquiring an additional 1,218,504 shares during the period. Bank of America Corp DE grew its position in shares of Credo Technology Group by 161.5% in the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock valued at $331,710,000 after purchasing an additional 1,406,752 shares during the last quarter. Finally, Swedbank AB grew its position in shares of Credo Technology Group by 47.1% in the fourth quarter. Swedbank AB now owns 2,062,779 shares of the company’s stock valued at $296,813,000 after purchasing an additional 660,679 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $221.64 on Wednesday. The business’s 50 day simple moving average is $151.03 and its 200 day simple moving average is $143.51. Credo Technology Group Holding Ltd. has a 1 year low of $59.21 and a 1 year high of $233.70. The company has a market capitalization of $40.88 billion, a P/E ratio of 123.13 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.29. The firm had revenue of $407.01 million during the quarter, compared to analysts’ expectations of $385.94 million. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The company’s quarterly revenue was up 201.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.25 EPS. On average, sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current fiscal year.

Insider Transactions at Credo Technology Group

In related news, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total value of $5,884,000.00. Following the transaction, the chief executive officer directly owned 1,782,502 shares of the company’s stock, valued at $209,764,835.36. The trade was a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the sale, the chief technology officer directly owned 6,272,370 shares of the company’s stock, valued at $737,630,712. This represents a 0.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 386,608 shares of company stock valued at $50,371,351 over the last 90 days. 11.84% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Rosenblatt Securities lifted their price target on Credo Technology Group from $125.00 to $175.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. Roth Mkm decreased their price objective on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Weiss Ratings cut Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, April 24th. Needham & Company LLC reissued a “buy” rating and issued a $220.00 target price on shares of Credo Technology Group in a research report on Wednesday, April 15th. Finally, Stifel Nicolaus set a $200.00 target price on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $207.71.

About Credo Technology Group

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.