Credo Technology Group Holding Ltd. $CRDO Stock Position Raised by M&T Bank Corp

Key Points

• M&T Bank Corp sharply increased its stake in Credo Technology Group, boosting holdings by 428.8% in the fourth quarter to 13,427 shares worth about $1.93 million.
• Institutional ownership remains very high, with hedge funds and other investors owning 80.46% of the company; several large firms, including Vanguard and JPMorgan, also added to their positions.
• Credo posted a strong quarter, with EPS of $1.07 and revenue of $407.01 million, both above estimates, while analysts currently rate the stock Moderate Buy with a consensus target price of $207.71.

M&T Bank Corp increased its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 428.8% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 13,427 shares of the company's stock after purchasing an additional 10,888 shares during the period. M&T Bank Corp's holdings in Credo Technology Group were worth $1,932,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake 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 worth $2,386,449,000 after purchasing an additional 59,849 shares during the period. JPMorgan Chase & Co. boosted its stake in Credo Technology Group by 18.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company's stock worth $1,121,118,000 after purchasing an additional 1,190,522 shares during the period. Alliancebernstein L.P. boosted its stake in Credo Technology Group by 66.0% in the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company's stock worth $283,778,000 after purchasing an additional 1,218,504 shares during the period. Bank of America Corp DE boosted its stake in Credo Technology Group by 161.5% in the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company's stock worth $331,710,000 after purchasing an additional 1,406,752 shares during the period. Finally, Wellington Management Group LLP boosted its stake in Credo Technology Group by 47.8% in the 3rd quarter. Wellington Management Group LLP now owns 1,624,690 shares of the company's stock worth $236,571,000 after purchasing an additional 525,585 shares during the period. Institutional investors and hedge funds own 80.46% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $220.00 price objective on shares of Credo Technology Group in a research note on Wednesday, April 15th. Roth Mkm decreased their price objective on shares of Credo Technology Group from $250.00 to $200.00 and set a "buy" rating for the company in a research note on Tuesday, February 10th. Mizuho decreased their price objective on shares of Credo Technology Group from $225.00 to $200.00 and set an "outperform" rating for the company in a research note on Tuesday, March 3rd. Craig Hallum reiterated a "buy" rating and issued a $200.00 target price on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Finally, The Goldman Sachs Group lifted their target price on shares of Credo Technology Group from $150.00 to $170.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $207.71.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 27,500 shares of the firm's stock in a transaction 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 transaction, the chief technology officer owned 6,272,370 shares in the company, valued at approximately $737,630,712. This trade represents a 0.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William Joseph Brennan sold 50,000 shares of the firm's stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the transaction, the chief executive officer owned 1,782,502 shares in the company, valued at $209,764,835.36. This represents a 2.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 386,608 shares of company stock worth $50,371,351 in the last 90 days. 11.84% of the stock is owned by insiders.

Credo Technology Group Stock Up 0.1%

Shares of NASDAQ:CRDO opened at $188.51 on Friday. The firm has a fifty day moving average of $130.21 and a two-hundred day moving average of $140.68. The firm has a market capitalization of $34.77 billion, a P/E ratio of 104.73 and a beta of 3.17. Credo Technology Group Holding Ltd. has a 12-month low of $49.67 and a 12-month high of $213.80.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.78 by $0.29. The company had revenue of $407.01 million during the quarter, compared to analyst estimates of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The company's revenue for the quarter was up 201.5% on a year-over-year basis. During the same quarter last year, the business posted $0.25 EPS. Equities research analysts expect that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current fiscal year.

Credo Technology Group Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.