Fifth Third Bancorp Has $1.40 Million Stock Holdings in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Fifth Third Bancorp increased its stake in Credo Technology Group by 309.8% in Q4 to 9,720 shares, worth about $1.40 million.
• Credo reported Q4 EPS of $1.07 (beating estimates) and revenue of $407.0 million (up 201.5% YoY); analysts give it a "Moderate Buy" consensus with an average target of $207.71 and price targets ranging roughly $150–$260.
• Insiders have sold 359,108 shares worth $45.45 million over the past three months (including sales by the CTO and CEO), while institutional investors own 80.46% of the stock and insiders hold 11.84%.

Fifth Third Bancorp boosted its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 309.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,720 shares of the company's stock after purchasing an additional 7,348 shares during the quarter. Fifth Third Bancorp's holdings in Credo Technology Group were worth $1,399,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Atlantic Union Bankshares Corp acquired a new stake in Credo Technology Group in the third quarter worth $25,000. Crewe Advisors LLC grew its holdings in Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company's stock worth $25,000 after purchasing an additional 106 shares during the period. First Horizon Corp acquired a new stake in Credo Technology Group in the third quarter worth $26,000. Flagship Harbor Advisors LLC acquired a new stake in Credo Technology Group in the fourth quarter worth $32,000. Finally, Smallwood Wealth Investment Management LLC acquired a new stake in Credo Technology Group in the fourth quarter worth $36,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CRDO has been the subject of a number of analyst reports. Mizuho reduced 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 report on Tuesday, March 3rd. Craig Hallum reiterated a "buy" rating and set a $200.00 price objective on shares of Credo Technology Group in a report on Tuesday, March 3rd. Susquehanna reduced their price objective on shares of Credo Technology Group from $230.00 to $170.00 and set a "positive" rating for the company in a report on Tuesday, March 3rd. Barclays reiterated an "overweight" rating and set a $260.00 price objective on shares of Credo Technology Group in a report on Thursday, January 15th. Finally, The Goldman Sachs Group lifted their price objective on shares of Credo Technology Group from $150.00 to $170.00 and gave the company a "buy" rating in a report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, Credo Technology Group has an average rating of "Moderate Buy" and an average target price of $207.71.

Credo Technology Group Price Performance

CRDO opened at $180.06 on Tuesday. The company's 50-day moving average is $125.98 and its 200 day moving average is $139.49. Credo Technology Group Holding Ltd. has a fifty-two week low of $45.65 and a fifty-two week high of $213.80. The firm has a market capitalization of $33.21 billion, a P/E ratio of 100.03 and a beta of 3.17.

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

Insider Transactions at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 27,500 shares of the firm's stock in a transaction dated 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 directly owned 6,272,370 shares of the company's stock, valued at $737,630,712. This trade represents a 0.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William Joseph Brennan sold 50,000 shares of the firm's stock in a transaction dated 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 directly owned 1,782,502 shares in the company, valued at $209,764,835.36. The trade was a 2.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 359,108 shares of company stock worth $45,449,126 over the last three months. 11.84% of the stock is owned by insiders.

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.

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