M&T Bank Corp Acquires 7,468 Shares of Credo Technology Group Holding Ltd. $CRDO

Key Points

• M&T Bank Corp boosted its stake in Credo Technology (NASDAQ:CRDO) by 294.1% in Q4, buying 7,468 shares to hold 10,007 shares valued at about $1.44 million.
• Insiders have been net sellers—360,983 shares worth $45.69 million were sold in the last quarter (including the CEO and COO), leaving insiders with 11.84% ownership while institutions own 80.46%.
• Credo reported a strong quarter with an earnings beat (EPS $1.07 vs $0.78 expected) and revenue of $407.0M (up 201.5% YoY); analysts rate the stock a "Moderate Buy" on average with a $207.81 target, while the shares trade around $175.77 (market cap ~$32.4B, P/E ~98).

M&T Bank Corp increased its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 294.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,007 shares of the company's stock after purchasing an additional 7,468 shares during the period. M&T Bank Corp's holdings in Credo Technology Group were worth $1,440,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of CRDO. Atlantic Union Bankshares Corp bought a new stake in Credo Technology Group during the third quarter valued at about $25,000. Crewe Advisors LLC boosted its holdings in Credo Technology Group by 163.1% during the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company's stock valued at $25,000 after acquiring an additional 106 shares during the period. First Horizon Corp bought a new stake in Credo Technology Group during the third quarter valued at about $26,000. Flagship Harbor Advisors LLC bought a new stake in Credo Technology Group during the fourth quarter valued at about $32,000. Finally, Smallwood Wealth Investment Management LLC bought a new stake in Credo Technology Group during the fourth quarter valued at about $36,000. 80.46% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CEO William Joseph Brennan sold 6,149 shares of the stock in a transaction dated Sunday, April 5th. The shares were sold at an average price of $101.45, for a total value of $623,816.05. Following the completion of the sale, the chief executive officer owned 222,311 shares in the company, valued at approximately $22,553,450.95. This trade represents a 2.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Yat Tung Lam sold 3,180 shares of the stock in a transaction dated Sunday, April 5th. The shares were sold at an average price of $101.45, for a total transaction of $322,611.00. Following the completion of the sale, the chief operating officer owned 2,610,329 shares of the company's stock, valued at approximately $264,817,877.05. The trade was a 0.12% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 360,983 shares of company stock valued at $45,690,382 in the last quarter. 11.84% of the stock is currently owned by insiders.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $175.77 on Thursday. The firm has a 50-day simple moving average of $125.11 and a 200 day simple moving average of $139.25. Credo Technology Group Holding Ltd. has a twelve month low of $40.17 and a twelve month high of $213.80. The stock has a market cap of $32.42 billion, a PE ratio of 97.65 and a beta of 2.72.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its earnings results 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. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The business had revenue of $407.01 million during the quarter, compared to analysts' expectations of $385.94 million. During the same quarter last year, the company earned $0.25 earnings per share. The firm's revenue was up 201.5% on a year-over-year basis. Research analysts forecast that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Rosenblatt Securities upped their price target on shares of Credo Technology Group from $125.00 to $175.00 and gave the company a "neutral" rating in a report on Wednesday, April 15th. The Goldman Sachs Group upped their price target 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. Roth Mkm decreased their price target on shares of Credo Technology Group from $250.00 to $200.00 and set a "buy" rating for the company in a report on Tuesday, February 10th. Jefferies Financial Group assumed coverage on shares of Credo Technology Group in a report on Monday, April 13th. They set a "buy" rating and a $175.00 price target for the company. Finally, Needham & Company LLC restated a "buy" rating and set a $220.00 price target on shares of Credo Technology Group in a report on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $207.81.

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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