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

Key Points

• PNC Financial Services Group increased its stake in Credo Technology Group by 44.5% in the fourth quarter, buying 5,435 additional shares to bring its total holding to 17,636 shares worth about $2.54 million.
• Credo Technology Group reported strong quarterly results, with earnings of $1.07 per share and revenue of $407.01 million, both above analyst expectations. Revenue surged 201.5% from a year earlier.
• Despite the strong performance, insider selling has been notable, with CEO William Joseph Brennan and CTO Chi Fung Cheng both selling shares in March. Analysts remain largely bullish, with an average rating of “Buy” and an average price target of $207.71.

PNC Financial Services Group Inc. boosted its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 44.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,636 shares of the company's stock after purchasing an additional 5,435 shares during the period. PNC Financial Services Group Inc.'s holdings in Credo Technology Group were worth $2,538,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of America Corp DE lifted its holdings 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 in the last quarter. Rafferty Asset Management LLC bought a new position in shares of Credo Technology Group during the third quarter worth about $183,553,000. Alliancebernstein L.P. raised its position 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 valued at $283,778,000 after buying an additional 1,218,504 shares during the last quarter. JPMorgan Chase & Co. raised its position 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 valued at $1,121,118,000 after buying an additional 1,190,522 shares during the last quarter. Finally, Marshall Wace LLP lifted its stake in Credo Technology Group by 2,537.7% in the 3rd quarter. Marshall Wace LLP now owns 1,150,000 shares of the company's stock valued at $167,452,000 after acquiring an additional 1,106,401 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.

Credo Technology Group Stock Up 1.5%

Shares of Credo Technology Group stock opened at $221.64 on Wednesday. The stock has a market cap of $40.88 billion, a P/E ratio of 123.13 and a beta of 3.17. Credo Technology Group Holding Ltd. has a 12-month low of $59.21 and a 12-month high of $233.70. The business's 50 day moving average is $151.03 and its 200-day moving average is $143.51.

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 for the quarter, topping 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 business had revenue of $407.01 million for the quarter, compared to the consensus estimate of $385.94 million. During the same period in the previous year, the company earned $0.25 earnings per share. The firm's revenue for the quarter was up 201.5% on a year-over-year basis. On average, sell-side analysts expect that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current year.

Insider Activity

In other news, CEO William Joseph Brennan sold 50,000 shares of the company's stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total value of $5,884,000.00. Following the sale, the chief executive officer directly owned 1,782,502 shares of the company's stock, valued at approximately $209,764,835.36. This represents a 2.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 completion of the sale, the chief technology officer 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 386,608 shares of company stock worth $50,371,351 over the last 90 days. 11.84% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. 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 research note on Tuesday, February 10th. The Goldman Sachs Group boosted their price objective on shares of Credo Technology Group from $150.00 to $170.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Rosenblatt Securities increased their target price on shares of Credo Technology Group from $125.00 to $175.00 and gave the stock a "neutral" rating in a report on Wednesday, April 15th. Rothschild & Co Redburn assumed coverage on shares of Credo Technology Group in a research note on Friday, May 1st. They issued a "buy" rating and a $206.00 price target on the stock. Finally, Susquehanna cut their price target on shares of Credo Technology Group from $230.00 to $170.00 and set a "positive" rating on the stock in a research report on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price 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.

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