Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Shares Purchased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. increased its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 54.2% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 15,821 shares of the company’s stock after purchasing an additional 5,563 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Credo Technology Group were worth $635,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wells Fargo & Company MN boosted its holdings in Credo Technology Group by 176.2% in the 4th quarter. Wells Fargo & Company MN now owns 133,237 shares of the company’s stock worth $8,955,000 after acquiring an additional 85,006 shares during the period. Envestnet Asset Management Inc. boosted its holdings in Credo Technology Group by 14.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 73,634 shares of the company’s stock worth $4,949,000 after acquiring an additional 9,131 shares during the period. Cerity Partners LLC purchased a new position in Credo Technology Group in the 4th quarter worth approximately $335,000. Invesco Ltd. boosted its holdings in Credo Technology Group by 589.7% in the 4th quarter. Invesco Ltd. now owns 535,684 shares of the company’s stock worth $36,003,000 after acquiring an additional 458,015 shares during the period. Finally, Legal & General Group Plc boosted its holdings in Credo Technology Group by 15.3% in the 4th quarter. Legal & General Group Plc now owns 157,248 shares of the company’s stock worth $10,569,000 after acquiring an additional 20,891 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on CRDO. Susquehanna upped their price target on Credo Technology Group from $90.00 to $115.00 and gave the stock a “positive” rating in a report on Tuesday, July 22nd. Roth Capital set a $95.00 price target on Credo Technology Group and gave the stock a “buy” rating in a report on Friday, June 13th. Mizuho upped their price target on Credo Technology Group from $81.00 to $98.00 and gave the stock an “outperform” rating in a report on Thursday, July 3rd. Needham & Company LLC increased their target price on Credo Technology Group from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, June 3rd. Finally, Noble Financial upgraded Credo Technology Group to a “strong-buy” rating in a research note on Tuesday, June 3rd. One research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $87.91.

Credo Technology Group Price Performance

Shares of CRDO opened at $125.38 on Wednesday. The business’s fifty day moving average price is $95.05 and its 200 day moving average price is $67.64. Credo Technology Group Holding Ltd. has a 12-month low of $24.08 and a 12-month high of $125.44. The stock has a market capitalization of $21.52 billion, a PE ratio of 464.37, a price-to-earnings-growth ratio of 2.13 and a beta of 2.59.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.08. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The firm had revenue of $170.00 million for the quarter, compared to analysts’ expectations of $159.59 million. During the same period last year, the business posted $0.07 earnings per share. The firm’s revenue for the quarter was up 179.6% on a year-over-year basis. As a group, research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 59,641 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $74.96, for a total value of $4,470,689.36. Following the sale, the chief technology officer directly owned 7,603,961 shares of the company’s stock, valued at $569,992,916.56. This trade represents a 0.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Lip Bu Tan sold 171,473 shares of the stock in a transaction on Monday, June 16th. The stock was sold at an average price of $77.90, for a total value of $13,357,746.70. Following the completion of the sale, the director directly owned 613,725 shares in the company, valued at $47,809,177.50. This represents a 21.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,274,583 shares of company stock worth $113,118,257 over the last ninety days. 16.04% of the stock is owned by insiders.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.