M&T Bank Corp Purchases 10,888 Shares of Credo Technology Group Holding Ltd. $CRDO

M&T Bank Corp increased its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 428.8% during the 4th quarter, HoldingsChannel.com reports. The fund owned 13,427 shares of the company’s stock after buying an additional 10,888 shares during the period. M&T Bank Corp’s holdings in Credo Technology Group were worth $1,932,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently bought and sold shares of the company. Kestra Private Wealth Services LLC raised its holdings in Credo Technology Group by 33.1% in the 4th quarter. Kestra Private Wealth Services LLC now owns 16,390 shares of the company’s stock worth $2,358,000 after acquiring an additional 4,077 shares during the period. Pictet Asset Management Holding SA grew its position in Credo Technology Group by 364.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 100,179 shares of the company’s stock worth $14,415,000 after purchasing an additional 78,615 shares during the last quarter. Elevated Financial Group LLC acquired a new stake in Credo Technology Group in the 4th quarter worth $544,000. Sanctuary Advisors LLC grew its position in Credo Technology Group by 3.2% in the 4th quarter. Sanctuary Advisors LLC now owns 28,167 shares of the company’s stock worth $4,053,000 after purchasing an additional 866 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its position in Credo Technology Group by 57.9% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 21,801 shares of the company’s stock worth $3,137,000 after purchasing an additional 7,992 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

CRDO has been the topic of several research analyst reports. Craig Hallum restated a “buy” rating and issued a $200.00 price target on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Susquehanna decreased 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. Mizuho decreased their price target on shares of Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 3rd. Rothschild & Co Redburn initiated coverage on shares of Credo Technology Group in a research report on Friday, May 1st. They issued a “buy” rating and a $206.00 price target on the stock. Finally, Stifel Nicolaus set a $200.00 price target on shares of Credo Technology Group in a research report on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $207.71.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, 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 completion of the transaction, the chief executive officer owned 1,782,502 shares in the company, valued at $209,764,835.36. This trade represents a 2.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The stock was 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 of the company’s stock, valued at approximately $737,630,712. This represents a 0.44% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 386,608 shares of company stock valued at $50,371,351. Corporate insiders own 11.84% of the company’s stock.

Credo Technology Group Stock Up 0.1%

NASDAQ:CRDO opened at $188.51 on Friday. The firm has a market capitalization of $34.77 billion, a PE 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. The firm has a 50-day moving average price of $130.21 and a 200 day moving average price of $140.68.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.29. The firm had revenue of $407.01 million during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter last year, the company earned $0.25 earnings per share. On average, research analysts expect that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current 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.