PNC Financial Services Group Inc. Purchases 5,258 Shares of Credo Technology Group Holding Ltd. $CRDO

PNC Financial Services Group Inc. lifted its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 29.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 22,894 shares of the company’s stock after acquiring an additional 5,258 shares during the period. PNC Financial Services Group Inc.’s holdings in Credo Technology Group were worth $2,149,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Credo Technology Group by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock worth $2,386,449,000 after purchasing an additional 59,849 shares during the period. State Street Corp lifted its position in Credo Technology Group by 23.4% during the fourth quarter. State Street Corp now owns 4,486,320 shares of the company’s stock valued at $645,537,000 after buying an additional 849,654 shares during the period. Geode Capital Management LLC lifted its position in Credo Technology Group by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock valued at $555,117,000 after buying an additional 184,676 shares during the period. Corient Private Wealth LLC boosted its holdings in shares of Credo Technology Group by 239,024.5% during the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock valued at $517,835,000 after buying an additional 3,597,318 shares in the last quarter. Finally, Alliancebernstein L.P. grew its position in shares of Credo Technology Group by 66.0% in the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after buying an additional 1,218,504 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $243.06, for a total value of $6,684,150.00. Following the completion of the sale, the chief technology officer owned 5,882,370 shares of the company’s stock, valued at approximately $1,429,768,852.20. This trade represents a 0.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Joseph Brennan sold 54,984 shares of Credo Technology Group stock in a transaction on Friday, June 5th. The stock was sold at an average price of $218.57, for a total value of $12,017,852.88. Following the completion of the sale, the chief executive officer directly owned 367,327 shares of the company’s stock, valued at approximately $80,286,662.39. The trade was a 13.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 329,662 shares of company stock worth $77,732,771 in the last three months. Insiders own 11.84% of the company’s stock.

Key Credo Technology Group News

Here are the key news stories impacting Credo Technology Group this week:

• Positive Sentiment: A Seeking Alpha analysis argued that the CRDO sell-off looks overblown, pointing to the company’s strong AI-related growth prospects and suggesting the recent weakness may create an attractive entry point. Credo Stock Sell-Off Looks Overblown
• Positive Sentiment: Credo was included in Zacks’ Rank #1 (Strong Buy) growth-stock list, reinforcing favorable near-term analyst sentiment. Best Growth Stocks to Buy for July 28th
• Positive Sentiment: Analyst coverage remains supportive, with a broad “Buy” consensus and price targets above recent trading levels. The company’s latest reported quarter also showed 157% year-over-year revenue growth, earnings above expectations, and a 35.37% net margin.
• Neutral Sentiment: Credo’s chief technology officer, Chi Fung Cheng, sold 27,500 shares for approximately $5.65 million at an average price of $205.54 on July 27. The sale reduced his holdings by only 0.47%, and it was conducted under a pre-arranged Rule 10b5-1 plan. SEC insider transaction filing
• Negative Sentiment: The CTO has made several scheduled sales in recent months, including another 27,500-share transaction on July 21. While the transactions appear routine and he still owns roughly 5.8 million shares, repeated insider selling can weigh on sentiment, particularly after CRDO’s significant run-up.
• Negative Sentiment: MarketBeat characterized Credo among AI stocks undergoing a summer pullback. Investors may be locking in gains across the AI and semiconductor sector despite continued data-center spending and intact long-term growth catalysts. 5 AI Stocks Are Pulling Back

Credo Technology Group Stock Performance

Shares of CRDO stock opened at $177.50 on Thursday. The company has a market capitalization of $33.10 billion, a price-to-earnings ratio of 71.57, a price-to-earnings-growth ratio of 0.88 and a beta of 3.20. Credo Technology Group Holding Ltd. has a one year low of $86.49 and a one year high of $308.67. The company’s 50-day moving average is $236.68 and its 200 day moving average is $171.23.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The business had revenue of $437.00 million during the quarter, compared to analysts’ expectations of $431.80 million. During the same period in the previous year, the company earned $0.20 earnings per share. The business’s revenue for the quarter was up 157.0% compared to the same quarter last year. As a group, research analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently issued reports on CRDO. Weiss Ratings upgraded shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Rosenblatt Securities boosted their price objective on shares of Credo Technology Group from $175.00 to $215.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 2nd. Needham & Company LLC raised their target price on shares of Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Roth Capital lifted their target price on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Finally, Evercore assumed coverage on Credo Technology Group in a research report on Monday, June 22nd. They issued an “outperform” rating and a $325.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $266.17.

Credo Technology Group 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.