Principal Financial Group Inc. Acquires 9,695 Shares of Credo Technology Group Holding Ltd. $CRDO

Principal Financial Group Inc. grew its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 1.4% during the 4th quarter, Holdings Channel.com reports. The fund owned 707,021 shares of the company’s stock after acquiring an additional 9,695 shares during the period. Principal Financial Group Inc.’s holdings in Credo Technology Group were worth $101,733,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. NewEdge Advisors LLC lifted its holdings in Credo Technology Group by 128.4% in the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after purchasing an additional 3,972 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Credo Technology Group by 63.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $61,235,000 after buying an additional 589,151 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Credo Technology Group by 2.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after buying an additional 7,107 shares in the last quarter. CW Advisors LLC bought a new position in shares of Credo Technology Group during the 2nd quarter valued at about $288,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Credo Technology Group by 198.2% in the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after purchasing an additional 333 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Insiders Place Their Bets

In other Credo Technology Group news, insider James Laufman sold 10,000 shares of the company’s stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $164.41, for a total value of $1,644,100.00. Following the transaction, the insider owned 198,609 shares of the company’s stock, valued at $32,653,305.69. This represents a 4.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Daniel W. Fleming sold 7,580 shares of the business’s stock in a transaction on Tuesday, April 14th. The shares were sold at an average price of $152.63, for a total transaction of $1,156,935.40. Following the sale, the chief financial officer directly owned 433,678 shares of the company’s stock, valued at $66,192,273.14. This represents a 1.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 386,608 shares of company stock valued at $50,371,351. Corporate insiders own 11.84% of the company’s stock.

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of research reports. Craig Hallum reaffirmed a “buy” rating and issued a $200.00 price objective on shares of Credo Technology Group in a research note on Tuesday, March 3rd. Jefferies Financial Group began coverage on shares of Credo Technology Group in a report on Monday, April 13th. They issued a “buy” rating and a $175.00 target price for the company. 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 research note on Thursday, April 16th. Needham & Company LLC reiterated a “buy” rating and set a $220.00 price objective on shares of Credo Technology Group in a research report on Wednesday, April 15th. Finally, Mizuho reduced their target price on shares of Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Credo Technology Group has a consensus rating of “Moderate Buy” and an average target price of $207.71.

Credo Technology Group Stock Up 2.4%

CRDO stock opened at $198.29 on Thursday. Credo Technology Group Holding Ltd. has a twelve month low of $46.08 and a twelve month high of $213.80. The stock has a market capitalization of $36.57 billion, a price-to-earnings ratio of 110.16 and a beta of 3.17. The firm’s fifty day simple moving average is $128.86 and its two-hundred day simple moving average is $140.36.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, beating the consensus estimate of $0.78 by $0.29. The company had revenue of $407.01 million for the quarter, compared to the consensus estimate of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The firm’s revenue was up 201.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.25 EPS. As a group, equities 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.