Credo Technology Group Holding Ltd. $CRDO Stock Purchased by Principle Wealth Partners LLC

Principle Wealth Partners LLC raised its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 395.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,826 shares of the company’s stock after buying an additional 4,651 shares during the period. Principle Wealth Partners LLC’s holdings in Credo Technology Group were worth $1,135,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of CRDO. Atreides Management LP acquired a new position in Credo Technology Group in the 1st quarter valued at about $102,434,000. The Manufacturers Life Insurance Company boosted its stake in shares of Credo Technology Group by 192.1% in the first quarter. The Manufacturers Life Insurance Company now owns 1,047,084 shares of the company’s stock valued at $98,290,000 after purchasing an additional 688,596 shares during the period. H&H International Investment LLC grew its holdings in shares of Credo Technology Group by 431.6% in the first quarter. H&H International Investment LLC now owns 751,200 shares of the company’s stock valued at $70,515,000 after purchasing an additional 609,900 shares in the last quarter. Oaktree Capital Management LP acquired a new position in shares of Credo Technology Group in the first quarter valued at approximately $50,596,000. Finally, Danica Pension Livsforsikringsaktieselskab purchased a new stake in Credo Technology Group during the 1st quarter worth approximately $44,302,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Credo Technology Group

In related news, CTO Chi Cheng sold 27,500 shares of Credo Technology Group stock in a transaction on Tuesday, September 29th. The shares were sold at an average price of $193.93, for a total transaction of $5,333,075.00. Following the sale, the chief technology officer directly owned 5,662,397 shares in the company, valued at $1,098,108,650.21. This trade represents a 0.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Yat Lam sold 50,000 shares of the business’s stock in a transaction dated Friday, September 25th. The shares were sold at an average price of $206.30, for a total value of $10,315,000.00. Following the completion of the sale, the chief operating officer directly owned 2,479,169 shares of the company’s stock, valued at $511,452,564.70. The trade was a 1.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 352,538 shares of company stock worth $67,200,077 over the last three months. Insiders own 9.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on CRDO shares. Zacks Research cut Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 3rd. Stifel Nicolaus lowered their target price on Credo Technology Group from $350.00 to $310.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Weiss Ratings cut Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, October 6th. JPMorgan Chase & Co. cut their price target on Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating on the stock in a report on Wednesday, September 2nd. Finally, Mizuho reduced their price target on Credo Technology Group from $290.00 to $245.00 and set an “outperform” rating on the stock in a research report on Monday, September 21st. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Credo Technology Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $262.67.

More Credo Technology Group News

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

• Positive Sentiment: A Seeking Alpha contributor upgraded Credo, arguing that the recent sell-off has gone far enough—potentially signaling that the lower share price has improved the risk-reward profile. Credo: The Sell-Off Has Done Its Job (Rating Upgrade)
• Positive Sentiment: Credo and Oracle secured Open Compute Project approval for two optical telemetry standards, supporting Credo’s role in developing connectivity and reliability for next-generation AI data centers. Credo and Oracle Drive AI Optical Innovation
• Neutral Sentiment: Coverage notes that Credo and other AI-hardware companies have delivered strong results, but cautions that supply bottlenecks and customer concentration could limit further gains. The AI Boom Is Creating a New Set of Winners
• Negative Sentiment: A broader tech-sector decline drove a steep drop in CRDO, as investors reassessed AI-related stocks. Separate coverage tied the sell-off to fears that political changes could pose a downside risk to AI spending; that concern, however, has not appeared in Credo’s guidance or analyst estimates. Tech selloff sends Credo Technology down Credo Sinks as Political Fears Weigh on AI Stocks

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO traded up $8.18 on Friday, hitting $120.51. 9,638,654 shares of the company’s stock were exchanged, compared to its average volume of 8,559,310. Credo Technology Group Holding Ltd. has a 1-year low of $86.49 and a 1-year high of $308.67. The company has a market capitalization of $22.65 billion, a PE ratio of 42.89, a P/E/G ratio of 0.56 and a beta of 3.29. The firm’s 50-day moving average is $178.67 and its 200 day moving average is $180.29.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.03. The business had revenue of $479.00 million for the quarter, compared to analyst estimates of $473.30 million. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%. The business’s quarterly revenue was up 114.7% on a year-over-year basis. During the same quarter last year, the company earned $0.52 EPS. On average, analysts anticipate that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.

Credo Technology Group Company Profile

Credo Technology Group designs and supplies high-speed connectivity solutions for data infrastructure, including data centers and networking systems. Its products help move data between processors, servers, switches and other equipment used in demanding, high-bandwidth environments.

The company’s offerings include active electrical cables, semiconductor and optical digital signal processing products, retimers, and other connectivity components. These solutions are used in applications such as cloud computing and artificial intelligence infrastructure.

Credo is headquartered in San Jose, California, and serves customers in the global data infrastructure market.