Principal Financial Group Inc. Boosts Stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Principal Financial Group Inc. raised its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 22.7% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,993,968 shares of the company’s stock after acquiring an additional 368,518 shares during the quarter. Principal Financial Group Inc.’s holdings in Credo Technology Group were worth $61,415,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of CRDO. Allworth Financial LP raised its stake in Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after purchasing an additional 771 shares in the last quarter. Arcadia Investment Management Corp MI bought a new stake in Credo Technology Group during the second quarter worth about $29,000. Rakuten Securities Inc. purchased a new position in shares of Credo Technology Group in the 3rd quarter worth about $30,000. Fifth Third Bancorp raised its holdings in shares of Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after buying an additional 400 shares in the last quarter. Finally, Brown Brothers Harriman & Co. lifted its position in Credo Technology Group by 695.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after buying an additional 1,001 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Price Performance

CRDO opened at $68.51 on Friday. The business has a 50 day simple moving average of $50.14 and a two-hundred day simple moving average of $37.05. Credo Technology Group Holding Ltd has a one year low of $16.82 and a one year high of $78.97. The firm has a market capitalization of $11.46 billion, a price-to-earnings ratio of -456.73 and a beta of 2.26.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 143,880 shares of the company’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $67.65, for a total value of $9,733,482.00. Following the sale, the chief executive officer now owns 2,370,858 shares in the company, valued at approximately $160,388,543.70. This represents a 5.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daniel W. Fleming sold 3,790 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $69.93, for a total value of $265,034.70. Following the transaction, the chief financial officer now directly owns 652,666 shares of the company’s stock, valued at approximately $45,640,933.38. This trade represents a 0.58 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,279,910 shares of company stock valued at $49,800,490. 16.04% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Barclays increased their price target on shares of Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Susquehanna started coverage on shares of Credo Technology Group in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price target for the company. Craig Hallum raised their price objective on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their target price for the company from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Finally, Mizuho raised their price target on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $68.60.

Credo Technology Group 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.