Principal Financial Group Inc. Decreases Stock Position in Credo Technology Group Holding Ltd. $CRDO

Principal Financial Group Inc. cut its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 2.8% during the first quarter, HoldingsChannel.com reports. The fund owned 687,447 shares of the company’s stock after selling 19,574 shares during the period. Principal Financial Group Inc.’s holdings in Credo Technology Group were worth $64,531,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in CRDO. Crewe Advisors LLC grew its holdings in shares of Credo Technology Group by 163.1% during the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after buying an additional 106 shares in the last quarter. Reflection Asset Management purchased a new stake in Credo Technology Group during the 4th quarter valued at about $25,000. Acumen Wealth Advisors LLC acquired a new stake in Credo Technology Group in the 4th quarter valued at about $25,000. Flagship Harbor Advisors LLC acquired a new stake in Credo Technology Group in the 4th quarter valued at about $32,000. Finally, Smallwood Wealth Investment Management LLC purchased a new position in Credo Technology Group in the 4th quarter worth approximately $36,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Trading Down 8.3%

Shares of CRDO opened at $207.97 on Friday. The company’s 50-day moving average price is $231.82 and its 200 day moving average price is $166.88. Credo Technology Group Holding Ltd. has a 12-month low of $86.49 and a 12-month high of $308.67. The firm has a market cap of $38.78 billion, a P/E ratio of 83.86, a price-to-earnings-growth ratio of 1.04 and a beta of 3.20.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.14. The company had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. Credo Technology Group’s revenue was up 157.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.20 earnings per share. Equities research analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Insider Activity at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 7,580 shares of Credo Technology Group stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total value of $1,863,770.40. Following the completion of the sale, the chief financial officer directly owned 504,708 shares of the company’s stock, valued at approximately $124,097,603.04. The trade was a 1.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 3,790 shares of the business’s stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $258.71, for a total value of $980,510.90. Following the completion of the sale, the chief technology officer owned 140,358 shares in the company, valued at $36,312,018.18. This represents a 2.63% decrease in their position. 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. Insiders have sold a total of 329,662 shares of company stock worth $76,068,196 over the last quarter. Company insiders own 11.84% of the company’s stock.

Wall Street Analyst Weigh In

CRDO has been the topic of several recent research reports. Rosenblatt Securities boosted their target price on Credo Technology Group from $175.00 to $215.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd. Rothschild & Co Redburn began coverage on Credo Technology Group in a research report on Friday, May 1st. They set a “buy” rating and a $206.00 price objective on the stock. Jefferies Financial Group boosted their price objective on Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Weiss Ratings upgraded Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Finally, Susquehanna raised their target price on Credo Technology Group from $200.00 to $235.00 and gave the stock a “positive” rating in a research note on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $263.11.

More Credo Technology Group News

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

• Positive Sentiment: Credo has continued to draw investor interest as a high-growth AI/data-center connectivity name, and a fund commentary note highlighted the stock as part of a “detector list” of holdings seen by investors as notable growth opportunities. Here’s Why Credo Technology Group Holding Ltd (CRDO) is on the Detector List of the Fund
• Positive Sentiment: The company’s prior quarterly results were solid, with earnings and revenue both topping expectations and revenue surging sharply year over year, which supports the long-term growth story for CRDO.
• Neutral Sentiment: An Insider Monkey article noted Credo’s inclusion in a fund letter discussing strong small-growth performance, but the item was more about fund positioning than a new company-specific development. Here’s Why Credo Technology Group Holding Ltd (CRDO) is on the Detector List of the Fund
• Negative Sentiment: A Credo executive sold nearly $24 million in stock across two transactions in one day, adding to the sense that insiders are locking in gains after the stock’s big advance. A Credo Executive Sold Nearly $24 Million in Stock Across Two Sales in One Day
• Negative Sentiment: The COO also sold 55,998 shares for about $12.6 million under a pre-arranged trading plan, reinforcing concerns that insiders may see the shares as fully valued after the rally. What This Credo Insider’s $12.6 Million Sale Means With Shares Up 121%
• Negative Sentiment: The company’s CTO and co-founder also sold shares through a pre-arranged trading plan, which may add to short-term selling pressure on NASDAQ: CRDO. What This Billionaire Co-Founder’s Credo Sale Signals With Shares Up 139%

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.