Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. grew its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDOFree Report) by 0.6% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,578,400 shares of the company’s stock after buying an additional 8,746 shares during the period. Principal Financial Group Inc. owned 1.05% of Credo Technology Group worth $30,731,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Dimensional Fund Advisors LP raised its position in shares of Credo Technology Group by 20.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,573,707 shares of the company’s stock valued at $30,642,000 after buying an additional 262,659 shares during the last quarter. Seven Grand Managers LLC acquired a new position in Credo Technology Group in the fourth quarter valued at approximately $5,841,000. Jump Financial LLC purchased a new position in Credo Technology Group in the fourth quarter worth approximately $1,377,000. Charles Schwab Investment Management Inc. grew its position in Credo Technology Group by 13.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 958,316 shares of the company’s stock worth $18,658,000 after acquiring an additional 111,957 shares during the period. Finally, Lisanti Capital Growth LLC purchased a new position in Credo Technology Group in the fourth quarter worth approximately $1,114,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CRDO has been the subject of several analyst reports. TD Cowen increased their price objective on Credo Technology Group from $20.00 to $24.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 28th. Needham & Company LLC increased their price objective on Credo Technology Group from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. The Goldman Sachs Group raised their price target on Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. Craig Hallum raised their price target on Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. Finally, Mizuho restated a “buy” rating and set a $30.00 price target (up from $28.00) on shares of Credo Technology Group in a research report on Wednesday, February 28th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Credo Technology Group has an average rating of “Moderate Buy” and an average price target of $24.25.

Get Our Latest Research Report on Credo Technology Group

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 130,000 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $21.17, for a total value of $2,752,100.00. Following the sale, the chief operating officer now directly owns 1,731,923 shares in the company, valued at $36,664,809.91. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $20.93, for a total transaction of $1,151,150.00. Following the sale, the chief technology officer now owns 10,048,602 shares in the company, valued at $210,317,239.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Yat Tung Lam sold 130,000 shares of Credo Technology Group stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $21.17, for a total value of $2,752,100.00. Following the sale, the chief operating officer now owns 1,731,923 shares in the company, valued at approximately $36,664,809.91. The disclosure for this sale can be found here. Insiders have sold a total of 1,649,607 shares of company stock worth $35,711,078 over the last ninety days. Corporate insiders own 23.89% of the company’s stock.

Credo Technology Group Trading Down 1.1 %

NASDAQ:CRDO opened at $18.89 on Friday. The firm has a market cap of $3.08 billion, a PE ratio of -82.13 and a beta of 2.03. The stock has a fifty day moving average price of $19.56 and a 200 day moving average price of $19.54. Credo Technology Group Holding Ltd has a 12-month low of $9.84 and a 12-month high of $23.90.

Credo Technology Group (NASDAQ:CRDOGet Free Report) last posted its quarterly earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. Credo Technology Group had a negative return on equity of 7.82% and a negative net margin of 20.59%. The company had revenue of $53.06 million for the quarter, compared to analysts’ expectations of $51.91 million. During the same period last year, the firm earned $0.02 earnings per share. Credo Technology Group’s quarterly revenue was down 2.2% on a year-over-year basis. Equities analysts forecast that Credo Technology Group Holding Ltd will post -0.12 EPS for the current year.

Credo Technology Group Profile

(Free Report)

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.

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Institutional Ownership by Quarter for Credo Technology Group (NASDAQ:CRDO)

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