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

Principal Securities Inc. boosted its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 626.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 668 shares of the company’s stock after acquiring an additional 576 shares during the quarter. Principal Securities Inc.’s holdings in Credo Technology Group were worth $45,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Swedbank AB raised its holdings in shares of Credo Technology Group by 873.9% in the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after purchasing an additional 2,961,454 shares during the period. Point72 Asset Management L.P. increased its position in Credo Technology Group by 73.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after purchasing an additional 1,660,230 shares in the last quarter. FMR LLC raised its holdings in Credo Technology Group by 731.6% in the third quarter. FMR LLC now owns 1,152,361 shares of the company’s stock valued at $35,493,000 after buying an additional 1,013,789 shares during the period. JPMorgan Chase & Co. raised its holdings in Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after buying an additional 909,578 shares during the period. Finally, Wellington Management Group LLP lifted its position in Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after buying an additional 705,512 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Insider Activity

In related news, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $80.59, for a total value of $805,900.00. Following the sale, the chief operating officer now directly owns 2,825,621 shares of the company’s stock, valued at $227,716,796.39. This represents a 0.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $48.57, for a total transaction of $2,671,350.00. Following the transaction, the chief technology officer now directly owns 8,618,602 shares of the company’s stock, valued at approximately $418,605,499.14. This represents a 0.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,305,679 shares of company stock worth $89,862,242. 16.04% of the stock is currently owned by insiders.

Credo Technology Group Stock Down 14.2 %

Shares of NASDAQ CRDO opened at $52.60 on Friday. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69. The business has a 50 day moving average price of $71.56 and a two-hundred day moving average price of $51.37. The firm has a market cap of $8.80 billion, a PE ratio of -350.67 and a beta of 2.09.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Barclays increased their price objective on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and increased their price target for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. Stifel Nicolaus boosted their price objective on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Craig Hallum increased their target price 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. Finally, Mizuho raised their target price on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 10th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Credo Technology Group has a consensus rating of “Moderate Buy” and a consensus price target of $76.40.

Credo Technology Group Company 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.