Principal Financial Group Inc. Purchases 368,518 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Principal Financial Group Inc. boosted its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 22.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,993,968 shares of the company’s stock after purchasing an additional 368,518 shares during the quarter. Principal Financial Group Inc. owned about 1.19% of Credo Technology Group worth $61,415,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Point72 Asset Management L.P. increased its position in shares of Credo Technology Group by 73.6% during the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after acquiring an additional 1,660,230 shares in the last quarter. Driehaus Capital Management LLC increased its holdings in Credo Technology Group by 3.1% during the 2nd quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock worth $121,097,000 after purchasing an additional 115,271 shares in the last quarter. Swedbank AB raised its stake in shares of Credo Technology Group by 873.9% in the third 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 last quarter. Geode Capital Management LLC lifted its holdings in shares of Credo Technology Group by 5.7% in the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock valued at $97,865,000 after purchasing an additional 170,412 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of 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 during the last quarter. Institutional investors own 80.46% of the company’s stock.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total transaction of $265,034.70. Following the completion of the transaction, the chief financial officer now owns 652,666 shares of the company’s stock, valued at $45,640,933.38. The trade was a 0.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Lip Bu Tan sold 3,799 shares of the stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $70.73, for a total transaction of $268,703.27. Following the completion of the sale, the director now directly owns 1,709,926 shares in the company, valued at approximately $120,943,065.98. The trade was a 0.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,279,910 shares of company stock worth $49,800,490 over the last quarter. Corporate insiders own 16.04% of the company’s stock.

Credo Technology Group Stock Performance

Shares of CRDO opened at $68.51 on Friday. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $78.97. The business has a 50-day moving average of $50.14 and a 200 day moving average of $37.05. The firm has a market cap of $11.46 billion, a P/E ratio of -456.73 and a beta of 2.26.

Wall Street Analyst Weigh In

CRDO has been the subject of a number of analyst reports. 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 shares of Credo Technology Group from an “underperform” rating to a “buy” rating and raised their price target for the company from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Mizuho increased their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Roth Mkm boosted their target price on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Finally, Barclays increased their price target on Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target 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.