Principal Financial Group Inc. Sells 487,642 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Principal Financial Group Inc. trimmed its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 24.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 1,506,326 shares of the company’s stock after selling 487,642 shares during the period. Principal Financial Group Inc. owned approximately 0.90% of Credo Technology Group worth $101,238,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Allworth Financial LP raised its holdings in Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after acquiring an additional 771 shares during the last quarter. Rakuten Securities Inc. purchased a new stake in Credo Technology Group during the 3rd quarter valued at $30,000. Brown Brothers Harriman & Co. raised its stake in Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after buying an additional 1,001 shares during the last quarter. WASHINGTON TRUST Co purchased a new stake in Credo Technology Group during the 4th quarter valued at $43,000. Finally, Principal Securities Inc. raised its stake in Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after buying an additional 576 shares during the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Daniel W. Fleming sold 12,504 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $48.48, for a total value of $606,193.92. Following the completion of the transaction, the chief financial officer now owns 656,456 shares of the company’s stock, valued at approximately $31,824,986.88. This represents a 1.87 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO William Joseph Brennan sold 143,880 shares of the company’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the completion of the transaction, the chief executive officer now directly owns 2,370,858 shares of the company’s stock, valued at $160,388,543.70. This represents a 5.72 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,305,679 shares of company stock valued at $89,862,242. Company insiders own 16.04% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Susquehanna assumed coverage on shares of Credo Technology Group in a research note on Tuesday, December 17th. They set a “neutral” rating and a $80.00 target price for the company. Mizuho boosted their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. The Goldman Sachs Group boosted their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their price objective for the company from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Finally, Stifel Nicolaus boosted their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, January 6th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $76.40.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock opened at $75.24 on Wednesday. The company has a market capitalization of $12.58 billion, a P/E ratio of -501.60 and a beta of 2.09. The company has a fifty day moving average of $72.16 and a 200 day moving average of $49.55. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69.

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.