Principal Financial Group Inc. boosted its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 22.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,993,968 shares of the company's stock after buying an additional 368,518 shares during the quarter. Principal Financial Group Inc. owned approximately 1.20% of Credo Technology Group worth $61,415,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in the stock. Swedbank AB grew its holdings in Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company's stock worth $101,650,000 after acquiring an additional 2,961,454 shares during the period. Vanguard Group Inc. grew its stake in Credo Technology Group by 7.7% during the first quarter. Vanguard Group Inc. now owns 15,063,781 shares of the company's stock worth $319,202,000 after purchasing an additional 1,072,301 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Credo Technology Group by 290.9% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,184,344 shares of the company's stock worth $25,096,000 after purchasing an additional 881,344 shares in the last quarter. Westfield Capital Management Co. LP acquired a new position in Credo Technology Group in the first quarter valued at approximately $17,847,000. Finally, The Manufacturers Life Insurance Company lifted its stake in Credo Technology Group by 27.2% in the second quarter. The Manufacturers Life Insurance Company now owns 1,697,723 shares of the company's stock valued at $54,225,000 after buying an additional 362,634 shares during the period. Institutional investors own 80.46% of the company's stock.
Insider Transactions at Credo Technology Group
In related news, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $39.24, for a total transaction of $2,158,200.00. Following the transaction, the chief technology officer now directly owns 8,838,602 shares of the company's stock, valued at $346,826,742.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction on Monday, October 21st. The stock was sold at an average price of $39.24, for a total value of $2,158,200.00. Following the transaction, the chief technology officer now owns 8,838,602 shares of the company's stock, valued at approximately $346,826,742.48. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Daniel W. Fleming sold 108,790 shares of the firm's stock in a transaction on Monday, September 30th. The shares were sold at an average price of $31.10, for a total value of $3,383,369.00. Following the sale, the chief financial officer now directly owns 676,386 shares of the company's stock, valued at approximately $21,035,604.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,334,817 shares of company stock worth $42,933,686 in the last quarter. 16.04% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
Several analysts have recently weighed in on CRDO shares. Barclays lifted their price objective on shares of Credo Technology Group from $30.00 to $32.00 and gave the company an "overweight" rating in a research note on Thursday, September 5th. Stifel Nicolaus upped their price objective on shares of Credo Technology Group from $40.00 to $42.00 and gave the company a "buy" rating in a report on Wednesday, October 9th. Bank of America increased their price objective on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an "underperform" rating in a research report on Thursday, September 5th. Mizuho boosted their target price on Credo Technology Group from $35.00 to $41.00 and gave the company an "outperform" rating in a research report on Monday, October 14th. Finally, Needham & Company LLC increased their price target on Credo Technology Group from $29.00 to $33.00 and gave the stock a "buy" rating in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $36.56.
Check Out Our Latest Stock Analysis on Credo Technology Group
Credo Technology Group Stock Up 2.1 %
CRDO stock traded up $0.98 during mid-day trading on Friday, reaching $48.00. 2,901,003 shares of the company traded hands, compared to its average volume of 2,341,224. The firm's 50 day moving average price is $34.18 and its 200 day moving average price is $29.29. The stock has a market cap of $7.97 billion, a price-to-earnings ratio of -300.00 and a beta of 2.19. Credo Technology Group Holding Ltd has a fifty-two week low of $14.98 and a fifty-two week high of $48.32.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The company had revenue of $59.71 million for the quarter, compared to analysts' expectations of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. On average, analysts anticipate that Credo Technology Group Holding Ltd will post -0.02 EPS for the current fiscal year.
About Credo Technology Group
(
Free Report)
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.
See Also
Before you consider Credo Technology Group, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Credo Technology Group wasn't on the list.
While Credo Technology Group currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
MarketBeat just released its list of 10 cheap stocks that have been overlooked by the market and may be seriously undervalued. Click the link below to see which companies made the list.
Get This Free Report
