Principal Financial Group Inc. lowered its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 24.5% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 1,506,326 shares of the company's stock after selling 487,642 shares during the period. Principal Financial Group Inc. owned 0.90% of Credo Technology Group worth $101,238,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in CRDO. Allworth Financial LP raised its position in shares of Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company's stock valued at $26,000 after buying 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 about $30,000. Brown Brothers Harriman & Co. raised its holdings in Credo Technology Group by 695.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company's stock valued at $35,000 after acquiring an additional 1,001 shares during the last quarter. WASHINGTON TRUST Co purchased a new position in Credo Technology Group in the 4th quarter worth approximately $43,000. Finally, Principal Securities Inc. boosted its holdings in shares of Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company's stock worth $45,000 after purchasing an additional 576 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.
Credo Technology Group Stock Performance
Shares of CRDO stock traded down $4.50 during mid-day trading on Friday, hitting $66.78. 4,173,687 shares of the stock were exchanged, compared to its average volume of 5,220,462. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $86.69. The stock has a market capitalization of $11.17 billion, a price-to-earnings ratio of -445.20 and a beta of 2.09. The stock's fifty day simple moving average is $72.44 and its two-hundred day simple moving average is $50.21.
Wall Street Analyst Weigh In
CRDO has been the subject of a number of recent research reports. TD Cowen raised their target price on Credo Technology Group from $45.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, December 3rd. Bank of America upgraded Credo Technology Group from an "underperform" rating to a "buy" rating and raised their price target for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. The Goldman Sachs Group lifted their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a report on Friday, January 10th. Stifel Nicolaus boosted their target price 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. Finally, Mizuho upped their target price on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an "outperform" rating in a research note on Friday, January 10th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $76.40.
Check Out Our Latest Stock Analysis on CRDO
Insider Buying and Selling
In related news, Director Pantas Sutardja sold 1,875 shares of the firm's stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $66.96, for a total transaction of $125,550.00. Following the transaction, the director now owns 5,902,402 shares of the company's stock, valued at $395,224,837.92. This trade represents a 0.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Yat Tung Lam sold 100,000 shares of the company's stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $58.66, for a total value of $5,866,000.00. Following the sale, the chief operating officer now owns 2,825,621 shares of the company's stock, valued at $165,750,927.86. This trade represents a 3.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,305,679 shares of company stock worth $89,862,242 in the last quarter. 16.04% of the stock is owned by insiders.
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.
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