Principal Financial Group Inc. Acquires 9,695 Shares of Credo Technology Group Holding Ltd. $CRDO

Key Points

• Principal Financial Group raised its stake in Credo by 1.4% in Q4, buying 9,695 shares to hold 707,021 shares worth about $101.73 million (≈0.39% of the company).
• Credo reported strong quarterly results, with $1.07 EPS vs. $0.78 expected and revenue of $407.0 million (up 201.5% YoY); the stock carries a market cap of $36.57 billion and a PE of 110.16.
• Insider activity and ownership: the CTO and CEO sold a combined 77,500 shares on March 11, insiders have sold 386,608 shares (~$50.37M) in the last 90 days, institutional investors own ~80.46% of the stock and insiders hold 11.84%.

Principal Financial Group Inc. lifted its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 1.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 707,021 shares of the company's stock after purchasing an additional 9,695 shares during the quarter. Principal Financial Group Inc. owned 0.39% of Credo Technology Group worth $101,733,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of CRDO. Crewe Advisors LLC lifted its stake in Credo Technology Group by 163.1% during the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company's stock valued at $25,000 after acquiring an additional 106 shares during the period. Atlantic Union Bankshares Corp bought a new stake in shares of Credo Technology Group in the third quarter worth approximately $25,000. First Horizon Corp purchased a new position in shares of Credo Technology Group during the third quarter valued at approximately $26,000. Flagship Harbor Advisors LLC purchased a new position in shares of Credo Technology Group during the fourth quarter valued at approximately $32,000. Finally, Smallwood Wealth Investment Management LLC bought a new position in Credo Technology Group during the fourth quarter valued at approximately $36,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $198.29 on Thursday. Credo Technology Group Holding Ltd. has a 1-year low of $46.08 and a 1-year high of $213.80. The company's fifty day simple moving average is $128.86 and its 200-day simple moving average is $140.36. The stock has a market capitalization of $36.57 billion, a PE ratio of 110.16 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, topping analysts' consensus estimates of $0.78 by $0.29. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The company had revenue of $407.01 million for the quarter, compared to analysts' expectations of $385.94 million. During the same period last year, the firm earned $0.25 EPS. Credo Technology Group's revenue for the quarter was up 201.5% compared to the same quarter last year. As a group, research analysts anticipate that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current year.

Insider Activity

In related news, CTO Chi Fung Cheng sold 27,500 shares of the business's stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the completion of the transaction, the chief technology officer directly owned 6,272,370 shares in the company, valued at approximately $737,630,712. The trade was a 0.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William Joseph Brennan sold 50,000 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the completion of the sale, the chief executive officer directly owned 1,782,502 shares of the company's stock, valued at $209,764,835.36. This represents a 2.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 386,608 shares of company stock worth $50,371,351 in the last ninety days. Corporate insiders own 11.84% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have commented on CRDO shares. Jefferies Financial Group started coverage on shares of Credo Technology Group in a research report on Monday, April 13th. They issued a "buy" rating and a $175.00 target price for the company. Susquehanna dropped their price target on Credo Technology Group from $230.00 to $170.00 and set a "positive" rating on the stock in a research note on Tuesday, March 3rd. Weiss Ratings lowered Credo Technology Group from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday, April 24th. Needham & Company LLC reiterated a "buy" rating and set a $220.00 price objective on shares of Credo Technology Group in a research report on Wednesday, April 15th. Finally, Mizuho lowered their target price on Credo Technology Group from $225.00 to $200.00 and set an "outperform" rating on the stock in a report on Tuesday, March 3rd. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $207.71.

Credo Technology Group Profile

Credo Technology Group, Inc NASDAQ: CRDO is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo's product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.

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