Principal Financial Group Inc. Sells 19,574 Shares of Credo Technology Group Holding Ltd. $CRDO

Key Points

• Principal Financial Group reduced its stake in Credo Technology Group by 2.8% in the first quarter, selling 19,574 shares and leaving it with 687,447 shares worth about $64.5 million.
• Insider selling has been significant, with director Sylvia Acevedo and CTO Chi Fung Cheng both selling shares, bringing total insider sales over the last 90 days to 329,662 shares valued at about $76.1 million.
• Credo reported a strong quarter with EPS of $1.16 and revenue of $437 million, both above expectations, while revenue jumped 157% year over year; analysts remain broadly bullish with a consensus Buy rating and average price target of $263.11.

Principal Financial Group Inc. lessened its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 2.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 687,447 shares of the company's stock after selling 19,574 shares during the period. Principal Financial Group Inc. owned approximately 0.37% of Credo Technology Group worth $64,531,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. NewEdge Advisors LLC increased its position in Credo Technology Group by 128.4% during the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company's stock valued at $284,000 after acquiring an additional 3,972 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Credo Technology Group by 63.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company's stock worth $61,235,000 after purchasing an additional 589,151 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Credo Technology Group by 2.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company's stock worth $12,480,000 after purchasing an additional 7,107 shares during the period. CW Advisors LLC bought a new position in Credo Technology Group during the 2nd quarter valued at about $288,000. Finally, EverSource Wealth Advisors LLC grew its holdings in Credo Technology Group by 198.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company's stock valued at $46,000 after purchasing an additional 333 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Sylvia Acevedo sold 2,208 shares of the company's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $211.00, for a total transaction of $465,888.00. Following the completion of the transaction, the director directly owned 16,337 shares of the company's stock, valued at $3,447,107. This represents a 11.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CTO Chi Fung Cheng sold 3,790 shares of the business's stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $258.71, for a total transaction of $980,510.90. Following the completion of the sale, the chief technology officer directly owned 140,358 shares of the company's stock, valued at approximately $36,312,018.18. The trade was a 2.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 329,662 shares of company stock valued at $76,068,196 over the last ninety days. 11.84% of the stock is owned by corporate insiders.

Credo Technology Group Trading Down 8.3%

Credo Technology Group stock opened at $207.97 on Friday. The firm has a market cap of $38.78 billion, a PE ratio of 83.86, a P/E/G ratio of 1.04 and a beta of 3.20. Credo Technology Group Holding Ltd. has a 12 month low of $86.49 and a 12 month high of $308.67. The stock's 50 day simple moving average is $231.82 and its two-hundred day simple moving average is $166.88.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.14. The firm had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The business's quarterly revenue was up 157.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.20 EPS. On average, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Key Credo Technology Group News

Here are the key news stories impacting Credo Technology Group this week:

• Positive Sentiment: Credo has continued to draw investor interest as a high-growth AI/data-center connectivity name, and a fund commentary note highlighted the stock as part of a “detector list” of holdings seen by investors as notable growth opportunities. Here’s Why Credo Technology Group Holding Ltd (CRDO) is on the Detector List of the Fund
• Positive Sentiment: The company’s prior quarterly results were solid, with earnings and revenue both topping expectations and revenue surging sharply year over year, which supports the long-term growth story for CRDO.
• Neutral Sentiment: An Insider Monkey article noted Credo’s inclusion in a fund letter discussing strong small-growth performance, but the item was more about fund positioning than a new company-specific development. Here’s Why Credo Technology Group Holding Ltd (CRDO) is on the Detector List of the Fund
• Negative Sentiment: A Credo executive sold nearly $24 million in stock across two transactions in one day, adding to the sense that insiders are locking in gains after the stock’s big advance. A Credo Executive Sold Nearly $24 Million in Stock Across Two Sales in One Day
• Negative Sentiment: The COO also sold 55,998 shares for about $12.6 million under a pre-arranged trading plan, reinforcing concerns that insiders may see the shares as fully valued after the rally. What This Credo Insider's $12.6 Million Sale Means With Shares Up 121%
• Negative Sentiment: The company’s CTO and co-founder also sold shares through a pre-arranged trading plan, which may add to short-term selling pressure on NASDAQ: CRDO. What This Billionaire Co-Founder's Credo Sale Signals With Shares Up 139%

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Mizuho raised their price objective on shares of Credo Technology Group from $260.00 to $290.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 2nd. The Goldman Sachs Group reaffirmed a "buy" rating and set a $250.00 target price on shares of Credo Technology Group in a research note on Tuesday, June 2nd. Stifel Nicolaus raised their price target on Credo Technology Group from $250.00 to $350.00 and gave the stock a "buy" rating in a research note on Monday, June 22nd. JPMorgan Chase & Co. boosted their price objective on Credo Technology Group from $230.00 to $250.00 and gave the company an "overweight" rating in a report on Tuesday, June 2nd. Finally, Jefferies Financial Group upped their price objective on Credo Technology Group from $225.00 to $270.00 and gave the company a "buy" rating in a research report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Credo Technology Group has an average rating of "Buy" and a consensus price target of $263.11.

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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