Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO – Get Rating) by 3.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,593,535 shares of the company’s stock after selling 49,941 shares during the period. Principal Financial Group Inc. owned approximately 1.09% of Credo Technology Group worth $21,210,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in CRDO. Royal Bank of Canada acquired a new stake in shares of Credo Technology Group during the first quarter worth about $26,000. Ameritas Investment Partners Inc. acquired a new stake in shares of Credo Technology Group during the first quarter worth about $26,000. IFP Advisors Inc acquired a new stake in Credo Technology Group in the third quarter valued at about $27,000. UBS Group AG acquired a new stake in Credo Technology Group in the first quarter valued at about $69,000. Finally, Tower Research Capital LLC TRC lifted its position in Credo Technology Group by 2,557.2% in the third quarter. Tower Research Capital LLC TRC now owns 9,566 shares of the company’s stock valued at $105,000 after purchasing an additional 9,206 shares during the period. Institutional investors and hedge funds own 40.46% of the company’s stock.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO opened at $10.20 on Monday. Credo Technology Group Holding Ltd has a 1 year low of $7.20 and a 1 year high of $19.46. The firm’s 50 day moving average price is $8.57 and its 200 day moving average price is $12.06. The firm has a market cap of $1.52 billion, a P/E ratio of -255.00 and a beta of 1.86.

Credo Technology Group (NASDAQ:CRDO – Get Rating) last announced its earnings results on Wednesday, March 1st. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. Credo Technology Group had a negative net margin of 3.15% and a positive return on equity of 2.80%. The firm had revenue of $54.27 million for the quarter, compared to analyst estimates of $52.00 million. As a group, equities analysts predict that Credo Technology Group Holding Ltd will post -0.06 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Stifel Nicolaus reduced their price objective on shares of Credo Technology Group from $19.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, February 15th. Cowen downgraded shares of Credo Technology Group from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $18.00 to $11.00 in a research report on Wednesday, February 15th. Mizuho dropped their target price on shares of Credo Technology Group from $20.00 to $16.00 and set a “buy” rating for the company in a report on Wednesday, February 15th. Roth Mkm dropped their target price on shares of Credo Technology Group from $20.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, February 15th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $15.00 target price on shares of Credo Technology Group in a report on Thursday, March 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $13.33.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 40,000 shares of Credo Technology Group stock in a transaction on Friday, February 24th. The shares were sold at an average price of $10.50, for a total value of $420,000.00. Following the transaction, the chief technology officer now owns 640,000 shares in the company, valued at approximately $6,720,000. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Credo Technology Group news, CEO William Joseph Brennan sold 24,446 shares of Credo Technology Group stock in a transaction on Thursday, March 9th. The shares were sold at an average price of $9.95, for a total value of $243,237.70. Following the transaction, the chief executive officer now owns 225,554 shares in the company, valued at approximately $2,244,262.30. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 40,000 shares of Credo Technology Group stock in a transaction on Friday, February 24th. The shares were sold at an average price of $10.50, for a total transaction of $420,000.00. Following the completion of the transaction, the chief technology officer now owns 640,000 shares in the company, valued at approximately $6,720,000. The disclosure for this sale can be found here. Insiders have sold a total of 76,073 shares of company stock worth $784,391 in the last quarter. 34.20% of the stock is owned by insiders.

Credo Technology Group Company Profile

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Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, Mainland China, Hong Kong, and internationally. Its products include integrated circuits, active electrical cables, and SerDes chiplets that are based on its serializer/deserializer and digital signal processor technologies.