Principal Financial Group Inc. Buys 261,845 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Principal Financial Group Inc. lifted its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDOGet Rating) by 20.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,534,560 shares of the company’s stock after purchasing an additional 261,845 shares during the quarter. Principal Financial Group Inc.’s holdings in Credo Technology Group were worth $17,924,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in CRDO. Envestnet Asset Management Inc. bought a new stake in shares of Credo Technology Group in the 1st quarter worth approximately $332,000. New York State Common Retirement Fund bought a new position in Credo Technology Group in the 1st quarter valued at approximately $1,240,000. Teacher Retirement System of Texas bought a new position in Credo Technology Group in the 1st quarter valued at approximately $2,285,000. JPMorgan Chase & Co. bought a new position in Credo Technology Group in the 1st quarter valued at approximately $205,000. Finally, Bank of New York Mellon Corp bought a new position in Credo Technology Group in the 1st quarter valued at approximately $1,748,000. 22.64% of the stock is owned by institutional investors.

Credo Technology Group Stock Up 2.6 %

CRDO stock opened at $14.48 on Wednesday. Credo Technology Group Holding Ltd has a 12-month low of $8.61 and a 12-month high of $18.00. The stock’s 50 day simple moving average is $12.50 and its 200 day simple moving average is $12.54.

Credo Technology Group (NASDAQ:CRDOGet Rating) last released its quarterly earnings data on Wednesday, August 31st. The company reported $0.01 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.01. The business had revenue of $46.47 million during the quarter, compared to the consensus estimate of $45.70 million. The firm’s revenue was up 333.3% on a year-over-year basis. As a group, equities research analysts anticipate that Credo Technology Group Holding Ltd will post 0.16 earnings per share for the current year.

Insider Activity at Credo Technology Group

In other news, General Counsel Adam Thorngate-Gottlund sold 5,945 shares of the stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $12.95, for a total transaction of $76,987.75. Following the transaction, the general counsel now directly owns 274,405 shares of the company’s stock, valued at approximately $3,553,544.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Daniel W. Fleming sold 6,175 shares of the stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $12.93, for a total transaction of $79,842.75. Following the transaction, the chief financial officer now directly owns 543,825 shares of the company’s stock, valued at approximately $7,031,657.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Adam Thorngate-Gottlund sold 5,945 shares of the stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $12.95, for a total value of $76,987.75. Following the transaction, the general counsel now directly owns 274,405 shares in the company, valued at $3,553,544.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,000,882 shares of company stock valued at $12,277,097. 34.20% of the stock is owned by corporate insiders.

Credo Technology Group Profile

(Get Rating)

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.

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Institutional Ownership by Quarter for Credo Technology Group (NASDAQ:CRDO)

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