Principle Wealth Partners LLC Purchases 4,651 Shares of Credo Technology Group Holding Ltd. $CRDO

Principle Wealth Partners LLC grew its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 395.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,826 shares of the company’s stock after purchasing an additional 4,651 shares during the quarter. Principle Wealth Partners LLC’s holdings in Credo Technology Group were worth $1,135,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its position in shares of Credo Technology Group by 2.6% in the third quarter. GAMMA Investing LLC now owns 1,986 shares of the company’s stock valued at $387,000 after buying an additional 51 shares during the last quarter. City Center Advisors LLC boosted its position in Credo Technology Group by 2.1% during the second quarter. City Center Advisors LLC now owns 2,595 shares of the company’s stock worth $706,000 after acquiring an additional 53 shares during the last quarter. Versant Capital Management Inc grew its stake in Credo Technology Group by 8.0% during the 2nd quarter. Versant Capital Management Inc now owns 755 shares of the company’s stock valued at $205,000 after acquiring an additional 56 shares in the last quarter. Prentice Wealth Management LLC grew its stake in Credo Technology Group by 7.5% during the 3rd quarter. Prentice Wealth Management LLC now owns 1,038 shares of the company’s stock valued at $202,000 after acquiring an additional 72 shares in the last quarter. Finally, TD Waterhouse Canada Inc. raised its holdings in Credo Technology Group by 28.1% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 337 shares of the company’s stock valued at $71,000 after acquiring an additional 74 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group News Summary

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

• Positive Sentiment: A Seeking Alpha contributor upgraded Credo, arguing that the recent sell-off has gone far enough—potentially signaling that the lower share price has improved the risk-reward profile. Credo: The Sell-Off Has Done Its Job (Rating Upgrade)
• Positive Sentiment: Credo and Oracle secured Open Compute Project approval for two optical telemetry standards, supporting Credo’s role in developing connectivity and reliability for next-generation AI data centers. Credo and Oracle Drive AI Optical Innovation
• Neutral Sentiment: Coverage notes that Credo and other AI-hardware companies have delivered strong results, but cautions that supply bottlenecks and customer concentration could limit further gains. The AI Boom Is Creating a New Set of Winners
• Negative Sentiment: A broader tech-sector decline drove a steep drop in CRDO, as investors reassessed AI-related stocks. Separate coverage tied the sell-off to fears that political changes could pose a downside risk to AI spending; that concern, however, has not appeared in Credo’s guidance or analyst estimates. Tech selloff sends Credo Technology down Credo Sinks as Political Fears Weigh on AI Stocks

Insider Buying and Selling

In other news, CEO William Brennan sold 16,666 shares of the stock in a transaction on Monday, October 19th. The stock was sold at an average price of $174.87, for a total transaction of $2,914,383.42. Following the completion of the transaction, the chief executive officer directly owned 1,584,164 shares in the company, valued at approximately $277,022,758.68. This represents a 1.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 27,500 shares of the stock in a transaction on Tuesday, October 27th. The stock was sold at an average price of $164.12, for a total value of $4,513,300.00. Following the transaction, the chief technology officer owned 5,552,397 shares of the company’s stock, valued at approximately $911,259,395.64. This represents a 0.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 352,538 shares of company stock valued at $67,200,077. 9.06% of the stock is currently owned by company insiders.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO traded up $8.18 during midday trading on Friday, reaching $120.51. 9,638,654 shares of the stock were exchanged, compared to its average volume of 8,559,310. The stock has a market capitalization of $22.65 billion, a P/E ratio of 42.89, a PEG ratio of 0.56 and a beta of 3.29. The company has a 50 day simple moving average of $178.67 and a 200 day simple moving average of $180.29. Credo Technology Group Holding Ltd. has a twelve month low of $86.49 and a twelve month high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.03. The firm had revenue of $479.00 million for the quarter, compared to analysts’ expectations of $473.30 million. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%. The firm’s quarterly revenue was up 114.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.52 earnings per share. On average, research analysts expect that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CRDO shares. JPMorgan Chase & Co. decreased their target price on shares of Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 2nd. Rosenblatt Securities restated a “neutral” rating and issued a $235.00 target price on shares of Credo Technology Group in a report on Thursday, October 15th. Bank of America cut their target price on Credo Technology Group from $340.00 to $275.00 and set a “buy” rating for the company in a research note on Wednesday, September 2nd. Wall Street Zen lowered Credo Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Finally, Stifel Nicolaus reduced their price target on Credo Technology Group from $350.00 to $310.00 and set a “buy” rating on the stock in a report on Monday, October 5th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Credo Technology Group presently has a consensus rating of “Moderate Buy” and an average price target of $262.67.

Credo Technology Group Profile

Credo Technology Group designs and supplies high-speed connectivity solutions for data infrastructure, including data centers and networking systems. Its products help move data between processors, servers, switches and other equipment used in demanding, high-bandwidth environments.

The company’s offerings include active electrical cables, semiconductor and optical digital signal processing products, retimers, and other connectivity components. These solutions are used in applications such as cloud computing and artificial intelligence infrastructure.

Credo is headquartered in San Jose, California, and serves customers in the global data infrastructure market.