2,329,859 Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Bought by Jennison Associates LLC

Jennison Associates LLC purchased a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 2,329,859 shares of the company’s stock, valued at approximately $45,362,000. Jennison Associates LLC owned 1.55% of Credo Technology Group at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Asset Management One Co. Ltd. purchased a new stake in Credo Technology Group during the 3rd quarter worth about $95,000. Quadrature Capital Ltd purchased a new stake in Credo Technology Group during the 3rd quarter worth about $166,000. Victory Capital Management Inc. purchased a new stake in Credo Technology Group during the 3rd quarter worth about $179,000. Glenmede Trust Co. NA purchased a new stake in Credo Technology Group during the 3rd quarter worth about $215,000. Finally, Ziegler Capital Management LLC purchased a new stake in Credo Technology Group during the 3rd quarter worth about $322,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Trading Up 1.6 %

Shares of NASDAQ CRDO opened at $17.59 on Wednesday. Credo Technology Group Holding Ltd has a twelve month low of $7.20 and a twelve month high of $23.90. The business has a 50 day simple moving average of $21.09 and a 200-day simple moving average of $19.24.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. Credo Technology Group had a negative return on equity of 7.82% and a negative net margin of 20.59%. The business had revenue of $53.06 million during the quarter, compared to the consensus estimate of $51.91 million. During the same period in the previous year, the business earned $0.02 EPS. The business’s quarterly revenue was down 2.2% on a year-over-year basis. Research analysts predict that Credo Technology Group Holding Ltd will post -0.12 earnings per share for the current fiscal year.

Insider Activity at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 60,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $20.43, for a total transaction of $1,225,800.00. Following the completion of the transaction, the chief technology officer now owns 10,588,602 shares in the company, valued at approximately $216,325,138.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CTO Chi Fung Cheng sold 60,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $20.43, for a total transaction of $1,225,800.00. Following the completion of the transaction, the chief technology officer now owns 10,588,602 shares in the company, valued at approximately $216,325,138.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William Joseph Brennan sold 15,000 shares of the business’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $19.16, for a total value of $287,400.00. Following the transaction, the chief executive officer now owns 2,992,500 shares of the company’s stock, valued at approximately $57,336,300. The disclosure for this sale can be found here. Insiders sold 1,796,335 shares of company stock worth $39,371,834 in the last 90 days. 23.89% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Craig Hallum lifted their price objective on Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. Needham & Company LLC raised their price target on Credo Technology Group from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. TD Cowen raised their price target on Credo Technology Group from $20.00 to $24.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 28th. Mizuho reaffirmed a “buy” rating and issued a $30.00 price objective (up from $28.00) on shares of Credo Technology Group in a research note on Wednesday, February 28th. Finally, The Goldman Sachs Group lifted their price objective on Credo Technology Group from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, February 28th. One analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $24.25.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo 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 HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP.