Jennison Associates LLC Sells 3,315 Shares of Credo Technology Group Holding Ltd. $CRDO

Jennison Associates LLC lowered its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 2.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 146,432 shares of the company’s stock after selling 3,315 shares during the quarter. Jennison Associates LLC’s holdings in Credo Technology Group were worth $21,070,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the company. Covenant Asset Management LLC bought a new position in shares of Credo Technology Group during the 4th quarter worth approximately $2,194,000. FengHe Fund Management Pte. Ltd. lifted its position in shares of Credo Technology Group by 5.7% during the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company’s stock worth $23,349,000 after buying an additional 8,769 shares in the last quarter. Wealthfront Advisers LLC lifted its position in shares of Credo Technology Group by 32.8% during the 4th quarter. Wealthfront Advisers LLC now owns 1,903 shares of the company’s stock worth $274,000 after buying an additional 470 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp bought a new position in shares of Credo Technology Group during the 4th quarter worth approximately $10,675,000. Finally, M&T Bank Corp lifted its position in shares of Credo Technology Group by 428.8% during the 4th quarter. M&T Bank Corp now owns 13,427 shares of the company’s stock worth $1,932,000 after buying an additional 10,888 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Insider Buying and Selling

In related news, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total value of $5,884,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,782,502 shares in the company, valued at approximately $209,764,835.36. The trade was a 2.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the completion of the transaction, the chief technology officer owned 6,272,370 shares of the company’s stock, valued at $737,630,712. This represents a 0.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 359,108 shares of company stock valued at $45,449,126 over the last quarter. 11.84% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on CRDO shares. Craig Hallum reissued a “buy” rating and set a $200.00 target price on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Rothschild & Co Redburn initiated coverage on shares of Credo Technology Group in a research report on Friday. They set a “buy” rating and a $206.00 target price on the stock. Mizuho lowered their price target on shares of Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday, March 3rd. Zacks Research cut shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a report on Monday, April 13th. Finally, Susquehanna lowered their price target on shares of Credo Technology Group from $230.00 to $170.00 and set a “positive” rating on the stock in a report on Tuesday, March 3rd. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $207.71.

Credo Technology Group Trading Up 6.0%

NASDAQ:CRDO opened at $184.38 on Friday. The stock has a market capitalization of $34.01 billion, a PE ratio of 102.43 and a beta of 3.17. The firm’s 50 day moving average is $125.98 and its 200 day moving average is $139.42. Credo Technology Group Holding Ltd. has a 12 month low of $45.65 and a 12 month high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.29. The company had revenue of $407.01 million for the quarter, compared to analysts’ expectations of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. Credo Technology Group’s revenue was up 201.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.25 EPS. Research analysts predict that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current year.

About Credo Technology Group

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.