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

Jennison Associates LLC acquired a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,329,859 shares of the company’s stock, valued at approximately $45,362,000.

A number of other institutional investors have also made changes to their positions in CRDO. Vanguard Group Inc. grew its stake in Credo Technology Group by 31.3% in the third quarter. Vanguard Group Inc. now owns 12,570,816 shares of the company’s stock valued at $191,705,000 after acquiring an additional 2,993,303 shares during the period. JPMorgan Chase & Co. grew its stake in Credo Technology Group by 17.7% in the third quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock valued at $131,931,000 after acquiring an additional 1,299,600 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Credo Technology Group in the third quarter valued at about $20,537,000. American Century Companies Inc. lifted its holdings in shares of Credo Technology Group by 68.3% in the third quarter. American Century Companies Inc. now owns 1,323,251 shares of the company’s stock valued at $20,180,000 after purchasing an additional 537,143 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Credo Technology Group by 20.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 846,359 shares of the company’s stock valued at $12,907,000 after purchasing an additional 144,438 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Credo Technology Group news, CTO Chi Fung Cheng sold 60,000 shares of the stock in a transaction dated 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 sale, the chief technology officer now directly owns 10,588,602 shares in the company, valued at approximately $216,325,138.86. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, COO Yat Tung Lam sold 130,000 shares of the firm’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $21.33, for a total value of $2,772,900.00. Following the completion of the sale, the chief operating officer now directly owns 2,270,000 shares in the company, valued at approximately $48,419,100. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CTO Chi Fung Cheng sold 60,000 shares of the firm’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $20.43, for a total value of $1,225,800.00. Following the completion of the sale, the chief technology officer now owns 10,588,602 shares of the company’s stock, valued at $216,325,138.86. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,796,335 shares of company stock worth $39,371,834. Company insiders own 23.89% of the company’s stock.

Credo Technology Group Trading Up 1.6 %

Shares of Credo Technology Group stock opened at $17.59 on Wednesday. The business has a 50-day moving average price of $21.09 and a two-hundred day moving average price of $19.24. Credo Technology Group Holding Ltd has a 1-year low of $7.20 and a 1-year high of $23.90.

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, topping 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 firm had revenue of $53.06 million during the quarter, compared to the consensus estimate of $51.91 million. During the same period last year, the business posted $0.02 EPS. The business’s revenue was down 2.2% compared to the same quarter last year. On average, sell-side analysts forecast that Credo Technology Group Holding Ltd will post -0.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Credo Technology Group Profile

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.