Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Sold by Jennison Associates LLC

Jennison Associates LLC lowered its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 54.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 935,957 shares of the company's stock after selling 1,098,748 shares during the period. Jennison Associates LLC owned approximately 0.56% of Credo Technology Group worth $62,906,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. JPMorgan Chase & Co. grew its position in shares of Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock valued at $404,797,000 after purchasing an additional 909,578 shares during the last quarter. Point72 Asset Management L.P. lifted its stake in Credo Technology Group by 73.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company's stock valued at $120,627,000 after buying an additional 1,660,230 shares in the last quarter. Swedbank AB grew its holdings in Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company's stock valued at $101,650,000 after buying an additional 2,961,454 shares during the last quarter. Geode Capital Management LLC grew its holdings in Credo Technology Group by 5.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company's stock valued at $97,865,000 after buying an additional 170,412 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company's stock worth $88,188,000 after buying an additional 705,512 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CRDO has been the topic of several recent research reports. Mizuho increased their price objective on Credo Technology Group from $70.00 to $85.00 and gave the company an "outperform" rating in a research note on Friday, January 10th. Barclays raised their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an "overweight" rating in a research note on Friday, January 17th. The Goldman Sachs Group lifted their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a report on Friday, January 10th. Stifel Nicolaus upped their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a "buy" rating in a research note on Monday, January 6th. Finally, Craig Hallum lifted their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating and nine 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 $76.40.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the transaction, the director now directly owns 1,113,725 shares of the company's stock, valued at $84,743,335.25. The trade was a 11.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Pantas Sutardja sold 1,875 shares of the firm's stock in a transaction on Friday, January 31st. The shares were sold at an average price of $66.96, for a total transaction of $125,550.00. Following the completion of the transaction, the director now directly owns 5,902,402 shares in the company, valued at approximately $395,224,837.92. This represents a 0.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,305,679 shares of company stock worth $89,862,242 in the last ninety days. Insiders own 16.04% of the company's stock.

Credo Technology Group Price Performance

CRDO stock traded down $2.36 on Friday, hitting $77.28. 4,200,550 shares of the company were exchanged, compared to its average volume of 5,550,381. The stock has a market capitalization of $12.92 billion, a price-to-earnings ratio of -515.20 and a beta of 2.09. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $86.69. The business's fifty day moving average is $70.90 and its two-hundred day moving average is $47.08.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, 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, as well as integrated circuits, active electrical cables.