Jennison Associates LLC Reduces Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Jennison Associates LLC cut its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 13.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,034,705 shares of the company's stock after selling 324,830 shares during the period. Jennison Associates LLC owned approximately 1.23% of Credo Technology Group worth $62,669,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Sei Investments Co. increased its holdings in Credo Technology Group by 18.8% in the first quarter. Sei Investments Co. now owns 111,034 shares of the company's stock worth $2,353,000 after purchasing an additional 17,540 shares in the last quarter. ProShare Advisors LLC increased its stake in shares of Credo Technology Group by 17.6% in the 1st quarter. ProShare Advisors LLC now owns 22,343 shares of the company's stock valued at $473,000 after acquiring an additional 3,346 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Credo Technology Group by 7.7% during the 1st quarter. Vanguard Group Inc. now owns 15,063,781 shares of the company's stock valued at $319,202,000 after acquiring an additional 1,072,301 shares during the period. Covestor Ltd grew its holdings in Credo Technology Group by 19,240.0% in the first quarter. Covestor Ltd now owns 1,934 shares of the company's stock worth $41,000 after purchasing an additional 1,924 shares during the period. Finally, American International Group Inc. grew its holdings in Credo Technology Group by 7.4% in the first quarter. American International Group Inc. now owns 61,286 shares of the company's stock worth $1,299,000 after purchasing an additional 4,242 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Price Performance

CRDO opened at $42.88 on Thursday. The firm's fifty day moving average price is $36.65 and its two-hundred day moving average price is $30.65. The company has a market capitalization of $7.12 billion, a price-to-earnings ratio of -268.56 and a beta of 2.19. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $48.94.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The firm had revenue of $59.71 million for the quarter, compared to analysts' expectations of $59.50 million. Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. As a group, equities analysts anticipate that Credo Technology Group Holding Ltd will post -0.02 EPS for the current year.

Insider Activity

In other news, CFO Daniel W. Fleming sold 108,790 shares of the stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $31.10, for a total transaction of $3,383,369.00. Following the completion of the transaction, the chief financial officer now directly owns 676,386 shares of the company's stock, valued at $21,035,604.60. This represents a 13.86 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $47.37, for a total transaction of $2,605,350.00. Following the completion of the sale, the chief technology officer now directly owns 8,728,602 shares in the company, valued at $413,473,876.74. This trade represents a 0.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,324,817 shares of company stock valued at $43,552,936 over the last three months. Corporate insiders own 16.04% of the company's stock.

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of research analyst reports. Roth Mkm increased their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a "buy" rating in a research report on Tuesday, October 22nd. The Goldman Sachs Group raised their price objective on Credo Technology Group from $26.00 to $31.00 and gave the company a "buy" rating in a research note on Friday, September 6th. Barclays upped their target price on Credo Technology Group from $30.00 to $32.00 and gave the stock an "overweight" rating in a research report on Thursday, September 5th. Craig Hallum lifted their price target on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a "buy" rating in a research report on Thursday, September 5th. Finally, Bank of America boosted their price target on shares of Credo Technology Group from $25.00 to $27.00 and gave the company an "underperform" rating in a research note on Thursday, September 5th. One analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Credo Technology Group has an average rating of "Moderate Buy" and an average target price of $36.56.

Credo Technology Group 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.