Jennison Associates LLC Cuts Stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Jennison Associates LLC lowered its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 33.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 623,803 shares of the company's stock after selling 312,154 shares during the quarter. Jennison Associates LLC owned approximately 0.37% of Credo Technology Group worth $25,052,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CRDO. Janney Montgomery Scott LLC boosted its stake in Credo Technology Group by 27.9% during the first quarter. Janney Montgomery Scott LLC now owns 6,721 shares of the company's stock valued at $270,000 after buying an additional 1,467 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in Credo Technology Group during the first quarter valued at approximately $27,000. Teacher Retirement System of Texas boosted its stake in Credo Technology Group by 464.4% during the first quarter. Teacher Retirement System of Texas now owns 34,987 shares of the company's stock valued at $1,405,000 after buying an additional 28,788 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in Credo Technology Group during the first quarter valued at approximately $301,000. Finally, Cambridge Investment Research Advisors Inc. boosted its stake in Credo Technology Group by 15.7% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 21,730 shares of the company's stock valued at $873,000 after buying an additional 2,947 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

Credo Technology Group Trading Down 5.1%

Shares of NASDAQ:CRDO opened at $93.47 on Friday. The company has a market capitalization of $16.04 billion, a PE ratio of 346.19, a P/E/G ratio of 1.68 and a beta of 2.57. Credo Technology Group Holding Ltd. has a 12-month low of $22.50 and a 12-month high of $104.35. The business's fifty day simple moving average is $78.64 and its 200-day simple moving average is $63.67.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The company had revenue of $170.00 million during the quarter, compared to analysts' expectations of $159.59 million. During the same quarter in the previous year, the firm posted $0.07 EPS. The firm's revenue was up 179.6% compared to the same quarter last year. Research analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CRDO shares. Barclays set a $85.00 price objective on Credo Technology Group and gave the company an "overweight" rating in a research note on Tuesday, June 3rd. Cowen reaffirmed a "buy" rating on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Susquehanna reaffirmed a "positive" rating and issued a $90.00 price objective (up from $60.00) on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Wall Street Zen lowered Credo Technology Group from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. Finally, Mizuho raised their price target on Credo Technology Group from $81.00 to $98.00 and gave the stock an "outperform" rating in a research note on Thursday, July 3rd. One investment analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Credo Technology Group currently has a consensus rating of "Buy" and an average price target of $85.64.

Insider Activity

In related news, CTO Chi Fung Cheng sold 59,641 shares of Credo Technology Group stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $74.96, for a total value of $4,470,689.36. Following the completion of the transaction, the chief technology officer owned 7,603,961 shares in the company, valued at $569,992,916.56. The trade was a 0.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lip Bu Tan sold 171,473 shares of Credo Technology Group stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $77.90, for a total value of $13,357,746.70. Following the completion of the transaction, the director owned 613,725 shares of the company's stock, valued at approximately $47,809,177.50. This represents a 21.84% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,078,139 shares of company stock valued at $82,013,680. Insiders own 16.04% of the company's stock.

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.

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