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

Jennison Associates LLC bought a new stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 2,329,859 shares of the company's stock, valued at approximately $45,362,000. Jennison Associates LLC owned 1.55% of Credo Technology Group as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in CRDO. Asset Management One Co. Ltd. bought a new stake in shares of Credo Technology Group in the 3rd quarter worth approximately $95,000. Quadrature Capital Ltd bought a new stake in shares of Credo Technology Group in the 3rd quarter worth approximately $166,000. Victory Capital Management Inc. bought a new stake in shares of Credo Technology Group in the 3rd quarter worth approximately $179,000. Glenmede Trust Co. NA bought a new stake in shares of Credo Technology Group in the 3rd quarter worth approximately $215,000. Finally, Ziegler Capital Management LLC bought a new stake in shares of Credo Technology Group in the 3rd quarter worth approximately $322,000. Institutional investors own 80.46% of the company's stock.

Credo Technology Group Stock Up 1.1 %

CRDO stock traded up $0.19 during midday trading on Wednesday, reaching $17.78. 1,180,115 shares of the company's stock traded hands, compared to its average volume of 2,151,763. The company has a 50-day simple moving average of $20.99 and a two-hundred day simple moving average of $19.23. Credo Technology Group Holding Ltd has a 1-year low of $7.20 and a 1-year high of $23.90. The company has a market cap of $2.90 billion, a price-to-earnings ratio of -77.30 and a beta of 1.97.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share for the quarter, beating 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 analysts' expectations of $51.91 million. During the same period last year, the firm posted $0.02 EPS. The business's revenue was down 2.2% on a year-over-year basis. Equities research analysts forecast that Credo Technology Group Holding Ltd will post -0.12 EPS for the current year.

Analyst Ratings Changes

CRDO has been the subject of a number of research reports. TD Cowen raised their price objective 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. The Goldman Sachs Group raised their price objective on Credo Technology Group from $23.00 to $26.00 and gave the stock a "buy" rating in a research report on Wednesday, February 28th. Craig Hallum increased their target price on Credo Technology Group from $28.00 to $30.00 and gave the stock a "buy" rating in a report on Monday, April 15th. Mizuho reissued a "buy" rating and issued a $30.00 target price (up from $28.00) on shares of Credo Technology Group in a report on Wednesday, February 28th. Finally, Needham & Company LLC increased their target price on Credo Technology Group from $24.00 to $26.00 and gave the stock a "buy" rating in a report on Wednesday, February 28th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, Credo Technology Group currently has a consensus rating of "Moderate Buy" and an average target price of $24.25.

Insider Activity at Credo Technology Group

In other news, COO Yat Tung Lam sold 130,000 shares of Credo Technology Group stock in a transaction on 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 of the company's stock, valued at approximately $48,419,100. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CTO Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock in a transaction on Thursday, February 1st. The stock was 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 directly owns 10,588,602 shares of the company's stock, valued at approximately $216,325,138.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Yat Tung Lam sold 130,000 shares of the business's stock in a transaction dated Monday, February 5th. The shares were 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 owns 2,270,000 shares in the company, valued at $48,419,100. The disclosure for this sale can be found here. Insiders sold 1,796,335 shares of company stock valued at $39,371,834 in the last three months. Corporate insiders own 23.89% of the company's stock.

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.