Jennison Associates LLC Sells 324,830 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Jennison Associates LLC decreased its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 13.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,034,705 shares of the company’s stock after selling 324,830 shares during the quarter. Jennison Associates LLC’s holdings in Credo Technology Group were worth $62,669,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of CRDO. Allworth Financial LP raised its holdings in shares of Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after acquiring an additional 771 shares in the last quarter. Arcadia Investment Management Corp MI bought a new position in Credo Technology Group in the 2nd quarter worth $29,000. Rakuten Securities Inc. purchased a new stake in shares of Credo Technology Group in the 3rd quarter worth about $30,000. Fifth Third Bancorp increased its position in shares of Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after buying an additional 400 shares during the period. Finally, CWM LLC raised its stake in Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after buying an additional 594 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Insiders Place Their Bets

In other news, insider James Laufman sold 20,000 shares of the business’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $31.36, for a total value of $627,200.00. Following the completion of the transaction, the insider now directly owns 302,466 shares of the company’s stock, valued at approximately $9,485,333.76. The trade was a 6.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William Joseph Brennan sold 143,880 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the completion of the sale, the chief executive officer now owns 2,529,738 shares in the company, valued at $65,140,753.50. This represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,324,817 shares of company stock worth $43,552,936 in the last ninety days. 16.04% of the stock is owned by company insiders.

Credo Technology Group Trading Down 2.2 %

CRDO opened at $42.97 on Thursday. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $48.94. The stock has a 50-day moving average of $36.32 and a 200 day moving average of $30.56. The firm has a market cap of $7.14 billion, a P/E ratio of -271.56 and a beta of 2.19.

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

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of research analyst reports. Barclays upped their target price on Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Craig Hallum raised their target price on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Mizuho upped their price target on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Roth Mkm lifted their price objective on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Finally, Stifel Nicolaus raised their price target on Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Credo Technology Group has an average rating of “Moderate Buy” and a consensus target price of $36.56.

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.