Jennison Associates LLC Has $23.20 Million Stock Holdings in Credo Technology Group Holding Ltd. $CRDO

Jennison Associates LLC boosted its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 68.7% during the 1st quarter, Holdings Channel.com reports. The fund owned 247,094 shares of the company’s stock after buying an additional 100,662 shares during the quarter. Jennison Associates LLC’s holdings in Credo Technology Group were worth $23,195,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRDO. Northwestern Mutual Wealth Management Co. raised its holdings in Credo Technology Group by 16.2% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock worth $80,000 after purchasing an additional 77 shares during the last quarter. QRG Capital Management Inc. boosted its stake in shares of Credo Technology Group by 1.7% in the 1st quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock valued at $507,000 after purchasing an additional 91 shares during the last quarter. Mark Sheptoff Financial Planning LLC boosted its stake in shares of Credo Technology Group by 2.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 5,150 shares of the company’s stock valued at $741,000 after purchasing an additional 100 shares during the last quarter. Spirepoint Private Client LLC grew its position in shares of Credo Technology Group by 6.6% during the 4th quarter. Spirepoint Private Client LLC now owns 1,688 shares of the company’s stock worth $243,000 after buying an additional 105 shares during the period. Finally, Crewe Advisors LLC grew its position in shares of Credo Technology Group by 163.1% during the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after buying an additional 106 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Stock Up 4.6%

Shares of NASDAQ CRDO opened at $212.07 on Tuesday. The company’s fifty day moving average is $232.14 and its 200-day moving average is $167.76. The stock has a market cap of $39.55 billion, a price-to-earnings ratio of 85.51, a P/E/G ratio of 0.93 and a beta of 3.20. Credo Technology Group Holding Ltd. has a twelve month low of $86.49 and a twelve month high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. The business had revenue of $437.00 million during the quarter, compared to analysts’ expectations of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The firm’s quarterly revenue was up 157.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.20 EPS. On average, research analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 54,984 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $218.57, for a total value of $12,017,852.88. Following the completion of the sale, the chief executive officer directly owned 367,327 shares in the company, valued at $80,286,662.39. This represents a 13.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel W. Fleming sold 40,000 shares of the firm’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $249.48, for a total value of $9,979,200.00. Following the sale, the chief financial officer directly owned 501,873 shares in the company, valued at approximately $125,207,276.04. This represents a 7.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 329,662 shares of company stock valued at $76,068,196. Company insiders own 11.84% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on CRDO shares. Barclays upped their target price on shares of Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a research report on Monday. JPMorgan Chase & Co. lifted their price objective on Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 2nd. Roth Capital upped their price objective on Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. The Goldman Sachs Group reissued a “buy” rating and issued a $250.00 target price on shares of Credo Technology Group in a research note on Tuesday, June 2nd. Finally, Rothschild & Co Redburn initiated coverage on Credo Technology Group in a report on Friday, May 1st. They set a “buy” rating and a $206.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Credo Technology Group has a consensus rating of “Buy” and an average target price of $265.33.

Credo Technology Group Profile

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high?speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low?latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high?speed analog and mixed?signal devices designed to preserve signal integrity and extend reach over copper and optical links.