Jennison Associates LLC Sells 1,098,748 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Jennison Associates LLC decreased its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 54.0% during the fourth quarter, HoldingsChannel.com reports. The firm owned 935,957 shares of the company’s stock after selling 1,098,748 shares during the quarter. Jennison Associates LLC’s holdings in Credo Technology Group were worth $62,906,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings in shares of Credo Technology Group by 7.4% during the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after buying an additional 909,578 shares during the last quarter. Point72 Asset Management L.P. boosted its stake in Credo Technology Group by 73.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after purchasing an additional 1,660,230 shares during the last quarter. Swedbank AB raised its stake in shares of Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after purchasing an additional 2,961,454 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Credo Technology Group by 5.7% during the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock valued at $97,865,000 after purchasing an additional 170,412 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after buying an additional 705,512 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the completion of the sale, the director now owns 1,113,725 shares in the company, valued at approximately $84,743,335.25. This trade represents a 11.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $58.66, for a total value of $5,866,000.00. Following the completion of the transaction, the chief operating officer now directly owns 2,825,621 shares in the company, valued at approximately $165,750,927.86. This represents a 3.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,358,804 shares of company stock worth $92,342,042 over the last three months. 16.04% of the stock is currently owned by company insiders.

Credo Technology Group Trading Up 2.6 %

Shares of NASDAQ:CRDO opened at $71.81 on Tuesday. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $86.69. The company has a market cap of $12.01 billion, a PE ratio of -478.73 and a beta of 2.09. The stock has a 50 day moving average of $68.45 and a 200 day moving average of $46.00.

Analysts Set New Price Targets

Several research firms have issued reports on CRDO. Barclays upped their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Stifel Nicolaus raised their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their target price for the company from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Mizuho raised their price target on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Finally, The Goldman Sachs Group upped their price objective on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, January 10th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.40.

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.