Jennison Associates LLC Has $62.91 Million Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Jennison Associates LLC trimmed its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 54.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 935,957 shares of the company’s stock after selling 1,098,748 shares during the quarter. Jennison Associates LLC owned 0.56% of Credo Technology Group worth $62,906,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Allworth Financial LP lifted its stake in shares of Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after buying an additional 771 shares in the last quarter. Rakuten Securities Inc. bought a new position in Credo Technology Group in the 3rd quarter valued at about $30,000. Brown Brothers Harriman & Co. increased its holdings in Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after purchasing an additional 1,001 shares in the last quarter. Larson Financial Group LLC increased its holdings in Credo Technology Group by 240.0% during the 3rd quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock worth $61,000 after purchasing an additional 1,399 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Credo Technology Group by 56.3% in the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after purchasing an additional 351 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Stock Up 2.6 %

Credo Technology Group stock opened at $71.81 on Tuesday. The firm has a fifty day simple moving average of $68.45 and a two-hundred day simple moving average of $46.00. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $86.69. The company has a market capitalization of $12.01 billion, a PE ratio of -478.73 and a beta of 2.09.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Stifel Nicolaus upped their price target on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Susquehanna started coverage on shares of Credo Technology Group in a research report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 price target on the stock. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and upped their price objective for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Needham & Company LLC lifted their target price on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Finally, TD Cowen increased their price target on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $76.40.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 143,880 shares of the stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the completion of the sale, the chief executive officer now owns 2,370,858 shares of the company’s stock, valued at $160,388,543.70. This represents a 5.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $47.37, for a total transaction of $2,605,350.00. Following the completion of the transaction, the chief technology officer now owns 8,728,602 shares in the company, valued at $413,473,876.74. The trade was a 0.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,358,804 shares of company stock worth $92,342,042 in the last ninety days. 16.04% of the stock is owned by company insiders.

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.