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

Jennison Associates LLC grew its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 68.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 247,094 shares of the company’s stock after purchasing an additional 100,662 shares during the period. Jennison Associates LLC owned about 0.13% of Credo Technology Group worth $23,195,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in CRDO. Corient Private Wealth LLC boosted its stake in Credo Technology Group by 239,024.5% during the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after buying an additional 3,597,318 shares in the last quarter. Amundi raised its stake in shares of Credo Technology Group by 28,478.2% in the 4th quarter. Amundi now owns 1,559,796 shares of the company’s stock valued at $224,439,000 after buying an additional 1,554,338 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Credo Technology Group by 841.9% during the 4th quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company’s stock worth $228,979,000 after acquiring an additional 1,422,391 shares during the period. Bank of America Corp DE lifted its holdings in shares of Credo Technology Group by 161.5% during the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after acquiring an additional 1,406,752 shares during the period. Finally, Alliancebernstein L.P. boosted its position in shares of Credo Technology Group by 66.0% during the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after acquiring an additional 1,218,504 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Price Performance

Shares of CRDO opened at $212.07 on Tuesday. The company has a market capitalization of $39.55 billion, a P/E ratio of 85.51, a PEG ratio of 0.93 and a beta of 3.20. Credo Technology Group Holding Ltd. has a one year low of $86.49 and a one year high of $308.67. The business’s 50 day simple moving average is $232.14 and its 200-day simple moving average is $167.76.

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

Insiders Place Their Bets

In related news, Director Fariba Danesh sold 1,100 shares of the company’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $236.34, for a total transaction of $259,974.00. Following the transaction, the director owned 7,017 shares in the company, valued at $1,658,397.78. This represents a 13.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Sylvia Acevedo sold 2,208 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $211.00, for a total transaction of $465,888.00. Following the completion of the sale, the director owned 16,337 shares of the company’s stock, valued at $3,447,107. The trade was a 11.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 329,662 shares of company stock worth $76,068,196 over the last ninety days. Company insiders own 11.84% of the company’s stock.

Wall Street Analysts Forecast Growth

CRDO has been the topic of several analyst reports. Evercore initiated coverage on Credo Technology Group in a research note on Monday, June 22nd. They issued an “outperform” rating and a $325.00 price objective on the stock. Stifel Nicolaus boosted their price target on Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, June 22nd. TD Cowen upped their price target on Credo Technology Group from $240.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Rothschild & Co Redburn began coverage on Credo Technology Group in a research note on Friday, May 1st. They set a “buy” rating and a $206.00 price objective for the company. Finally, Roth Capital increased their price objective on Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Credo Technology Group presently has an average rating of “Buy” and an average price target of $265.33.

About Credo Technology Group

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.