Jennison Associates LLC Acquires New Holdings in CoreWeave Inc. $CRWV

Jennison Associates LLC bought a new position in shares of CoreWeave Inc. (NASDAQ:CRWV) in the first quarter, HoldingsChannel reports. The firm bought 1,228,027 shares of the company’s stock, valued at approximately $95,135,000.

Several other hedge funds have also recently bought and sold shares of CRWV. Azzad Asset Management Inc. ADV lifted its stake in CoreWeave by 2.1% in the first quarter. Azzad Asset Management Inc. ADV now owns 5,020 shares of the company’s stock valued at $389,000 after buying an additional 104 shares in the last quarter. Hazlett Burt & Watson Inc. increased its position in shares of CoreWeave by 34.7% during the fourth quarter. Hazlett Burt & Watson Inc. now owns 462 shares of the company’s stock worth $33,000 after acquiring an additional 119 shares in the last quarter. Cullen Frost Bankers Inc. increased its position in shares of CoreWeave by 45.8% during the fourth quarter. Cullen Frost Bankers Inc. now owns 385 shares of the company’s stock worth $28,000 after acquiring an additional 121 shares in the last quarter. Parkside Financial Bank & Trust raised its holdings in shares of CoreWeave by 26.3% during the fourth quarter. Parkside Financial Bank & Trust now owns 600 shares of the company’s stock worth $43,000 after acquiring an additional 125 shares during the period. Finally, WPG Advisers LLC raised its holdings in shares of CoreWeave by 14.1% during the first quarter. WPG Advisers LLC now owns 1,159 shares of the company’s stock worth $90,000 after acquiring an additional 143 shares during the period.

Insider Buying and Selling at CoreWeave

In other CoreWeave news, major shareholder Magnetar Financial Llc sold 1,284,876 shares of the company’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $119.91, for a total transaction of $154,069,481.16. Following the sale, the insider directly owned 264,061 shares of the company’s stock, valued at approximately $31,663,554.51. This represents a 82.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jack D. Cogen sold 986,540 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $107.80, for a total transaction of $106,349,012.00. The disclosure for this sale is available in the SEC filing. Insiders sold 20,516,306 shares of company stock valued at $2,400,874,625 over the last three months. 24.20% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

CRWV has been the subject of a number of research analyst reports. Sanford C. Bernstein reaffirmed an “underperform” rating on shares of CoreWeave in a research note on Thursday, June 11th. BNP Paribas Exane began coverage on CoreWeave in a research note on Tuesday, June 2nd. They issued an “outperform” rating and a $192.00 price target on the stock. Rosenblatt Securities restated a “buy” rating and issued a $250.00 price target on shares of CoreWeave in a report on Thursday, July 2nd. Jefferies Financial Group boosted their price target on CoreWeave from $120.00 to $160.00 and gave the company a “buy” rating in a report on Monday, May 4th. Finally, JPMorgan Chase & Co. upped their price objective on CoreWeave from $90.00 to $105.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. Twenty equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $138.87.

CoreWeave Stock Performance

Shares of NASDAQ CRWV opened at $73.21 on Monday. The company has a debt-to-equity ratio of 3.68, a quick ratio of 0.31 and a current ratio of 0.31. The stock has a 50 day moving average price of $100.38 and a 200 day moving average price of $95.33. The stock has a market capitalization of $32.77 billion, a PE ratio of -23.54 and a beta of 7.17. CoreWeave Inc. has a 52 week low of $63.80 and a 52 week high of $153.20.

CoreWeave (NASDAQ:CRWV) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($1.40) earnings per share for the quarter, missing the consensus estimate of ($1.17) by ($0.23). CoreWeave had a negative return on equity of 43.07% and a negative net margin of 25.57%.The company had revenue of $2.08 billion for the quarter. During the same quarter last year, the business earned ($0.60) earnings per share. The firm’s revenue was up 111.6% on a year-over-year basis. Analysts predict that CoreWeave Inc. will post -4.57 earnings per share for the current fiscal year.

CoreWeave Profile

CoreWeave is a U.S.-based provider of GPU-accelerated cloud infrastructure designed to support compute-intensive workloads such as artificial intelligence, machine learning, visual effects rendering and other high-performance computing applications. The company supplies access to large fleets of modern GPUs and complementary infrastructure that enable customers to train and deploy large models, run inference at scale, and process graphics-heavy workloads with low latency and high throughput.

CoreWeave’s product offering includes on-demand and dedicated GPU instances, bare-metal servers, private clusters and managed services tailored for enterprise and developer use.