Segall Bryant & Hamill LLC Increases Stock Holdings in Credo Technology Group Holding Ltd. $CRDO

Segall Bryant & Hamill LLC boosted its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 12.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 111,621 shares of the company’s stock after purchasing an additional 12,616 shares during the quarter. Segall Bryant & Hamill LLC owned approximately 0.06% of Credo Technology Group worth $10,478,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Reflection Asset Management purchased a new stake in Credo Technology Group in the 4th quarter valued at about $25,000. Acumen Wealth Advisors LLC acquired a new position in shares of Credo Technology Group during the 4th quarter valued at about $25,000. Flagship Harbor Advisors LLC purchased a new position in shares of Credo Technology Group during the 4th quarter worth about $32,000. AlphaCentric Advisors LLC acquired a new stake in shares of Credo Technology Group in the first quarter worth approximately $33,000. Finally, Smallwood Wealth Investment Management LLC acquired a new stake in shares of Credo Technology Group in the fourth quarter worth approximately $36,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Stock Performance

CRDO opened at $206.99 on Monday. Credo Technology Group Holding Ltd. has a 1 year low of $86.49 and a 1 year high of $308.67. The firm has a 50 day moving average price of $236.60 and a 200 day moving average price of $171.95. The company has a market cap of $38.60 billion, a PE ratio of 83.46, a price-to-earnings-growth ratio of 0.95 and a beta of 3.23.

Credo Technology Group (NASDAQ:CRDO) last announced 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 net margin of 35.37% and a return on equity of 32.30%. The firm had revenue of $437.00 million for the quarter, compared to analysts’ expectations of $431.80 million. During the same period in the previous year, the company posted $0.20 earnings per share. Credo Technology Group’s revenue was up 157.0% compared to the same quarter last year. On average, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Insider Activity

In related news, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $243.06, for a total transaction of $6,684,150.00. Following the transaction, the chief technology officer owned 5,882,370 shares in the company, valued at approximately $1,429,768,852.20. The trade was a 0.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Joseph Brennan sold 54,984 shares of Credo Technology Group stock in a transaction on Friday, June 5th. The shares were sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the transaction, the chief executive officer owned 367,327 shares in the company, valued at $80,286,662.39. The trade was a 13.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 302,162 shares of company stock valued at $72,810,546. Company insiders own 11.84% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Mizuho upped their price target on shares of Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 2nd. JPMorgan Chase & Co. lifted their price target on shares of Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a report on Tuesday, June 2nd. Weiss Ratings raised shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Zacks Research upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 19th. Finally, TD Cowen increased their target price on Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Two research 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 company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $266.17.

Credo Technology Group Company 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.