Segall Bryant & Hamill LLC Cuts Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Segall Bryant & Hamill LLC trimmed its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 51.4% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 145,992 shares of the company’s stock after selling 154,122 shares during the period. Segall Bryant & Hamill LLC owned approximately 0.09% of Credo Technology Group worth $9,812,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Brown Brothers Harriman & Co. raised its stake in Credo Technology Group by 695.1% during the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after buying an additional 1,001 shares during the last quarter. Kestra Investment Management LLC purchased a new position in shares of Credo Technology Group in the 4th quarter worth about $38,000. WASHINGTON TRUST Co bought a new position in Credo Technology Group in the 4th quarter worth about $43,000. Principal Securities Inc. grew its position in Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after purchasing an additional 576 shares during the last quarter. Finally, Larson Financial Group LLC increased its stake 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 valued at $61,000 after purchasing an additional 1,399 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on CRDO. TD Cowen increased their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. The Goldman Sachs Group increased their target price on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Susquehanna upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 price objective on shares of Credo Technology Group in a research report on Wednesday, March 5th. Finally, Stifel Nicolaus upped their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $74.90.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $44.95 on Thursday. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $86.69. The stock has a market capitalization of $7.63 billion, a price-to-earnings ratio of -299.67 and a beta of 2.16. The stock’s 50-day simple moving average is $62.03 and its two-hundred day simple moving average is $53.50.

Insider Activity at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $69.22, for a total transaction of $4,153,200.00. Following the transaction, the chief technology officer now directly owns 8,448,602 shares in the company, valued at approximately $584,812,230.44. The trade was a 0.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $69.52, for a total value of $6,952,000.00. Following the completion of the sale, the chief operating officer now owns 300,000 shares of the company’s stock, valued at approximately $20,856,000. The trade was a 25.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,120,665 shares of company stock worth $75,788,792. 16.04% of the stock is owned by company insiders.

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.