Segall Bryant & Hamill LLC Decreases Stock Holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Segall Bryant & Hamill LLC cut its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 38.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 89,863 shares of the company's stock after selling 56,129 shares during the quarter. Segall Bryant & Hamill LLC owned 0.05% of Credo Technology Group worth $3,609,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of CRDO. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Credo Technology Group in the first quarter valued at approximately $27,000. Optimum Investment Advisors bought a new position in shares of Credo Technology Group in the first quarter valued at approximately $52,000. Larson Financial Group LLC grew its holdings in shares of Credo Technology Group by 21.5% in the first quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock valued at $56,000 after acquiring an additional 245 shares in the last quarter. Quarry LP bought a new position in shares of Credo Technology Group in the fourth quarter valued at approximately $58,000. Finally, CIBC Private Wealth Group LLC grew its holdings in shares of Credo Technology Group by 51.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock valued at $75,000 after acquiring an additional 348 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CRDO. Stifel Nicolaus upped their target price on Credo Technology Group from $80.00 to $115.00 and gave the company a "buy" rating in a report on Friday. Roth Capital set a $95.00 price objective on Credo Technology Group and gave the company a "buy" rating in a report on Friday, June 13th. Susquehanna reissued a "positive" rating and set a $90.00 price objective (up from $60.00) on shares of Credo Technology Group in a report on Tuesday, June 3rd. Mizuho increased their price objective on Credo Technology Group from $81.00 to $98.00 and gave the company an "outperform" rating in a report on Thursday, July 3rd. Finally, Cowen reissued a "buy" rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. One analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $85.64.

Credo Technology Group Stock Down 5.1%

CRDO traded down $4.98 on Friday, hitting $93.47. The company had a trading volume of 7,194,156 shares, compared to its average volume of 4,241,175. The company has a market cap of $16.04 billion, a PE ratio of 346.19, a PEG ratio of 1.68 and a beta of 2.57. Credo Technology Group Holding Ltd. has a 12-month low of $22.50 and a 12-month high of $104.35. The business's fifty day simple moving average is $78.64 and its 200 day simple moving average is $63.67.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings data on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.08. The company had revenue of $170.00 million for the quarter, compared to analyst estimates of $159.59 million. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. Credo Technology Group's revenue was up 179.6% compared to the same quarter last year. During the same period last year, the company posted $0.07 earnings per share. On average, analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Daniel W. Fleming sold 3,790 shares of the company's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $97.29, for a total transaction of $368,729.10. Following the transaction, the chief financial officer directly owned 582,428 shares of the company's stock, valued at approximately $56,664,420.12. This represents a 0.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Lip Bu Tan sold 12,248 shares of the company's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $93.22, for a total value of $1,141,758.56. Following the transaction, the director directly owned 467,180 shares in the company, valued at approximately $43,550,519.60. The trade was a 2.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,078,139 shares of company stock worth $82,013,680 over the last quarter. Insiders own 16.04% of the company's stock.

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.