Segall Bryant & Hamill Increases Stake in Credo Technology by 20.5%

Segall Bryant & Hamill LLC has increased its ownership in Credo Technology Group Holding Ltd. (NASDAQ: CRDO) by 20.5% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the institutional investor purchased an additional 18,435 shares, bringing its total holdings to 108,298 shares. This investment is valued at approximately $10.03 million, representing around 0.06% of the company’s stock.

Several other institutional investors have also adjusted their positions in Credo Technology Group recently. Notably, Operose Advisors LLC raised its stake by 69.2% in the first quarter, acquiring an additional 252 shares for a total of 616 shares, valued at about $25,000. Northwestern Mutual Wealth Management Co. and Harbour Investments Inc. each established new positions in the same quarter, worth approximately $25,000 and $29,000, respectively. Wolff Wiese Magana LLC notably increased its stake by 200.0% in the second quarter, now holding 450 shares valued at $42,000. Approximately 80.46% of Credo Technology’s stock is currently owned by institutional investors.

Credo Technology Group’s Stock Performance

On October 1, 2023, shares of Credo Technology Group opened at $133.49. The company’s stock has fluctuated significantly over the past year, with a 52-week low of $29.09 and a high of $193.50. The current market capitalization stands at $23.09 billion, with a price-to-earnings ratio of 199.24 and a beta of 2.62. The stock’s 50-day moving average is $152.85, while the 200-day moving average is $116.18.

Recent Insider Trading Activities

In related developments, Chief Technology Officer Chi Fung Cheng sold 55,000 shares of Credo Technology on September 15, 2023, at an average price of $163.98, resulting in a total transaction of approximately $9.02 million. Post-transaction, Cheng retains 6,998,961 shares, valued at about $1.15 billion, reflecting a 0.78% decrease in ownership.

Additionally, Chief Operating Officer Yat Tung Lam sold 80,000 shares on October 1, 2023, for an average price of $143.53, totaling $11.48 million. Following this sale, Lam holds 920,000 shares valued at around $132.05 million, marking an 8.00% reduction in his stake. In total, insiders sold 973,161 shares, valued at $149.01 million, over the last quarter, with insiders now owning 11.84% of the company.

Analyst Ratings and Market Outlook

Analysts have recently provided varied insights on Credo Technology Group. On October 1, 2023, TD Cowen initiated coverage with a “buy” rating and a target price of $170.00. Other firms have also expressed positive views; for instance, Barclays set an overweight rating with a target price of $165.00, while Stifel Nicolaus marked a target of $160.00. Currently, one analyst rates the stock as a Strong Buy, thirteen as a Buy, and two as a Hold. According to MarketBeat, the average rating for the company is a “Moderate Buy” with a target price averaging $140.36.

Founded to provide high-speed connectivity solutions, Credo Technology Group operates both in the United States and internationally, offering products such as active electrical cables and optical digital signal processors. The company’s strategic positioning in the tech industry underscores its relevance in a rapidly evolving market.

For further information on recent transactions and the latest scores of institutional holdings, investors can visit HoldingsChannel.com for insights on Credo Technology Group and its performance in the current market landscape.