Michael Truett Tate Sells 500,000 Shares of Astera Labs, Inc. (NASDAQ:ALAB) Stock

Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report) CFO Michael Truett Tate sold 500,000 shares of the firm's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $90.23, for a total value of $45,115,000.00. Following the completion of the transaction, the chief financial officer now directly owns 618,996 shares in the company, valued at $55,852,009.08. The trade was a 44.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Michael Truett Tate also recently made the following trade(s):

• On Friday, May 16th, Michael Truett Tate sold 9,107 shares of Astera Labs stock. The stock was sold at an average price of $90.67, for a total transaction of $825,731.69.

Astera Labs Price Performance

Shares of ALAB traded down $4.51 during mid-day trading on Thursday, reaching $90.71. 4,122,915 shares of the company's stock traded hands, compared to its average volume of 4,686,017. The stock's 50-day moving average is $73.24 and its two-hundred day moving average is $92.71. Astera Labs, Inc. has a 12 month low of $36.22 and a 12 month high of $147.39. The stock has a market cap of $14.96 billion, a P/E ratio of -52.43, a P/E/G ratio of 6.18 and a beta of 0.33.

Astera Labs (NASDAQ:ALAB - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.28 by $0.05. The company had revenue of $159.44 million during the quarter, compared to analysts' expectations of $151.55 million. Astera Labs had a negative return on equity of 10.40% and a negative net margin of 21.05%. Astera Labs's revenue was up 144.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.10 EPS. Research analysts predict that Astera Labs, Inc. will post 0.34 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ALAB. Evercore ISI raised their price objective on Astera Labs from $87.00 to $104.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 21st. Citigroup cut their price target on Astera Labs from $120.00 to $100.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Roth Capital set a $100.00 price objective on Astera Labs and gave the stock a "buy" rating in a research note on Wednesday, May 7th. William Blair started coverage on Astera Labs in a research report on Thursday, May 22nd. They set an "outperform" rating for the company. Finally, Morgan Stanley upgraded shares of Astera Labs from an "equal weight" rating to an "overweight" rating and set a $99.00 price target on the stock in a research note on Monday, May 12th. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $100.00.

Hedge Funds Weigh In On Astera Labs

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Astera Labs by 354.9% in the fourth quarter. Vanguard Group Inc. now owns 9,211,630 shares of the company's stock worth $1,220,080,000 after buying an additional 7,186,582 shares in the last quarter. Alliancebernstein L.P. grew its stake in Astera Labs by 114.2% during the 1st quarter. Alliancebernstein L.P. now owns 8,401,019 shares of the company's stock valued at $501,289,000 after purchasing an additional 4,478,741 shares during the last quarter. Atreides Management LP increased its holdings in Astera Labs by 153.3% in the 1st quarter. Atreides Management LP now owns 4,652,264 shares of the company's stock worth $277,601,000 after buying an additional 2,815,614 shares during the period. Jennison Associates LLC acquired a new stake in shares of Astera Labs in the fourth quarter worth $229,991,000. Finally, Lord Abbett & CO. LLC grew its position in Astera Labs by 318.9% during the 4th quarter. Lord Abbett & CO. LLC now owns 1,818,600 shares of the company's stock worth $240,873,000 after purchasing an additional 1,384,498 shares during the period. Institutional investors own 60.47% of the company's stock.

About Astera Labs

Astera Labs, Inc designs, manufactures, and sells semiconductor-based connectivity solutions for cloud and AI infrastructure. Its Intelligent Connectivity Platform is comprised of a portfolio of data, network, and memory connectivity products, which are built on a unifying software-defined architecture that enables customers to deploy and operate high performance cloud and AI infrastructure at scale.