19,250 Astera Labs, Inc. $ALAB Shares Acquired by Sumitomo Mitsui Trust Group Inc.

Key Points

• Institutional ownership increased: Sumitomo Mitsui Trust Group raised its Astera Labs stake by 6.0% to 342,169 shares, while other funds also added positions. Institutions and hedge funds now own 60.47% of ALAB.
• Insiders sold shares: CEO Jitendra Mohan and General Counsel Philip Mazzara sold shares worth a combined $33.2 million to cover tax withholding obligations. Insiders sold 408,558 shares worth $127.3 million over the past 90 days.
• Analyst sentiment remains positive but mixed: Astera Labs has a “Moderate Buy” consensus rating and an average price target of $340.79, despite recent rating downgrades and target changes. The company also exceeded quarterly estimates, reporting $0.80 EPS and $392.4 million in revenue, up 104.5% year over year.

Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Astera Labs, Inc. (NASDAQ:ALAB - Free Report) by 6.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 342,169 shares of the company's stock after purchasing an additional 19,250 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.20% of Astera Labs worth $121,802,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in ALAB. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Astera Labs during the 3rd quarter worth approximately $134,512,000. ProShare Advisors LLC increased its holdings in shares of Astera Labs by 9.4% in the third quarter. ProShare Advisors LLC now owns 184,326 shares of the company's stock valued at $65,615,000 after purchasing an additional 15,841 shares during the period. Vise Technologies Inc. increased its holdings in shares of Astera Labs by 25.9% in the third quarter. Vise Technologies Inc. now owns 4,542 shares of the company's stock valued at $1,617,000 after purchasing an additional 933 shares during the period. Harbour Trust & Investment Management Co increased its holdings in shares of Astera Labs by 7.2% in the third quarter. Harbour Trust & Investment Management Co now owns 47,233 shares of the company's stock valued at $16,814,000 after purchasing an additional 3,160 shares during the period. Finally, Bosman Wealth Management LLC raised its stake in shares of Astera Labs by 53.7% during the third quarter. Bosman Wealth Management LLC now owns 3,739 shares of the company's stock worth $1,331,000 after purchasing an additional 1,306 shares during the last quarter. Institutional investors and hedge funds own 60.47% of the company's stock.

Insider Buying and Selling at Astera Labs

In other news, General Counsel Philip Mazzara sold 6,801 shares of Astera Labs stock in a transaction on Monday, August 17th. The stock was sold at an average price of $340.50, for a total transaction of $2,315,740.50. Following the completion of the transaction, the general counsel owned 96,542 shares of the company's stock, valued at $32,872,551. The trade was a 6.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Jitendra Mohan sold 90,630 shares of the business's stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $340.35, for a total transaction of $30,845,920.50. Following the completion of the sale, the chief executive officer owned 1,266,665 shares in the company, valued at $431,109,432.75. This represents a 6.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 408,558 shares of company stock worth $127,306,034. Insiders own 10.40% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on ALAB shares. UBS Group reaffirmed a "neutral" rating and set a $425.00 price target on shares of Astera Labs in a report on Wednesday, August 5th. Citigroup lowered shares of Astera Labs from a "buy" rating to a "hold" rating in a research report on Friday, October 9th. Royal Bank Of Canada boosted their price objective on shares of Astera Labs from $425.00 to $500.00 and gave the company an "outperform" rating in a research note on Wednesday, August 5th. TD Cowen cut their price objective on shares of Astera Labs from $375.00 to $300.00 and set a "hold" rating for the company in a research report on Monday, October 19th. Finally, Zacks Research downgraded shares of Astera Labs from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 5th. Eleven investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. Based on data from MarketBeat, Astera Labs presently has a consensus rating of "Moderate Buy" and an average price target of $340.79.

Astera Labs Stock Performance

Shares of ALAB stock opened at $229.67 on Tuesday. The stock has a fifty day moving average price of $307.01 and a 200 day moving average price of $255.22. The stock has a market cap of $39.85 billion, a PE ratio of 113.70 and a beta of 3.68. Astera Labs, Inc. has a 1 year low of $97.89 and a 1 year high of $499.48.

Astera Labs (NASDAQ:ALAB - Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.11. Astera Labs had a return on equity of 19.24% and a net margin of 30.74%. The company had revenue of $392.40 million for the quarter, compared to analyst estimates of $360.85 million. During the same quarter in the prior year, the company earned $0.44 earnings per share. Astera Labs's revenue was up 104.5% compared to the same quarter last year. As a group, equities research analysts predict that Astera Labs, Inc. will post 2.71 earnings per share for the current year.

Astera Labs Profile

Astera Labs, Inc is a semiconductor and connectivity solutions company that develops hardware and software for data centers, cloud computing, and artificial intelligence infrastructure. Its products are designed to help move data between processors, memory, storage, and networking components while addressing bandwidth, latency, and system-management requirements.

The company's portfolio includes Aries PCI Express and Compute Express Link (CXL) Smart Retimers, Taurus Ethernet Smart Cable Modules, Scorpio Smart Fabric Switches, and Leo CXL Memory Connectivity Controllers.

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