Pacer Advisors Inc. Takes $29.94 Million Position in Astera Labs, Inc. (NASDAQ:ALAB)

Key Points

• Pacer Advisors Inc. acquired 501,677 shares of Astera Labs, Inc. (NASDAQ:ALAB) valued at approximately $29.9 million, representing about 0.30% ownership.
• Astera Labs reported a 144.1% increase in revenue year-over-year, with earnings per share of $0.33 exceeding expectations in the most recent quarter.
• Insider transactions revealed significant stock sales by CFO and CEO, with over 2 million shares sold in the last three months valued at approximately $200.9 million.

Pacer Advisors Inc. purchased a new position in Astera Labs, Inc. (NASDAQ:ALAB - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 501,677 shares of the company's stock, valued at approximately $29,935,000. Pacer Advisors Inc. owned 0.30% of Astera Labs at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Neo Ivy Capital Management purchased a new stake in Astera Labs during the 1st quarter worth approximately $105,000. IMA Advisory Services Inc. purchased a new stake in Astera Labs during the 1st quarter worth approximately $347,000. Pier 88 Investment Partners LLC purchased a new stake in Astera Labs during the 1st quarter worth approximately $493,000. Y Intercept Hong Kong Ltd purchased a new stake in Astera Labs during the 1st quarter worth approximately $5,543,000. Finally, Hazlett Burt & Watson Inc. increased its stake in Astera Labs by 1,670.0% during the 1st quarter. Hazlett Burt & Watson Inc. now owns 885 shares of the company's stock worth $53,000 after buying an additional 835 shares in the last quarter. Hedge funds and other institutional investors own 60.47% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have commented on ALAB shares. Jefferies Financial Group boosted their price objective on Astera Labs from $95.00 to $130.00 and gave the stock a "buy" rating in a research note on Tuesday, July 22nd. 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 issued an "outperform" rating for the company. Evercore ISI upped their price target on Astera Labs from $87.00 to $104.00 and gave the company an "outperform" rating in a research report on Wednesday, May 21st. Finally, Susquehanna started coverage on Astera Labs in a research report on Friday, May 16th. They issued a "neutral" rating and a $80.00 price target for the company. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $102.67.

Astera Labs Trading Up 0.5%

Astera Labs stock traded up $0.55 during mid-day trading on Friday, hitting $122.23. The company's stock had a trading volume of 2,646,390 shares, compared to its average volume of 4,648,293. The firm has a market capitalization of $20.16 billion, a PE ratio of 555.62, a price-to-earnings-growth ratio of 5.74 and a beta of 1.18. Astera Labs, Inc. has a 1 year low of $36.22 and a 1 year high of $147.39. The stock's fifty day moving average is $96.02 and its two-hundred day moving average is $85.79.

Astera Labs (NASDAQ:ALAB - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.33 EPS for the quarter, topping analysts' consensus estimates of $0.28 by $0.05. Astera Labs had a return on equity of 2.57% and a net margin of 8.44%. The company had revenue of $159.44 million for the quarter, compared to analysts' expectations of $151.55 million. During the same period in the prior year, the firm earned $0.10 earnings per share. The firm's revenue was up 144.1% compared to the same quarter last year. On average, equities analysts expect that Astera Labs, Inc. will post 0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other Astera Labs news, insider Sanjay Gajendra sold 165,000 shares of the company's stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $71.76, for a total transaction of $11,840,400.00. Following the transaction, the insider directly owned 755,000 shares in the company, valued at $54,178,800. This represents a 17.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jitendra Mohan sold 128,250 shares of the company's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $90.02, for a total value of $11,545,065.00. Following the transaction, the chief executive officer owned 541,125 shares in the company, valued at $48,712,072.50. This trade represents a 19.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,181,759 shares of company stock worth $200,883,431 over the last ninety days.

Astera Labs Profile

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.