94,834 Shares in Astera Labs, Inc. (NASDAQ:ALAB) Purchased by Sierra Summit Advisors LLC

Key Points

• Sierra Summit Advisors LLC has acquired 94,834 shares of Astera Labs, Inc. (NASDAQ:ALAB), valued at approximately $5.66 million, increasing its ownership to about 0.06% of the company.
• Astera Labs reported a significant year-over-year revenue increase of 149.5%, with quarterly earnings of $0.44 per share, surpassing analyst estimates.
• Institutional investors currently own 60.47% of the stock, with several large firms significantly increasing their shares, including a 318.9% increase by Lord Abbett & CO. LLC.

Sierra Summit Advisors LLC acquired a new position in Astera Labs, Inc. (NASDAQ:ALAB - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 94,834 shares of the company's stock, valued at approximately $5,659,000. Sierra Summit Advisors LLC owned approximately 0.06% of Astera Labs as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in shares of Astera Labs by 0.9% during the first quarter. Vanguard Group Inc. now owns 9,297,476 shares of the company's stock valued at $554,780,000 after purchasing an additional 85,846 shares during the last quarter. Lord Abbett & CO. LLC raised its holdings in shares of Astera Labs by 318.9% during the fourth quarter. Lord Abbett & CO. LLC now owns 1,818,600 shares of the company's stock valued at $240,873,000 after purchasing an additional 1,384,498 shares during the last quarter. Driehaus Capital Management LLC raised its holdings in shares of Astera Labs by 16,640.4% during the fourth quarter. Driehaus Capital Management LLC now owns 1,324,330 shares of the company's stock valued at $175,408,000 after purchasing an additional 1,316,419 shares during the last quarter. Bank of Nova Scotia raised its holdings in shares of Astera Labs by 3,742.2% during the first quarter. Bank of Nova Scotia now owns 964,400 shares of the company's stock valued at $57,546,000 after purchasing an additional 939,300 shares during the last quarter. Finally, Polar Capital Holdings Plc purchased a new position in shares of Astera Labs during the fourth quarter valued at approximately $126,812,000. 60.47% of the stock is currently owned by institutional investors.

Insider Activity

In other news, COO Sanjay Gajendra sold 280,000 shares of the business's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $170.02, for a total value of $47,605,600.00. Following the transaction, the chief operating officer owned 5,525,545 shares of the company's stock, valued at approximately $939,453,160.90. The trade was a 4.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Manuel Alba sold 13,259 shares of the business's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $111.00, for a total transaction of $1,471,749.00. Following the completion of the transaction, the director directly owned 1,874,498 shares in the company, valued at $208,069,278. This trade represents a 0.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,221,759 shares of company stock worth $231,319,881 over the last quarter.

Astera Labs Price Performance

Shares of NASDAQ:ALAB opened at $179.28 on Friday. Astera Labs, Inc. has a 1-year low of $36.85 and a 1-year high of $183.62. The company has a market capitalization of $29.80 billion, a P/E ratio of 320.14, a P/E/G ratio of 7.27 and a beta of 1.39. The firm's 50 day simple moving average is $105.95 and its two-hundred day simple moving average is $87.37.

Astera Labs (NASDAQ:ALAB - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.11. Astera Labs had a net margin of 16.54% and a return on equity of 9.53%. The business had revenue of $191.93 million for the quarter, compared to the consensus estimate of $172.46 million. During the same quarter in the previous year, the firm earned $0.13 earnings per share. The company's revenue for the quarter was up 149.5% on a year-over-year basis. On average, sell-side analysts anticipate that Astera Labs, Inc. will post 0.34 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on ALAB shares. Stifel Nicolaus set a $145.00 price objective on shares of Astera Labs and gave the company a "buy" rating in a report on Monday, August 4th. William Blair started coverage on shares of Astera Labs in a report on Thursday, May 22nd. They set an "outperform" rating for the company. Barclays reissued an "overweight" rating and set a $155.00 price objective (up from $75.00) on shares of Astera Labs in a report on Thursday. Roth Capital set a $100.00 target price on shares of Astera Labs and gave the company a "buy" rating in a research report on Wednesday, May 7th. Finally, Morgan Stanley boosted their target price on shares of Astera Labs from $125.00 to $155.00 and gave the company an "overweight" rating in a research report on Wednesday. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Astera Labs has an average rating of "Moderate Buy" and an average price target of $129.13.

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.

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