Alberta Investment Management Corp Sells 1,968 Shares of Astera Labs, Inc. (NASDAQ:ALAB)

Key Points

• Alberta Investment Management Corp reduced its holdings in Astera Labs by 12.1% to a total of 14,352 shares, valued at approximately $856,000.
• Astera Labs reported a 144.1% year-over-year increase in quarterly revenue, achieving $159.44 million and earnings per share of $0.33, exceeding estimates.
• Multiple brokerages have adjusted their price targets for Astera Labs, with Barclays increasing theirs from $70.00 to $75.00 and Citigroup lowering theirs from $120.00 to $100.00.

Alberta Investment Management Corp lessened its stake in Astera Labs, Inc. (NASDAQ:ALAB - Free Report) by 12.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,352 shares of the company's stock after selling 1,968 shares during the quarter. Alberta Investment Management Corp's holdings in Astera Labs were worth $856,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. LPL Financial LLC grew its stake in Astera Labs by 94.0% in the fourth quarter. LPL Financial LLC now owns 54,402 shares of the company's stock valued at $7,205,000 after acquiring an additional 26,364 shares during the period. Corebridge Financial Inc. grew its stake in Astera Labs by 359.9% in the fourth quarter. Corebridge Financial Inc. now owns 814 shares of the company's stock valued at $108,000 after acquiring an additional 637 shares during the period. Prudential Financial Inc. acquired a new position in Astera Labs in the fourth quarter valued at about $632,000. Pictet Asset Management Holding SA acquired a new position in Astera Labs in the fourth quarter valued at about $782,000. Finally, Schroder Investment Management Group acquired a new position in Astera Labs in the fourth quarter valued at about $437,000. Institutional investors own 60.47% of the company's stock.

Astera Labs Stock Performance

ALAB traded up $39.71 on Wednesday, hitting $175.25. 9,136,454 shares of the company were exchanged, compared to its average volume of 4,863,201. Astera Labs, Inc. has a 12 month low of $36.22 and a 12 month high of $183.62. The company has a market cap of $28.90 billion, a PE ratio of 793.99, a PEG ratio of 6.47 and a beta of 1.39. The stock's fifty day moving average is $101.12 and its 200-day moving average is $86.12.

Astera Labs (NASDAQ:ALAB - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.11. Astera Labs had a return on equity of 2.57% and a net margin of 8.44%. The business had revenue of $191.93 million for the quarter, compared to analyst estimates of $172.46 million. During the same quarter in the prior year, the company posted $0.13 earnings per share. Astera Labs's revenue was up 149.5% on a year-over-year basis. As a group, equities research analysts expect that Astera Labs, Inc. will post 0.34 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have issued reports on ALAB shares. Barclays boosted their target price on Astera Labs from $70.00 to $75.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Jefferies Financial Group boosted their target price on Astera Labs from $95.00 to $130.00 and gave the company a "buy" rating in a research note on Tuesday, July 22nd. Citigroup reduced their price objective on Astera Labs from $120.00 to $100.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Susquehanna assumed coverage on Astera Labs in a research report on Friday, May 16th. They set a "neutral" rating and a $80.00 price objective for the company. Finally, Needham & Company LLC upped their price objective on Astera Labs from $100.00 to $170.00 and gave the stock a "buy" rating in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $118.80.

Insider Buying and Selling

In related news, Director Manuel Alba sold 13,259 shares of the company's stock in a transaction dated 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 sale, the director owned 1,874,498 shares in the company, valued at approximately $208,069,278. This represents a 0.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Bethany Mayer sold 686 shares of the company's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $87.47, for a total value of $60,004.42. Following the sale, the director owned 6,238 shares in the company, valued at $545,637.86. The trade was a 9.91% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,181,759 shares of company stock worth $200,883,431.

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.