Caitong International Asset Management Co. Ltd Raises Stake in Astera Labs, Inc. (NASDAQ:ALAB)

Key Points

• Caitong International Asset Management Co. Ltd increased its stake in Astera Labs by 264.8% in the first quarter, holding 7,285 shares valued at $435,000.
• Astera Labs recently reported earnings of $0.44 per share, exceeding estimates, with revenue growth of 149.5% year-over-year, reaching $191.93 million.
• Insiders have sold 2,425,276 shares valued at approximately $272.1 million over the last 90 days, with 12.50% of the stock currently owned by company insiders.

Caitong International Asset Management Co. Ltd increased its holdings in Astera Labs, Inc. (NASDAQ:ALAB - Free Report) by 264.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,285 shares of the company's stock after buying an additional 5,288 shares during the period. Caitong International Asset Management Co. Ltd's holdings in Astera Labs were worth $435,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in ALAB. Lord Abbett & CO. LLC boosted its position in shares of Astera Labs by 318.9% in the 4th quarter. Lord Abbett & CO. LLC now owns 1,818,600 shares of the company's stock worth $240,873,000 after buying an additional 1,384,498 shares in the last quarter. Driehaus Capital Management LLC boosted its position in shares of Astera Labs by 16,640.4% in the 4th quarter. Driehaus Capital Management LLC now owns 1,324,330 shares of the company's stock worth $175,408,000 after buying an additional 1,316,419 shares in the last quarter. Polar Capital Holdings Plc purchased a new stake in shares of Astera Labs in the 4th quarter worth about $126,812,000. Bank of Nova Scotia boosted its position in shares of Astera Labs by 3,742.2% in the 1st quarter. Bank of Nova Scotia now owns 964,400 shares of the company's stock worth $57,546,000 after buying an additional 939,300 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its position in shares of Astera Labs by 4,172.8% in the 4th quarter. BNP Paribas Financial Markets now owns 816,619 shares of the company's stock worth $108,161,000 after buying an additional 797,507 shares in the last quarter. 60.47% of the stock is currently owned by hedge funds and other institutional investors.

Astera Labs Trading Down 1.5%

Shares of NASDAQ ALAB traded down $2.95 on Thursday, reaching $190.69. 4,286,448 shares of the company traded hands, compared to its average volume of 4,980,256. Astera Labs, Inc. has a fifty-two week low of $36.85 and a fifty-two week high of $199.47. The company has a 50 day moving average of $111.59 and a 200 day moving average of $88.77. The stock has a market capitalization of $31.70 billion, a PE ratio of 340.52, a P/E/G ratio of 4.87 and a beta of 1.39.

Astera Labs (NASDAQ:ALAB - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.33 by $0.11. Astera Labs had a net margin of 16.54% and a return on equity of 9.53%. The company had revenue of $191.93 million during the quarter, compared to the consensus estimate of $172.46 million. During the same quarter in the prior year, the company posted $0.13 EPS. The company's quarterly revenue was up 149.5% compared to the same quarter last year. As a group, research analysts expect that Astera Labs, Inc. will post 0.34 earnings per share for the current year.

Insider Activity

In other news, CEO Jitendra Mohan sold 152,517 shares of the business's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $170.33, for a total transaction of $25,978,220.61. Following the completion of the sale, the chief executive officer owned 450,001 shares in the company, valued at approximately $76,648,670.33. The trade was a 25.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Michael Truett Tate sold 500,000 shares of the business'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 sale, the chief financial officer owned 618,996 shares of the company's stock, valued at $55,852,009.08. The trade was a 44.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,525,276 shares of company stock valued at $291,246,521 in the last 90 days. 12.50% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on ALAB shares. Morgan Stanley boosted their price objective on shares of Astera Labs from $125.00 to $155.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 6th. Evercore ISI boosted their price objective on shares of Astera Labs from $104.00 to $215.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 6th. William Blair initiated coverage on shares of Astera Labs in a research report on Thursday, May 22nd. They issued an "outperform" rating on the stock. Northland Securities downgraded shares of Astera Labs from an "outperform" rating to a "market perform" rating and set a $120.00 target price for the company. in a research note on Tuesday, July 22nd. Finally, Wall Street Zen downgraded shares of Astera Labs from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $129.13.

Astera Labs Company 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.