Astera Labs, Inc. (NASDAQ:ALAB) Shares Bought by Aigen Investment Management LP

Key Points

• Aigen Investment Management LP increased its stake in Astera Labs by 50.9% during the first quarter, now holding 17,920 shares valued at approximately $1.07 million.
• In recent insider trading, COO Sanjay Gajendra sold 280,000 shares of Astera Labs stock for about $47.61 million, indicating a 4.82% decrease in his holdings.
• Astera Labs reported a significant revenue increase of 149.5% year-over-year with earnings per share of $0.44, surpassing analysts' estimates.

Aigen Investment Management LP grew its holdings in shares of Astera Labs, Inc. (NASDAQ:ALAB - Free Report) by 50.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,920 shares of the company's stock after buying an additional 6,045 shares during the period. Aigen Investment Management LP's holdings in Astera Labs were worth $1,069,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Sierra Summit Advisors LLC purchased a new stake in shares of Astera Labs during the 1st quarter valued at about $5,659,000. National Bank of Canada FI increased its position in shares of Astera Labs by 112.4% during the 1st quarter. National Bank of Canada FI now owns 1,149 shares of the company's stock valued at $69,000 after purchasing an additional 608 shares during the last quarter. Citigroup Inc. increased its position in shares of Astera Labs by 331.4% during the 1st quarter. Citigroup Inc. now owns 461,093 shares of the company's stock valued at $27,513,000 after purchasing an additional 354,201 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Astera Labs by 11.5% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 56,300 shares of the company's stock worth $3,359,000 after acquiring an additional 5,800 shares during the period. Finally, Deutsche Bank AG raised its stake in Astera Labs by 2,448.4% during the 1st quarter. Deutsche Bank AG now owns 196,103 shares of the company's stock worth $11,701,000 after acquiring an additional 188,408 shares during the period. Institutional investors own 60.47% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. William Blair initiated coverage on shares of Astera Labs in a report on Thursday, May 22nd. They set an "outperform" rating for the company. Evercore ISI increased their target price on Astera Labs from $104.00 to $215.00 and gave the company an "outperform" rating in a research report on Wednesday, August 6th. Stifel Nicolaus set a $145.00 price target on Astera Labs and gave the stock a "buy" rating in a research report on Monday, August 4th. Needham & Company LLC lifted their target price on Astera Labs from $100.00 to $170.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Finally, Northland Securities downgraded Astera Labs from an "outperform" rating to a "market perform" rating and set a $120.00 target price for the company. in a research report on Tuesday, July 22nd. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, Astera Labs presently has a consensus rating of "Moderate Buy" and a consensus target price of $129.13.

Insider Transactions at Astera Labs

In related news, CEO Jitendra Mohan sold 152,517 shares of Astera Labs stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $170.33, for a total value of $25,978,220.61. Following the sale, the chief executive officer directly owned 450,001 shares in the company, valued at $76,648,670.33. The trade was a 25.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Stefan A. Dyckerhoff sold 25,000 shares of Astera Labs stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $173.42, for a total value of $4,335,500.00. Following the completion of the sale, the director owned 99,154 shares in the company, valued at approximately $17,195,286.68. This trade represents a 20.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,425,276 shares of company stock valued at $272,127,521. 12.50% of the stock is owned by company insiders.

Astera Labs Stock Up 0.9%

NASDAQ:ALAB traded up $1.64 during mid-day trading on Wednesday, reaching $193.64. 4,831,026 shares of the stock were exchanged, compared to its average volume of 7,058,289. The company has a 50 day simple moving average of $109.62 and a 200-day simple moving average of $88.04. The stock has a market capitalization of $32.19 billion, a P/E ratio of 362.26, a P/E/G ratio of 4.87 and a beta of 1.39. Astera Labs, Inc. has a 1 year low of $36.85 and a 1 year high of $199.47.

Astera Labs (NASDAQ:ALAB - Get Free Report) last announced its 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 return on equity of 9.53% and a net margin of 16.54%. The company had revenue of $191.93 million for the quarter, compared to the consensus estimate of $172.46 million. During the same period last year, the business posted $0.13 EPS. The company's revenue was up 149.5% on a year-over-year basis. As a group, research analysts predict that Astera Labs, Inc. will post 0.34 EPS for the current year.

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.