Astera Labs, Inc. (NASDAQ:ALAB) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its holdings in Astera Labs, Inc. (NASDAQ:ALAB - Free Report) by 44.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,806 shares of the company's stock after selling 4,671 shares during the quarter. Principal Financial Group Inc.'s holdings in Astera Labs were worth $346,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ALAB. Whittier Trust Co. of Nevada Inc. acquired a new position in Astera Labs during the 4th quarter worth $25,000. Murphy & Mullick Capital Management Corp acquired a new stake in shares of Astera Labs in the 4th quarter valued at about $43,000. Sound Income Strategies LLC lifted its position in Astera Labs by 34.7% during the 1st quarter. Sound Income Strategies LLC now owns 792 shares of the company's stock worth $47,000 after acquiring an additional 204 shares during the period. GAMMA Investing LLC lifted its position in Astera Labs by 55.7% during the 1st quarter. GAMMA Investing LLC now owns 794 shares of the company's stock worth $47,000 after acquiring an additional 284 shares during the period. Finally, NewEdge Advisors LLC purchased a new position in shares of Astera Labs during the 4th quarter worth approximately $63,000. Hedge funds and other institutional investors own 60.47% of the company's stock.

Astera Labs Stock Up 4.3%

Shares of ALAB stock opened at $102.13 on Monday. The business has a 50 day moving average of $92.81 and a two-hundred day moving average of $86.33. Astera Labs, Inc. has a 52 week low of $36.22 and a 52 week high of $147.39. The company has a market cap of $16.84 billion, a P/E ratio of 464.25, a PEG ratio of 4.79 and a beta of 1.18.

Astera Labs (NASDAQ:ALAB - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.05. The business had revenue of $159.44 million during the quarter, compared to the consensus estimate of $151.55 million. Astera Labs had a return on equity of 2.57% and a net margin of 8.44%. The business's revenue was up 144.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.10 earnings per share. Analysts expect that Astera Labs, Inc. will post 0.34 EPS for the current fiscal year.

Insider Transactions at Astera Labs

In other Astera Labs news, Director Bethany Mayer sold 686 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $87.47, for a total value of $60,004.42. Following the completion of the sale, the director directly owned 6,238 shares in the company, valued at $545,637.86. This represents a 9.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Sanjay Gajendra sold 165,000 shares of the company's stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $98.61, for a total value of $16,270,650.00. Following the completion of the sale, the chief operating officer owned 695,000 shares of the company's stock, valued at $68,533,950. This trade represents a 19.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,965,984 shares of company stock valued at $178,631,873.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Wall Street Zen downgraded Astera Labs from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. Needham & Company LLC decreased their price objective on Astera Labs from $140.00 to $100.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Evercore ISI lifted their target price on Astera Labs from $87.00 to $104.00 and gave the company an "outperform" rating in a report on Wednesday, May 21st. Citigroup reduced their target price on Astera Labs from $120.00 to $100.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Finally, William Blair began coverage on Astera Labs in a research report on Thursday, May 22nd. They issued an "outperform" rating on the stock. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Astera Labs has a consensus rating of "Moderate Buy" and an average target price of $100.71.

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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