US Bancorp DE Lowers Holdings in Astera Labs, Inc. $ALAB

Key Points

• US Bancorp DE has reduced its holdings in Astera Labs, Inc. by 51.3% in the first quarter, now owning 3,091 shares valued at approximately $184,000.
• A number of hedge funds significantly increased their stakes in Astera Labs during the fourth quarter, with Driehaus Capital Management raising its holdings by 16,640.4%.
• Astera Labs reported quarterly earnings of $0.44 per share, exceeding analysts' estimates and showing a revenue increase of 149.5% year-over-year.

US Bancorp DE lessened its stake in shares of Astera Labs, Inc. (NASDAQ:ALAB - Free Report) by 51.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,091 shares of the company's stock after selling 3,259 shares during the period. US Bancorp DE's holdings in Astera Labs were worth $184,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Lord Abbett & CO. LLC grew its position in shares of Astera Labs by 318.9% in 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 boosted its position in shares of Astera Labs by 16,640.4% in the fourth quarter. Driehaus Capital Management LLC now owns 1,324,330 shares of the company's stock valued at $175,408,000 after acquiring an additional 1,316,419 shares during the period. Polar Capital Holdings Plc acquired a new stake in shares of Astera Labs in the fourth quarter worth $126,812,000. BNP Paribas Financial Markets increased its position in Astera Labs by 4,172.8% during the fourth quarter. BNP Paribas Financial Markets now owns 816,619 shares of the company's stock worth $108,161,000 after acquiring an additional 797,507 shares during the period. Finally, Voya Investment Management LLC raised its stake in Astera Labs by 153.0% during the 4th quarter. Voya Investment Management LLC now owns 637,737 shares of the company's stock valued at $84,468,000 after purchasing an additional 385,693 shares during the last quarter. Institutional investors own 60.47% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ALAB shares. Wall Street Zen upgraded Astera Labs from a "hold" rating to a "buy" rating in a research report on Saturday. Barclays reissued an "overweight" rating and issued a $155.00 price target (up previously from $75.00) on shares of Astera Labs in a report on Thursday, August 7th. Susquehanna lifted their target price on shares of Astera Labs from $80.00 to $125.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Evercore ISI increased their price target 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. Finally, Zacks Research raised Astera Labs to a "strong-buy" rating in a report on Tuesday, August 12th. Three research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $129.13.

Insiders Place Their Bets

In other Astera Labs news, CEO Jitendra Mohan sold 152,517 shares of the stock in a transaction that occurred on Thursday, August 7th. The shares were 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. This represents a 25.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Manuel Alba sold 13,259 shares of the business's stock in a transaction that occurred 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 of the company's stock, valued at approximately $208,069,278. This represents a 0.70% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,176,436 shares of company stock worth $259,714,061 in the last three months. 12.50% of the stock is owned by corporate insiders.

Astera Labs Stock Performance

NASDAQ:ALAB traded down $0.24 during mid-day trading on Monday, reaching $185.61. 3,279,258 shares of the company's stock were exchanged, compared to its average volume of 4,964,368. The business's fifty day simple moving average is $115.49 and its two-hundred day simple moving average is $90.13. Astera Labs, Inc. has a one year low of $36.85 and a one year high of $199.47. The firm has a market capitalization of $30.85 billion, a PE ratio of 332.10, a price-to-earnings-growth ratio of 4.71 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 earnings per share for the quarter, beating analysts' consensus estimates of $0.33 by $0.11. Astera Labs had a return on equity of 9.53% and a net margin of 16.54%. The business had revenue of $191.93 million during the quarter, compared to the consensus estimate of $172.46 million. During the same period in the prior year, the business posted $0.13 earnings per share. Astera Labs's quarterly revenue was up 149.5% on a year-over-year basis. As a group, equities research analysts forecast 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.