Bank of New York Mellon Corp Boosts Position in Astera Labs, Inc. (NASDAQ:ALAB)

Bank of New York Mellon Corp lifted its stake in Astera Labs, Inc. (NASDAQ:ALAB - Free Report) by 1.3% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 388,132 shares of the company's stock after buying an additional 4,935 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.24% of Astera Labs worth $23,160,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of ALAB. Steward Partners Investment Advisory LLC lifted its holdings in shares of Astera Labs by 99.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 199 shares of the company's stock worth $26,000 after buying an additional 99 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Astera Labs by 12.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 132,472 shares of the company's stock worth $17,546,000 after purchasing an additional 15,008 shares during the last quarter. HighTower Advisors LLC bought a new stake in Astera Labs in the fourth quarter worth $821,000. Swiss National Bank bought a new stake in Astera Labs in the fourth quarter worth $10,199,000. Finally, Commonwealth Equity Services LLC bought a new stake in Astera Labs in the fourth quarter worth $1,693,000. Hedge funds and other institutional investors own 60.47% of the company's stock.

Insider Activity at Astera Labs

In related news, insider Sanjay Gajendra sold 165,000 shares of the stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $71.76, for a total value of $11,840,400.00. Following the transaction, the insider owned 755,000 shares in the company, valued at approximately $54,178,800. This represents a 17.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jitendra Mohan sold 128,250 shares of the firm's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $90.02, for a total transaction of $11,545,065.00. Following the sale, the chief executive officer directly owned 541,125 shares in the company, valued at $48,712,072.50. The trade was a 19.16% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,965,984 shares of company stock valued at $178,631,873 in the last three months.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ALAB. Needham & Company LLC cut their price objective on shares of Astera Labs from $140.00 to $100.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Wall Street Zen cut shares of Astera Labs from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Citigroup cut their price objective on shares of Astera Labs from $120.00 to $100.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Barclays boosted their price objective on shares of Astera Labs from $70.00 to $75.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Finally, Evercore ISI upped their price target on shares of Astera Labs from $87.00 to $104.00 and gave the stock an "outperform" rating in a report on Wednesday, May 21st. 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. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $100.71.

Astera Labs Price Performance

Shares of ALAB stock traded up $4.18 during mid-day trading on Friday, hitting $102.13. 5,561,530 shares of the stock traded hands, compared to its average volume of 4,441,472. The stock has a market cap of $16.84 billion, a P/E ratio of 464.25, a P/E/G ratio of 4.79 and a beta of 1.18. The stock's fifty day moving average is $92.81 and its two-hundred day moving average is $86.66. Astera Labs, Inc. has a 52-week low of $36.22 and a 52-week high of $147.39.

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

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.