Astera Labs, Inc. (NASDAQ:ALAB) Shares Purchased by Bank of Nova Scotia

Key Points

• The Bank of Nova Scotia significantly increased its stake in Astera Labs by 3,742.2%, owning approximately 0.58% of the company valued at over $57 million after acquiring nearly 940,000 additional shares in the first quarter.
• Insider trades saw CEO Jitendra Mohan and insider Sanjay Gajendra sell sizable portions of their shareholdings, with Gajendra reducing his stake by 17.93% and Mohan by 19.16%, amounting to millions in transaction values.
• Analysts generally maintain a positive outlook on Astera Labs, with an average rating of "Moderate Buy" and a consensus price target recently adjusted to $104.40, despite some conflicting reports downgrading the stock.

Bank of Nova Scotia boosted its stake in shares of Astera Labs, Inc. (NASDAQ:ALAB - Free Report) by 3,742.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 964,400 shares of the company's stock after purchasing an additional 939,300 shares during the period. Bank of Nova Scotia owned about 0.58% of Astera Labs worth $57,546,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Astera Labs by 2,824.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 154,524 shares of the company's stock worth $20,467,000 after acquiring an additional 149,240 shares during the period. Pacific Point Advisors LLC raised its position in Astera Labs by 75.0% in the first quarter. Pacific Point Advisors LLC now owns 7,000 shares of the company's stock worth $418,000 after acquiring an additional 3,000 shares during the period. Oppenheimer Asset Management Inc. raised its position in Astera Labs by 73.6% in the first quarter. Oppenheimer Asset Management Inc. now owns 15,995 shares of the company's stock worth $954,000 after acquiring an additional 6,783 shares during the period. Taylor Frigon Capital Management LLC bought a new position in Astera Labs in the first quarter worth approximately $1,887,000. Finally, Cetera Investment Advisers purchased a new stake in shares of Astera Labs in the fourth quarter worth $460,000. Institutional investors own 60.47% of the company's stock.

Astera Labs Stock Down 0.8%

Shares of Astera Labs stock traded down $1.05 on Tuesday, reaching $136.88. The stock had a trading volume of 1,353,193 shares, compared to its average volume of 4,809,135. The stock has a market capitalization of $22.57 billion, a P/E ratio of 620.79, a P/E/G ratio of 6.15 and a beta of 1.39. Astera Labs, Inc. has a 1 year low of $36.22 and a 1 year high of $147.39. The company has a 50 day moving average price of $100.36 and a 200 day moving average price of $85.78.

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

Insider Buying and Selling at Astera Labs

In other Astera Labs news, Director Manuel Alba sold 13,259 shares of Astera Labs stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $111.00, for a total transaction of $1,471,749.00. Following the completion of the sale, the director directly owned 1,874,498 shares in the company, valued at approximately $208,069,278. The trade was a 0.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Jitendra Mohan sold 76,258 shares of the business's stock in a transaction on Monday, July 21st. The shares were sold at an average price of $112.72, for a total transaction of $8,595,801.76. Following the completion of the transaction, the chief executive officer owned 475,421 shares of the company's stock, valued at approximately $53,589,455.12. This represents a 13.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,181,759 shares of company stock valued at $200,883,431.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ALAB. Northland Securities cut shares of Astera Labs from an "outperform" rating to a "market perform" rating and set a $120.00 price objective for the company. in a research note on Tuesday, July 22nd. Jefferies Financial Group increased their price objective on shares of Astera Labs from $95.00 to $130.00 and gave the stock a "buy" rating in a research note on Tuesday, July 22nd. Northland Capmk cut shares of Astera Labs from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 22nd. Evercore ISI raised their target price on shares of Astera Labs from $87.00 to $104.00 and gave the company an "outperform" rating in a research note on Wednesday, May 21st. Finally, Citigroup cut their target price on shares of Astera Labs from $120.00 to $100.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Astera Labs has an average rating of "Moderate Buy" and an average target price of $106.73.

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.