Citigroup Inc. Grows Stock Position in Astera Labs, Inc. (NASDAQ:ALAB)

Citigroup Inc. lifted its stake in Astera Labs, Inc. (NASDAQ:ALAB - Free Report) by 331.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 461,093 shares of the company's stock after buying an additional 354,201 shares during the period. Citigroup Inc. owned approximately 0.28% of Astera Labs worth $27,513,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. GAMMA Investing LLC increased its holdings in shares of Astera Labs by 55.7% in the first quarter. GAMMA Investing LLC now owns 794 shares of the company's stock worth $47,000 after buying an additional 284 shares during the period. Sound Income Strategies LLC grew its stake in shares of Astera Labs by 34.7% in the first quarter. Sound Income Strategies LLC now owns 792 shares of the company's stock worth $47,000 after purchasing an additional 204 shares during the last quarter. Harbour Investments Inc. grew its stake in shares of Astera Labs by 351.7% in the first quarter. Harbour Investments Inc. now owns 795 shares of the company's stock worth $47,000 after purchasing an additional 619 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Astera Labs in the first quarter worth about $48,000. Finally, Hazlett Burt & Watson Inc. grew its stake in shares of Astera Labs by 1,670.0% in the first quarter. Hazlett Burt & Watson Inc. now owns 885 shares of the company's stock worth $53,000 after purchasing an additional 835 shares during the last quarter. Hedge funds and other institutional investors own 60.47% of the company's stock.

Insider Transactions at Astera Labs

In other news, CFO Michael Truett Tate sold 100,000 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $171.38, for a total value of $17,138,000.00. Following the sale, the chief financial officer directly owned 518,996 shares of the company's stock, valued at $88,945,534.48. The trade was a 16.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Jitendra Mohan sold 152,517 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $170.33, for a total transaction of $25,978,220.61. Following the completion of the transaction, the chief executive officer owned 450,001 shares of the company's stock, valued at approximately $76,648,670.33. The trade was a 25.31% 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 worth $272,127,521. Company insiders own 12.50% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on ALAB shares. William Blair started coverage on Astera Labs in a research note on Thursday, May 22nd. They issued an "outperform" rating on the stock. Northland Securities cut Astera Labs from an "outperform" rating to a "market perform" rating and set a $120.00 target price on the stock. in a research note on Tuesday, July 22nd. Jefferies Financial Group raised their target price on Astera Labs from $95.00 to $130.00 and gave the stock a "buy" rating in a research note on Tuesday, July 22nd. Stifel Nicolaus set a $145.00 target price on Astera Labs and gave the stock a "buy" rating in a research note on Monday, August 4th. Finally, Roth Capital set a $100.00 target price on Astera Labs and gave the stock a "buy" rating in a research note on Wednesday, May 7th. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $129.13.

Astera Labs Stock Up 7.0%

Shares of ALAB opened at $192.00 on Wednesday. The business's 50 day moving average price is $109.62 and its 200-day moving average price is $88.04. Astera Labs, Inc. has a 52 week low of $36.85 and a 52 week high of $193.77. The stock has a market cap of $31.91 billion, a P/E ratio of 342.86, a P/E/G ratio of 7.64 and a beta of 1.39.

Astera Labs (NASDAQ:ALAB - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $0.44 EPS for the quarter, topping 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 firm had revenue of $191.93 million for the quarter, compared to analysts' expectations of $172.46 million. During the same period in the previous year, the firm posted $0.13 EPS. The business's revenue for the quarter was up 149.5% compared to the same quarter last year. On average, equities analysts anticipate that Astera Labs, Inc. will post 0.34 EPS for the current 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.

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