Highland Capital Management LLC Reduces Stock Position in Astera Labs, Inc. (NASDAQ:ALAB)

Highland Capital Management LLC lessened its holdings in shares of Astera Labs, Inc. (NASDAQ:ALAB - Free Report) by 79.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,200 shares of the company's stock after selling 16,128 shares during the period. Highland Capital Management LLC's holdings in Astera Labs were worth $251,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ALAB. Principal Financial Group Inc. purchased a new position in shares of Astera Labs during the fourth quarter valued at approximately $1,388,000. Global Retirement Partners LLC boosted its holdings in Astera Labs by 3,155.6% in the fourth quarter. Global Retirement Partners LLC now owns 293 shares of the company's stock valued at $39,000 after acquiring an additional 284 shares in the last quarter. Bank of New York Mellon Corp increased its position in Astera Labs by 123.9% during the 4th quarter. Bank of New York Mellon Corp now owns 383,197 shares of the company's stock valued at $50,754,000 after purchasing an additional 212,055 shares during the period. Amalgamated Bank raised its holdings in Astera Labs by 382.5% in the 4th quarter. Amalgamated Bank now owns 5,891 shares of the company's stock worth $780,000 after purchasing an additional 4,670 shares in the last quarter. Finally, Oppenheimer & Co. Inc. bought a new position in Astera Labs in the 4th quarter worth $3,476,000. Institutional investors own 60.47% of the company's stock.

Insider Activity

In other Astera Labs news, Director Manuel Alba sold 63,000 shares of Astera Labs stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $63.37, for a total value of $3,992,310.00. Following the completion of the sale, the director now owns 444,863 shares of the company's stock, valued at approximately $28,190,968.31. The trade was a 12.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Sanjay Gajendra sold 165,000 shares of the stock in a transaction 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 now directly owns 755,000 shares in the company, valued at $54,178,800. The trade was a 17.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,751,729 shares of company stock valued at $156,008,250 over the last ninety days.

Astera Labs Stock Performance

Shares of NASDAQ ALAB opened at $91.02 on Monday. The firm's 50 day moving average price is $84.75 and its 200-day moving average price is $90.62. 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 $15.01 billion, a PE ratio of 413.75, a P/E/G ratio of 4.28 and a beta of 1.39.

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

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Morgan Stanley upgraded shares of Astera Labs from an "equal weight" rating to an "overweight" rating and set a $99.00 price target on the stock in a research report on Monday, May 12th. Wall Street Zen upgraded Astera Labs from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Susquehanna initiated coverage on Astera Labs in a research report on Friday, May 16th. They issued a "neutral" rating and a $80.00 target price for the company. Roth Capital set a $100.00 price target on Astera Labs and gave the company a "buy" rating in a research report on Wednesday, May 7th. Finally, Raymond James Financial started coverage on Astera Labs in a report on Friday, March 14th. They issued an "outperform" rating and a $82.00 price objective for the company. One analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $100.00.

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.

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