Legato Capital Management LLC Sells 20,495 Shares of Astera Labs, Inc. (NASDAQ:ALAB)

Key Points

• Legato Capital Management LLC reduced its stake in Astera Labs by 80% during Q1, selling 20,495 shares and bringing their holdings down to 5,117 shares valued at $305,000.
• Other institutional investors showed significant interest, with UBS AM increasing its investment by over 2,800% in Q4, acquiring 149,240 additional shares.
• Astera Labs reported earnings of $0.33 per share for Q1, exceeding expectations of $0.28, with revenues of $159.44 million, indicating a 144.1% increase year-over-year.

Legato Capital Management LLC decreased its position in Astera Labs, Inc. (NASDAQ:ALAB - Free Report) by 80.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,117 shares of the company's stock after selling 20,495 shares during the quarter. Legato Capital Management LLC's holdings in Astera Labs were worth $305,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of 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 buying an additional 149,240 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Astera Labs by 50.5% in the fourth quarter. JPMorgan Chase & Co. now owns 2,360,467 shares of the company's stock worth $312,644,000 after buying an additional 792,153 shares during the period. Pacific Point Advisors LLC raised its stake in shares of 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 buying an additional 3,000 shares during the period. Oppenheimer Asset Management Inc. raised its stake in shares of 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 buying an additional 6,783 shares during the period. Finally, Taylor Frigon Capital Management LLC bought a new position in shares of Astera Labs in the first quarter worth about $1,887,000. Institutional investors own 60.47% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on ALAB shares. Susquehanna started coverage on Astera Labs in a research note on Friday, May 16th. They issued a "neutral" rating and a $80.00 price objective on the stock. Citigroup decreased their price objective on Astera Labs from $120.00 to $100.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Stifel Nicolaus raised their price objective on Astera Labs from $100.00 to $110.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Morgan Stanley upgraded Astera Labs from an "equal weight" rating to an "overweight" rating and set a $99.00 target price for the company in a research report on Monday, May 12th. Finally, Needham & Company LLC cut their target price on Astera Labs from $140.00 to $100.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $102.67.

Insider Buying and Selling at Astera Labs

In other Astera Labs news, insider Sanjay Gajendra sold 165,000 shares of the firm's stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $71.76, for a total transaction of $11,840,400.00. Following the completion of the transaction, the insider owned 755,000 shares in the company, valued at $54,178,800. This trade represents a 17.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available 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 shares were sold at an average price of $90.02, for a total value of $11,545,065.00. Following the transaction, the chief executive officer owned 541,125 shares of the company's stock, valued at $48,712,072.50. This represents a 19.16% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,181,759 shares of company stock worth $200,883,431 in the last quarter.

Astera Labs Price Performance

NASDAQ ALAB opened at $122.23 on Friday. The stock has a market capitalization of $20.16 billion, a PE ratio of 555.62, a P/E/G ratio of 5.71 and a beta of 1.18. The business has a 50 day simple moving average of $96.02 and a two-hundred day simple moving average of $86.41. Astera Labs, Inc. has a 1-year low of $36.22 and a 1-year 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 earnings per share 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 analysts' expectations of $151.55 million. Astera Labs had a return on equity of 2.57% and a net margin of 8.44%. The firm's revenue for the quarter was up 144.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.10 EPS. On average, analysts anticipate that Astera Labs, Inc. will post 0.34 EPS for the current fiscal 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.

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