Renaissance Capital LLC Purchases 31,345 Shares of Astera Labs, Inc. (NASDAQ:ALAB)

Renaissance Capital LLC raised its holdings in Astera Labs, Inc. (NASDAQ:ALAB - Free Report) by 27.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 145,621 shares of the company's stock after buying an additional 31,345 shares during the period. Astera Labs accounts for about 6.7% of Renaissance Capital LLC's portfolio, making the stock its 4th largest holding. Renaissance Capital LLC owned about 0.09% of Astera Labs worth $8,689,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Astera Labs by 354.9% in the 4th quarter. Vanguard Group Inc. now owns 9,211,630 shares of the company's stock valued at $1,220,080,000 after buying an additional 7,186,582 shares during the last quarter. Alliancebernstein L.P. grew its stake in Astera Labs by 2,328.5% in the 4th quarter. Alliancebernstein L.P. now owns 3,922,278 shares of the company's stock valued at $519,506,000 after buying an additional 3,760,765 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Astera Labs by 50.5% in the 4th quarter. JPMorgan Chase & Co. now owns 2,360,467 shares of the company's stock valued at $312,644,000 after buying an additional 792,153 shares during the last quarter. Lord Abbett & CO. LLC grew its stake in Astera Labs by 318.9% in the 4th quarter. Lord Abbett & CO. LLC now owns 1,818,600 shares of the company's stock valued at $240,873,000 after buying an additional 1,384,498 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in Astera Labs by 418.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,674,000 shares of the company's stock valued at $221,721,000 after buying an additional 1,351,007 shares during the last quarter. 60.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ALAB shares. William Blair began coverage on shares of Astera Labs in a research report on Thursday, May 22nd. They set an "outperform" rating on the stock. Citigroup dropped their price target on shares of Astera Labs from $120.00 to $100.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Stifel Nicolaus dropped their price target on shares of Astera Labs from $150.00 to $100.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Craig Hallum lifted their price target on shares of Astera Labs from $105.00 to $125.00 and gave the company a "buy" rating in a research report on Tuesday, February 11th. Finally, Barclays lifted their price target 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. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Astera Labs presently has an average rating of "Buy" and an average target price of $100.00.

Insider Activity

In other news, CEO Jitendra Mohan sold 75,000 shares of the firm's stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $71.05, for a total transaction of $5,328,750.00. Following the completion of the transaction, the chief executive officer now owns 575,000 shares of the company's stock, valued at approximately $40,853,750. This trade represents a 11.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Sanjay Gajendra sold 88,627 shares of the firm's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $98.11, for a total transaction of $8,695,194.97. Following the transaction, the chief operating officer now directly owns 724,257 shares of the company's stock, valued at $71,056,854.27. The trade was a 10.90% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,495,267 shares of company stock valued at $131,012,865.

Astera Labs Stock Down 1.0%

Shares of NASDAQ ALAB traded down $0.89 during midday trading on Tuesday, reaching $91.46. 2,456,133 shares of the company were exchanged, compared to its average volume of 4,076,865. The stock's 50-day moving average price is $75.72 and its 200-day moving average price is $92.49. The stock has a market cap of $15.08 billion, a P/E ratio of -52.87, a PEG ratio of 6.18 and a beta of 1.39. Astera Labs, Inc. has a one year low of $36.22 and a one year high of $147.39.

Astera Labs (NASDAQ:ALAB - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $0.33 earnings per share for the quarter, topping analysts' consensus estimates of $0.28 by $0.05. The firm had revenue of $159.44 million for the quarter, compared to analysts' expectations of $151.55 million. Astera Labs had a negative net margin of 21.05% and a negative return on equity of 10.40%. The company's revenue was up 144.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.10 earnings per share. On average, equities research analysts anticipate that Astera Labs, Inc. will post 0.34 EPS for the current 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.