SlateStone Wealth LLC Sells 8,805 Shares of Astera Labs, Inc. (NASDAQ:ALAB)

Key Points

• SlateStone Wealth LLC reduced its stake in Astera Labs by 47.9%, selling 8,805 shares and holding a total of 9,595 shares worth approximately $573,000.
• Several institutional investors, including XTX Topco Ltd and Pacer Advisors Inc., have significantly increased their positions in Astera Labs, reflecting a growing interest in the stock.
• Insider trading activity includes COO Sanjay Gajendra selling 165,000 shares for over $16 million, while analyst ratings show a mix of buy and hold recommendations, with an average price target of $104.40.

SlateStone Wealth LLC trimmed its stake in Astera Labs, Inc. (NASDAQ:ALAB - Free Report) by 47.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,595 shares of the company's stock after selling 8,805 shares during the period. SlateStone Wealth LLC's holdings in Astera Labs were worth $573,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. XTX Topco Ltd increased its stake in Astera Labs by 1,326.7% during the 1st quarter. XTX Topco Ltd now owns 37,307 shares of the company's stock valued at $2,226,000 after purchasing an additional 34,692 shares in the last quarter. Banque Cantonale Vaudoise purchased a new position in shares of Astera Labs during the first quarter valued at approximately $161,000. LPL Financial LLC raised its holdings in shares of Astera Labs by 51.0% during the first quarter. LPL Financial LLC now owns 82,128 shares of the company's stock valued at $4,901,000 after purchasing an additional 27,726 shares during the last quarter. Freemont Management S.A. purchased a new position in shares of Astera Labs during the first quarter valued at approximately $5,460,000. Finally, Pacer Advisors Inc. purchased a new position in shares of Astera Labs during the first quarter valued at approximately $29,935,000. 60.47% of the stock is owned by hedge funds and other institutional investors.

Astera Labs Price Performance

ALAB traded down $5.63 during trading hours on Friday, hitting $131.10. 6,935,750 shares of the stock were exchanged, compared to its average volume of 5,314,275. The stock has a 50-day simple moving average of $99.49 and a 200-day simple moving average of $86.35. Astera Labs, Inc. has a 12 month low of $36.22 and a 12 month high of $147.39. The stock has a market cap of $21.62 billion, a price-to-earnings ratio of 1,311.00, a price-to-earnings-growth ratio of 6.15 and a beta of 1.38.

Astera Labs (NASDAQ:ALAB - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $0.33 earnings per share (EPS) 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 analyst estimates of $151.55 million. Astera Labs had a return on equity of 2.57% and a net margin of 8.44%. Astera Labs's revenue was up 144.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.10 earnings per share. Sell-side analysts expect that Astera Labs, Inc. will post 0.34 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on ALAB. Susquehanna initiated coverage on shares of Astera Labs in a research report on Friday, May 16th. They issued a "neutral" rating and a $80.00 price target for the company. Evercore ISI raised their target price on shares of Astera Labs from $87.00 to $104.00 and gave the stock an "outperform" rating in a report on Wednesday, May 21st. Northland Securities lowered 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 report on Tuesday, July 22nd. Stifel Nicolaus raised their target price on shares of Astera Labs from $100.00 to $110.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Finally, Jefferies Financial Group lifted their price objective on shares of Astera Labs from $95.00 to $130.00 and gave the stock a "buy" rating in a research report on Tuesday, July 22nd. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat, Astera Labs currently has an average rating of "Moderate Buy" and an average target price of $104.40.

Insider Transactions at Astera Labs

In other news, Director Bethany Mayer sold 686 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $87.47, for a total transaction of $60,004.42. Following the sale, the director directly owned 6,238 shares in the company, valued at approximately $545,637.86. The trade was a 9.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Jitendra Mohan sold 76,258 shares of the company's stock in a transaction on Monday, July 21st. The shares were sold at an average price of $112.72, for a total value of $8,595,801.76. Following the completion of the sale, the chief executive officer owned 475,421 shares in the company, valued at $53,589,455.12. This trade represents a 13.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,181,759 shares of company stock valued at $200,883,431 in the last quarter.

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.