Victory Capital Management Inc. Purchases 7,077 Shares of Astera Labs, Inc. (NASDAQ:ALAB)

Key Points

• Victory Capital Management Inc. increased its stake in Astera Labs, Inc. by 46.5% during the first quarter, acquiring an additional 7,077 shares for a total of 22,293 shares valued at approximately $1,330,000.
• Astera Labs' stock reached a high of $147.39 over the past year and opened at $128.87 on a recent Thursday, showing significant growth with a quarterly revenue increase of 144.1% compared to the same period last year.
• Insider trading activity included CEO Jitendra Mohan selling 128,250 shares for over $11.5 million, marking a 19.16% decrease in his holdings.

Victory Capital Management Inc. increased its holdings in Astera Labs, Inc. (NASDAQ:ALAB - Free Report) by 46.5% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 22,293 shares of the company's stock after buying an additional 7,077 shares during the quarter. Victory Capital Management Inc.'s holdings in Astera Labs were worth $1,330,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Dakota Wealth Management boosted its position in Astera Labs by 10.4% in the first quarter. Dakota Wealth Management now owns 47,581 shares of the company's stock worth $2,839,000 after purchasing an additional 4,471 shares during the last quarter. SBI Securities Co. Ltd. boosted its position in Astera Labs by 69.6% in the first quarter. SBI Securities Co. Ltd. now owns 21,264 shares of the company's stock worth $1,269,000 after purchasing an additional 8,727 shares during the last quarter. Peregrine Investment Management Inc. boosted its position in Astera Labs by 85.7% in the first quarter. Peregrine Investment Management Inc. now owns 150,000 shares of the company's stock worth $8,950,000 after purchasing an additional 69,210 shares during the last quarter. CWM LLC lifted its position in shares of Astera Labs by 297.4% during the 1st quarter. CWM LLC now owns 3,755 shares of the company's stock valued at $224,000 after buying an additional 2,810 shares in the last quarter. Finally, Stephens Inc. AR purchased a new position in shares of Astera Labs during the 1st quarter valued at about $6,330,000. 60.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on ALAB shares. Barclays lifted their price objective on Astera Labs from $70.00 to $75.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Northland Securities cut Astera Labs from an "outperform" rating to a "market perform" rating and set a $120.00 price objective on the stock. in a research report on Tuesday, July 22nd. Stifel Nicolaus lifted their price objective on Astera Labs from $100.00 to $110.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Needham & Company LLC lowered their price objective on Astera Labs from $140.00 to $100.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Finally, Wall Street Zen cut Astera Labs from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $104.40.

Astera Labs Stock Performance

NASDAQ:ALAB traded down $5.63 during trading hours on Friday, reaching $131.10. The stock had a trading volume of 6,935,750 shares, compared to its average volume of 5,314,275. Astera Labs, Inc. has a 52 week low of $36.22 and a 52 week high of $147.39. The company has a 50 day moving average price of $99.49 and a two-hundred day moving average price of $86.35. The stock has a market capitalization of $21.62 billion, a PE ratio of 1,311.00, a PEG ratio of 6.15 and a beta of 1.38.

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. Astera Labs had a return on equity of 2.57% and a net margin of 8.44%. The company had revenue of $159.44 million for the quarter, compared to analyst estimates of $151.55 million. During the same quarter in the prior year, the firm posted $0.10 EPS. Astera Labs's quarterly revenue was up 144.1% compared to the same quarter last year. Equities research analysts predict that Astera Labs, Inc. will post 0.34 EPS for the current year.

Insider Buying and Selling

In related news, COO Sanjay Gajendra sold 165,000 shares of the stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $98.61, for a total transaction of $16,270,650.00. Following the sale, the chief operating officer owned 695,000 shares in the company, valued at approximately $68,533,950. This represents a 19.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Manuel Alba sold 13,259 shares of the company's stock in a transaction on Monday, July 21st. The shares were sold at an average price of $111.00, for a total value of $1,471,749.00. Following the completion of the transaction, the director directly owned 1,874,498 shares in the company, valued at $208,069,278. This trade represents a 0.70% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,181,759 shares of company stock worth $200,883,431.

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.