Virtus Wealth Solutions LLC reduced its holdings in Astera Labs, Inc. (NASDAQ:ALAB - Free Report) by 39.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 44,700 shares of the company's stock after selling 29,194 shares during the period. Astera Labs comprises 0.8% of Virtus Wealth Solutions LLC's holdings, making the stock its 17th biggest position. Virtus Wealth Solutions LLC's holdings in Astera Labs were worth $2,667,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. purchased a new stake in Astera Labs during the fourth quarter worth $25,000. Steward Partners Investment Advisory LLC raised its position in Astera Labs by 99.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 199 shares of the company's stock worth $26,000 after acquiring an additional 99 shares during the period. Global Retirement Partners LLC raised its position in Astera Labs by 3,155.6% during the fourth quarter. Global Retirement Partners LLC now owns 293 shares of the company's stock worth $39,000 after acquiring an additional 284 shares during the period. Murphy & Mullick Capital Management Corp acquired a new position in Astera Labs during the fourth quarter worth $43,000. Finally, Principal Securities Inc. acquired a new position in Astera Labs during the fourth quarter worth $55,000. 60.47% of the stock is owned by hedge funds and other institutional investors.
Astera Labs Trading Down 7.1%
NASDAQ ALAB traded down $6.94 during trading hours on Friday, reaching $91.02. The company had a trading volume of 10,053,276 shares, compared to its average volume of 4,276,135. The stock has a 50-day moving average of $84.75 and a 200 day moving average of $90.62. Astera Labs, Inc. has a 1-year low of $36.22 and a 1-year high of $147.39. The stock has a market capitalization of $15.01 billion, a P/E ratio of 413.75, a price-to-earnings-growth ratio of 4.28 and a beta of 1.38.
Astera Labs (NASDAQ:ALAB - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $0.33 EPS for the quarter, beating analysts' consensus estimates of $0.28 by $0.05. Astera Labs had a net margin of 8.44% and a return on equity of 2.57%. The company had revenue of $159.44 million for the quarter, compared to analysts' expectations of $151.55 million. During the same quarter in the prior year, the company posted $0.10 earnings per share. Astera Labs's revenue for the quarter was up 144.1% compared to the same quarter last year. As a group, sell-side analysts predict 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. Stifel Nicolaus reduced their price objective 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. Raymond James Financial began coverage on shares of Astera Labs in a research report on Friday, March 14th. They set an "outperform" rating and a $82.00 price objective for the company. Evercore ISI upped their price objective on shares of Astera Labs from $87.00 to $104.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 21st. Wall Street Zen upgraded shares of Astera Labs from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Finally, Morgan Stanley upgraded shares of Astera Labs from an "equal weight" rating to an "overweight" rating and set a $99.00 price objective for the company in a research report on Monday, May 12th. One investment analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $100.00.
Get Our Latest Analysis on Astera Labs
Insider Buying and Selling at Astera Labs
In other Astera Labs news, Director Manuel Alba sold 20,150 shares of the business's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $100.84, for a total transaction of $2,031,926.00. Following the sale, the director now directly owns 432,854 shares in the company, valued at $43,648,997.36. This represents a 4.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jitendra Mohan sold 52,743 shares of the business's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $100.86, for a total transaction of $5,319,658.98. Following the sale, the chief executive officer now owns 512,218 shares in the company, valued at $51,662,307.48. This trade represents a 9.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,751,729 shares of company stock valued at $156,008,250 over the last 90 days.
Astera Labs Company Profile
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Free Report)
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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