Astera Labs, Inc. (NASDAQ:ALAB) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC cut its stake in shares of Astera Labs, Inc. (NASDAQ:ALAB - Free Report) by 51.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,380,395 shares of the company's stock after selling 1,441,526 shares during the quarter. Astera Labs accounts for approximately 0.9% of Fred Alger Management LLC's holdings, making the stock its 21st biggest position. Fred Alger Management LLC owned approximately 0.87% of Astera Labs worth $182,833,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Astera Labs in the fourth quarter valued at about $25,000. Steward Partners Investment Advisory LLC increased its position in Astera Labs by 99.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 199 shares of the company's stock worth $26,000 after purchasing an additional 99 shares during the period. Kestra Investment Management LLC purchased a new position in shares of Astera Labs during the 4th quarter worth approximately $28,000. Geneos Wealth Management Inc. acquired a new stake in shares of Astera Labs in the 4th quarter valued at approximately $36,000. Finally, Global Retirement Partners LLC boosted its stake in shares of Astera Labs by 3,155.6% in the fourth quarter. Global Retirement Partners LLC now owns 293 shares of the company's stock valued at $39,000 after buying an additional 284 shares in the last quarter. 60.47% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on ALAB. Barclays increased their price objective on Astera Labs from $70.00 to $75.00 and gave the stock an "overweight" rating in a research report on Wednesday. Craig Hallum raised their price objective on shares of Astera Labs from $105.00 to $125.00 and gave the company a "buy" rating in a research note on Tuesday, February 11th. Citigroup lowered their target price on shares of Astera Labs from $120.00 to $100.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Northland Capmk raised Astera Labs from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 28th. Finally, Needham & Company LLC dropped their price objective on Astera Labs from $140.00 to $100.00 and set a "buy" rating for the company in a research note on Wednesday. One investment analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Astera Labs currently has an average rating of "Buy" and an average target price of $100.85.

Astera Labs Trading Down 0.6 %

Shares of Astera Labs stock traded down $0.44 during mid-day trading on Friday, hitting $71.20. 2,694,193 shares of the stock were exchanged, compared to its average volume of 3,859,134. The stock has a market capitalization of $11.74 billion, a price-to-earnings ratio of -41.16, a price-to-earnings-growth ratio of 6.18 and a beta of 0.33. Astera Labs, Inc. has a twelve month low of $36.22 and a twelve month high of $147.39. The company has a 50-day simple moving average of $64.32 and a 200 day simple moving average of $91.58.

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

Insider Activity at Astera Labs

In other news, Director Michael E. Hurlston sold 2,500 shares of the company's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $92.08, for a total transaction of $230,200.00. Following the completion of the sale, the director now directly owns 91,794 shares in the company, valued at $8,452,391.52. This represents a 2.65 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Manuel Alba sold 63,000 shares of the stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $63.37, for a total value of $3,992,310.00. Following the completion of the transaction, the director now directly owns 444,863 shares in the company, valued at $28,190,968.31. This trade represents a 12.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 633,990 shares of company stock worth $54,235,012.

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.