Utah Retirement Systems Buys New Shares in Astera Labs, Inc. (NASDAQ:ALAB)

Utah Retirement Systems bought a new stake in Astera Labs, Inc. (NASDAQ:ALAB - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 5,800 shares of the company's stock, valued at approximately $768,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ALAB. Vanguard Group Inc. grew its stake in shares of Astera Labs by 354.9% during the 4th quarter. Vanguard Group Inc. now owns 9,211,630 shares of the company's stock worth $1,220,080,000 after purchasing an additional 7,186,582 shares during the period. Alliancebernstein L.P. grew its position in Astera Labs by 2,328.5% during the fourth 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 period. Jennison Associates LLC purchased a new position in Astera Labs in the fourth quarter valued at $229,991,000. Lord Abbett & CO. LLC raised its position in shares of Astera Labs by 318.9% in the fourth quarter. Lord Abbett & CO. LLC now owns 1,818,600 shares of the company's stock worth $240,873,000 after acquiring an additional 1,384,498 shares during the period. Finally, Norges Bank purchased a new stake in shares of Astera Labs during the 4th quarter worth about $179,229,000. Hedge funds and other institutional investors own 60.47% of the company's stock.

Analyst Ratings Changes

ALAB has been the subject of several recent analyst reports. Craig Hallum lifted their price target on Astera Labs from $105.00 to $125.00 and gave the company a "buy" rating in a research note on Tuesday, February 11th. Needham & Company LLC reissued a "buy" rating and set a $140.00 target price on shares of Astera Labs in a research note on Tuesday, February 11th. Northland Capmk raised shares of Astera Labs from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 28th. Citigroup cut their price objective on Astera Labs from $120.00 to $100.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Finally, Northland Securities upgraded Astera Labs from a "market perform" rating to an "outperform" rating and set a $120.00 target price on the stock in a research report on Tuesday, January 28th. One research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $109.25.

Astera Labs Stock Performance

ALAB traded down $0.62 on Tuesday, hitting $71.54. 4,070,322 shares of the company were exchanged, compared to its average volume of 3,823,251. Astera Labs, Inc. has a fifty-two week low of $36.22 and a fifty-two week high of $147.39. The firm has a market capitalization of $11.80 billion, a P/E ratio of -41.35, a price-to-earnings-growth ratio of 6.18 and a beta of 0.32. The business's fifty day moving average is $64.36 and its 200 day moving average is $91.65.

Astera Labs (NASDAQ:ALAB - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.18 earnings per share for the quarter, missing analysts' consensus estimates of $0.28 by ($0.10). Astera Labs had a negative return on equity of 10.40% and a negative net margin of 21.05%. Analysts forecast that Astera Labs, Inc. will post 0.34 EPS for the current fiscal year.

Insider Buying and Selling

In other Astera Labs news, General Counsel Philip Mazzara sold 7,536 shares of the firm's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $92.07, for a total transaction of $693,839.52. Following the completion of the transaction, the general counsel now owns 241,209 shares of the company's stock, valued at approximately $22,208,112.63. This trade represents a 3.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Jitendra Mohan sold 350,680 shares of the business's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $89.51, for a total transaction of $31,389,366.80. Following the completion of the transaction, the chief executive officer now directly owns 2,353,655 shares of the company's stock, valued at $210,675,659.05. The trade was a 12.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 633,990 shares of company stock worth $54,235,012 in the last three months.

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.