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

Fred Alger Management LLC raised its position in Astera Labs, Inc. (NASDAQ:ALAB) by 1,361.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 2,821,921 shares of the company’s stock after purchasing an additional 2,628,765 shares during the period. Astera Labs comprises approximately 0.7% of Fred Alger Management LLC’s portfolio, making the stock its 28th biggest holding. Fred Alger Management LLC owned 1.78% of Astera Labs worth $147,840,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the stock. Avior Wealth Management LLC purchased a new stake in shares of Astera Labs in the third quarter valued at $361,000. Meeder Asset Management Inc. acquired a new stake in shares of Astera Labs in the third quarter worth approximately $1,141,000. Bank of Hawaii purchased a new stake in Astera Labs in the third quarter valued at approximately $1,409,000. Vanguard Group Inc. acquired a new position in Astera Labs during the first quarter worth approximately $127,268,000. Finally, Rakuten Securities Inc. purchased a new position in Astera Labs during the third quarter worth approximately $291,000.

Astera Labs Stock Performance

Shares of NASDAQ ALAB opened at $99.60 on Friday. The firm’s 50-day simple moving average is $74.17 and its 200 day simple moving average is $60.84. Astera Labs, Inc. has a fifty-two week low of $36.22 and a fifty-two week high of $113.85.

Astera Labs (NASDAQ:ALAB) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.06. Astera Labs had a negative net margin of 30.69% and a negative return on equity of 15.57%. The company had revenue of $113.10 million during the quarter, compared to analyst estimates of $97.50 million. Astera Labs’s quarterly revenue was up 47.1% on a year-over-year basis. On average, sell-side analysts expect that Astera Labs, Inc. will post -0.45 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently commented on ALAB shares. Craig Hallum upped their price objective on Astera Labs from $75.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. JPMorgan Chase & Co. boosted their target price on Astera Labs from $70.00 to $110.00 and gave the stock an “overweight” rating in a report on Tuesday, November 5th. Citigroup assumed coverage on shares of Astera Labs in a report on Monday, November 18th. They issued a “buy” rating and a $120.00 price target on the stock. Stifel Nicolaus boosted their price objective on Astera Labs from $80.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Finally, Needham & Company LLC reissued a “buy” rating and set a $65.00 target price on shares of Astera Labs in a research report on Wednesday, October 9th. Twelve investment analysts have rated the stock with a buy rating, According to MarketBeat, Astera Labs presently has an average rating of “Buy” and a consensus price target of $94.67.

Insider Buying and Selling at Astera Labs

In other Astera Labs news, Director Stefan A. Dyckerhoff sold 7,814 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $107.17, for a total value of $837,426.38. Following the completion of the sale, the director now directly owns 121,803 shares of the company’s stock, valued at approximately $13,053,627.51. This represents a 6.03 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Sanjay Gajendra sold 76,701 shares of Astera Labs stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $45.32, for a total transaction of $3,476,089.32. Following the completion of the transaction, the insider now directly owns 855,000 shares in the company, valued at $38,748,600. This represents a 8.23 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,897,820 shares of company stock valued at $168,252,298.

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.