Arizona State Retirement System Takes $1.50 Million Position in Astera Labs, Inc. (NASDAQ:ALAB)

Arizona State Retirement System bought a new position in shares of Astera Labs, Inc. (NASDAQ:ALAB - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 11,356 shares of the company's stock, valued at approximately $1,504,000.

Several other hedge funds have also recently bought and sold shares of ALAB. Fred Alger Management LLC raised its holdings in Astera Labs by 1,361.0% during the 3rd quarter. Fred Alger Management LLC now owns 2,821,921 shares of the company's stock worth $147,840,000 after buying an additional 2,628,765 shares during the period. Jennison Associates LLC acquired a new stake in Astera Labs during the 4th quarter worth approximately $229,991,000. Westfield Capital Management Co. LP acquired a new stake in Astera Labs during the 3rd quarter worth approximately $52,049,000. The Manufacturers Life Insurance Company raised its holdings in Astera Labs by 15,477.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 879,055 shares of the company's stock worth $46,054,000 after buying an additional 873,412 shares during the period. Finally, Spyglass Capital Management LLC acquired a new stake in Astera Labs during the 3rd quarter worth approximately $38,565,000. 60.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently issued reports on ALAB shares. Citigroup started coverage on shares of Astera Labs in a report on Monday, November 18th. They issued a "buy" rating and a $120.00 price objective on the stock. Northland Securities upgraded shares of Astera Labs from a "market perform" rating to an "outperform" rating and set a $120.00 price objective on the stock in a report on Tuesday, January 28th. Barclays lifted their price objective on shares of Astera Labs from $87.00 to $135.00 and gave the company an "overweight" rating in a report on Friday, January 17th. Craig Hallum lifted their price objective on shares of Astera Labs from $105.00 to $125.00 and gave the company a "buy" rating in a report on Tuesday, February 11th. Finally, Raymond James started coverage on shares of Astera Labs in a report on Friday. They issued an "outperform" rating and a $82.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $112.77.

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Insiders Place Their Bets

In other Astera Labs news, General Counsel Philip Mazzara sold 50,000 shares of Astera Labs stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $87.46, for a total transaction of $4,373,000.00. Following the completion of the transaction, the general counsel now directly owns 191,209 shares of the company's stock, valued at $16,723,139.14. The trade was a 20.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michael E. Hurlston sold 2,500 shares of Astera Labs 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 transaction, the director now directly owns 91,794 shares of the company's stock, valued at approximately $8,452,391.52. This trade represents a 2.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 570,990 shares of company stock valued at $50,242,702 over the last ninety days.

Astera Labs Stock Up 10.5 %

Shares of NASDAQ:ALAB traded up $6.86 during midday trading on Friday, hitting $72.18. The stock had a trading volume of 3,693,148 shares, compared to its average volume of 3,800,180. Astera Labs, Inc. has a 12 month low of $36.22 and a 12 month high of $147.39. The business's 50-day simple moving average is $97.61 and its 200-day simple moving average is $88.31. The company has a market cap of $11.70 billion and a P/E ratio of -41.72.

Astera Labs (NASDAQ:ALAB - Get Free Report) last released its quarterly earnings data on Monday, February 10th. The company reported $0.10 EPS for the quarter, missing analysts' consensus estimates of $0.26 by ($0.16). Astera Labs had a negative return on equity of 10.40% and a negative net margin of 21.05%. As a group, equities analysts predict that Astera Labs, Inc. will post 0.34 earnings per share for the current year.

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.