State Street Corp Grows Stock Position in Astera Labs, Inc. (NASDAQ:ALAB)

State Street Corp raised its stake in shares of Astera Labs, Inc. (NASDAQ:ALAB - Free Report) by 173.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 698,467 shares of the company's stock after purchasing an additional 442,698 shares during the period. State Street Corp owned 0.44% of Astera Labs worth $36,593,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of ALAB. Bank of New York Mellon Corp purchased a new position in shares of Astera Labs during the 2nd quarter valued at about $8,361,000. Legato Capital Management LLC bought a new position in shares of Astera Labs in the second quarter worth approximately $207,000. Strategic Blueprint LLC bought a new position in shares of Astera Labs in the second quarter worth approximately $332,000. Essex Financial Services Inc. bought a new stake in shares of Astera Labs during the 2nd quarter valued at $1,304,000. Finally, Lisanti Capital Growth LLC bought a new stake in shares of Astera Labs during the 2nd quarter valued at $1,822,000. Hedge funds and other institutional investors own 60.47% of the company's stock.

Insider Activity at Astera Labs

In related news, insider Sanjay Gajendra sold 110,000 shares of the business's stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $69.47, for a total value of $7,641,700.00. Following the completion of the transaction, the insider now owns 835,000 shares of the company's stock, valued at $58,007,450. The trade was a 11.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Michael Truett Tate sold 16,000 shares of the firm's stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $117.84, for a total transaction of $1,885,440.00. Following the completion of the sale, the chief financial officer now owns 1,412,888 shares in the company, valued at $166,494,721.92. This represents a 1.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,015,119 shares of company stock worth $188,480,349 in the last quarter.

Astera Labs Trading Up 5.5 %

ALAB stock opened at $132.17 on Friday. Astera Labs, Inc. has a 52 week low of $36.22 and a 52 week high of $136.39. The company has a fifty day simple moving average of $95.41 and a two-hundred day simple moving average of $66.41.

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

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $65.00 target price on shares of Astera Labs in a report on Wednesday, October 9th. Morgan Stanley upped their price objective on Astera Labs from $94.00 to $142.00 and gave the stock an "overweight" rating in a research note on Friday. Barclays lifted their target price on Astera Labs from $70.00 to $87.00 and gave the company an "overweight" rating in a research note on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft boosted their price target on Astera Labs from $60.00 to $100.00 and gave the stock a "buy" rating in a report on Tuesday, November 5th. Finally, Craig Hallum increased their price objective on shares of Astera Labs from $75.00 to $105.00 and gave the company a "buy" rating in a report on Tuesday, November 5th. Twelve research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Astera Labs has a consensus rating of "Buy" and an average price target of $98.67.

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.