Fred Alger Management LLC Has $147.84 Million Stake in Astera Labs, Inc. (NASDAQ:ALAB)

Fred Alger Management LLC grew its position in shares of Astera Labs, Inc. (NASDAQ:ALAB - Free Report) by 1,361.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 2,821,921 shares of the company's stock after purchasing an additional 2,628,765 shares during the quarter. Astera Labs accounts for 0.7% of Fred Alger Management LLC's portfolio, making the stock its 28th largest position. Fred Alger Management LLC owned about 1.78% of Astera Labs worth $147,840,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Avior Wealth Management LLC bought a new stake in Astera Labs during the third quarter worth approximately $361,000. Meeder Asset Management Inc. acquired a new position in shares of Astera Labs in the 3rd quarter worth $1,141,000. Bank of Hawaii acquired a new stake in shares of Astera Labs during the third quarter worth $1,409,000. Vanguard Group Inc. purchased a new stake in shares of Astera Labs during the first quarter valued at $127,268,000. Finally, Rakuten Securities Inc. acquired a new position in shares of Astera Labs in the 3rd quarter valued at $291,000.

Insider Buying and Selling at Astera Labs

In related news, insider Sanjay Gajendra sold 76,701 shares of Astera Labs stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $45.32, for a total value of $3,476,089.32. Following the completion of the transaction, the insider now directly owns 855,000 shares of the company's stock, valued at $38,748,600. The trade was a 8.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jack R. Lazar sold 3,000 shares of the stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $61.69, for a total transaction of $185,070.00. Following the sale, the director now directly owns 137,000 shares in the company, valued at approximately $8,451,530. This represents a 2.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,897,820 shares of company stock worth $168,252,298 over the last three months.

Astera Labs Trading Up 3.7 %

ALAB stock traded up $3.65 during midday trading on Friday, hitting $103.25. 1,915,788 shares of the company traded hands, compared to its average volume of 3,183,780. Astera Labs, Inc. has a twelve month low of $36.22 and a twelve month high of $113.85. The business has a 50 day simple moving average of $74.17 and a 200-day simple moving average of $60.84.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Needham & Company LLC restated a "buy" rating and set a $65.00 price target on shares of Astera Labs in a report on Wednesday, October 9th. Barclays increased their target price on Astera Labs from $70.00 to $87.00 and gave the company an "overweight" rating in a report on Tuesday, November 5th. Stifel Nicolaus raised their target price on Astera Labs from $80.00 to $100.00 and gave the stock a "buy" rating in a research report on Tuesday, November 5th. Craig Hallum upped their price target on Astera Labs from $75.00 to $105.00 and gave the company a "buy" rating in a research report on Tuesday, November 5th. Finally, Evercore ISI decreased their price objective on Astera Labs from $98.00 to $80.00 and set an "outperform" rating for the company in a research report on Wednesday, August 7th. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $94.67.

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.