Covenant Asset Management LLC Takes Position in Astera Labs, Inc. (NASDAQ:ALAB)

Covenant Asset Management LLC purchased a new stake in Astera Labs, Inc. (NASDAQ:ALAB - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 3,058 shares of the company's stock, valued at approximately $405,000.

Other institutional investors have also added to or reduced their stakes in the company. Hollencrest Capital Management acquired a new stake in Astera Labs during the 3rd quarter worth about $26,000. Geneos Wealth Management Inc. purchased a new position in shares of Astera Labs in the fourth quarter worth about $36,000. ORG Wealth Partners LLC acquired a new stake in shares of Astera Labs during the fourth quarter worth about $42,000. US Bancorp DE purchased a new stake in Astera Labs in the third quarter valued at approximately $46,000. Finally, First Horizon Advisors Inc. purchased a new stake in Astera Labs in the third quarter valued at approximately $49,000. Institutional investors and hedge funds own 60.47% of the company's stock.

Insiders Place Their Bets

In other news, CFO Michael Truett Tate sold 167,000 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $102.94, for a total value of $17,190,980.00. Following the transaction, the chief financial officer now owns 1,595,888 shares in the company, valued at approximately $164,280,710.72. This represents a 9.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Jitendra Mohan sold 171,064 shares of the firm's stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $103.53, for a total transaction of $17,710,255.92. Following the sale, the chief executive officer now directly owns 628,895 shares in the company, valued at approximately $65,109,499.35. The trade was a 21.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 639,244 shares of company stock worth $67,669,886 in the last quarter.

Wall Street Analysts Forecast Growth

ALAB has been the subject of several research reports. Northland Capmk upgraded shares of Astera Labs from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 28th. Craig Hallum lifted their price objective on Astera Labs from $105.00 to $125.00 and gave the company a "buy" rating in a research note on Tuesday, February 11th. Stifel Nicolaus upped their target price on Astera Labs from $100.00 to $150.00 and gave the stock a "buy" rating in a research note on Monday, January 6th. Barclays lifted their price target on Astera Labs from $87.00 to $135.00 and gave the company an "overweight" rating in a research report on Friday, January 17th. Finally, Northland Securities upgraded Astera Labs from a "market perform" rating to an "outperform" rating and set a $120.00 price objective on the stock in a research report on Tuesday, January 28th. One equities research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $115.33.

Astera Labs Price Performance

ALAB traded down $3.37 during trading hours on Wednesday, reaching $89.90. The company's stock had a trading volume of 4,718,422 shares, compared to its average volume of 5,560,836. The business's 50-day moving average is $118.33 and its 200-day moving average is $84.52. The stock has a market cap of $14.26 billion and a PE ratio of -51.97. Astera Labs, Inc. has a fifty-two week low of $36.22 and a fifty-two week high of $147.39.

Astera Labs (NASDAQ:ALAB - Get Free Report) last released its quarterly earnings results on Monday, February 10th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.16). Astera Labs had a negative return on equity of 10.76% and a negative net margin of 21.05%. Analysts expect that Astera Labs, Inc. will post 0.34 EPS for the current year.

Astera Labs Company 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.