Fortitude Advisory Group L.L.C. Takes $927,000 Position in Astera Labs, Inc. (NASDAQ:ALAB)

Fortitude Advisory Group L.L.C. bought a new stake in Astera Labs, Inc. (NASDAQ:ALAB - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 6,999 shares of the company's stock, valued at approximately $927,000.

A number of other large investors have also recently bought and sold shares of ALAB. Fred Alger Management LLC lifted its stake in shares of Astera Labs by 1,361.0% during the third quarter. Fred Alger Management LLC now owns 2,821,921 shares of the company's stock valued at $147,840,000 after buying an additional 2,628,765 shares during the period. Westfield Capital Management Co. LP purchased a new stake in Astera Labs in the 3rd quarter valued at about $52,049,000. The Manufacturers Life Insurance Company grew its holdings in Astera Labs by 15,477.8% in the third quarter. The Manufacturers Life Insurance Company now owns 879,055 shares of the company's stock valued at $46,054,000 after purchasing an additional 873,412 shares during the period. Spyglass Capital Management LLC acquired a new stake in shares of Astera Labs during the 3rd quarter worth $38,565,000. Finally, State Street Corp increased its stake in Astera Labs by 173.1% during the third quarter. State Street Corp now owns 698,467 shares of the company's stock worth $36,593,000 after acquiring an additional 442,698 shares during the last quarter. Institutional investors and hedge funds own 60.47% of the company's stock.

Insiders Place Their Bets

In related news, Director Stefan A. Dyckerhoff sold 50,000 shares of the firm's stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $89.70, for a total transaction of $4,485,000.00. Following the transaction, the director now owns 129,617 shares in the company, valued at $11,626,644.90. This trade represents a 27.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Michael Truett Tate sold 16,000 shares of the company's stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $117.84, for a total value of $1,885,440.00. Following the completion of the sale, the chief financial officer now owns 1,412,888 shares of the company's stock, valued at $166,494,721.92. This trade represents a 1.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,690,452 shares of company stock worth $167,581,256.

Astera Labs Trading Up 4.2 %

NASDAQ:ALAB traded up $4.12 during midday trading on Friday, reaching $100.99. 5,296,142 shares of the company traded hands, compared to its average volume of 4,946,270. Astera Labs, Inc. has a twelve month low of $36.22 and a twelve month high of $147.39. The company has a fifty day moving average price of $122.47 and a 200 day moving average price of $79.72.

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 business had revenue of $113.10 million during the quarter, compared to analyst estimates of $97.50 million. Astera Labs had a negative net margin of 30.69% and a negative return on equity of 15.57%. The company's quarterly revenue was up 47.1% compared to the same quarter last year. Equities research analysts predict that Astera Labs, Inc. will post -0.45 EPS for the current year.

Analyst Ratings Changes

ALAB has been the subject of several recent research reports. Barclays increased their price target on Astera Labs from $87.00 to $135.00 and gave the company an "overweight" rating in a report on Friday, January 17th. JPMorgan Chase & Co. raised their price objective on Astera Labs from $70.00 to $110.00 and gave the company an "overweight" rating in a research note on Tuesday, November 5th. Needham & Company LLC reaffirmed a "buy" rating and issued a $65.00 target price on shares of Astera Labs in a research report on Wednesday, October 9th. Craig Hallum lifted their price target on shares of Astera Labs from $75.00 to $105.00 and gave the stock a "buy" rating in a research note on Tuesday, November 5th. Finally, Citigroup assumed coverage on shares of Astera Labs in a research note on Monday, November 18th. They set a "buy" rating and a $120.00 price objective on the stock. One research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Astera Labs currently has a consensus rating of "Buy" and an average price target of $107.42.

About Astera Labs

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.