Highland Capital Management LLC Cuts Position in Astera Labs, Inc. (NASDAQ:ALAB)

Highland Capital Management LLC lowered its position in shares of Astera Labs, Inc. (NASDAQ:ALAB - Free Report) by 33.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,328 shares of the company's stock after selling 10,094 shares during the quarter. Highland Capital Management LLC's holdings in Astera Labs were worth $2,692,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Fred Alger Management LLC raised its stake 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 valued at $147,840,000 after purchasing an additional 2,628,765 shares during the period. Westfield Capital Management Co. LP purchased a new stake in Astera Labs during the 3rd quarter valued at approximately $52,049,000. The Manufacturers Life Insurance Company raised its position in shares of Astera Labs by 15,477.8% during the third quarter. The Manufacturers Life Insurance Company now owns 879,055 shares of the company's stock valued at $46,054,000 after buying an additional 873,412 shares during the last quarter. Spyglass Capital Management LLC purchased a new position in shares of Astera Labs in the third quarter worth $38,565,000. Finally, State Street Corp boosted its position in shares of 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. 60.47% of the stock is currently owned by institutional investors.

Astera Labs Trading Down 3.3 %

Shares of ALAB traded down $3.30 during midday trading on Monday, hitting $98.12. The stock had a trading volume of 5,189,826 shares, compared to its average volume of 4,991,644. The stock's 50 day moving average is $122.46 and its 200 day moving average is $80.36. Astera Labs, Inc. has a 1 year low of $36.22 and a 1 year high of $147.39.

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, beating the consensus estimate of $0.17 by $0.06. The company had revenue of $113.10 million for the quarter, compared to the consensus estimate of $97.50 million. Astera Labs had a negative net margin of 30.69% and a negative return on equity of 15.57%. The firm's revenue was up 47.1% compared to the same quarter last year. As a group, analysts expect that Astera Labs, Inc. will post -0.45 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have commented on ALAB shares. Stifel Nicolaus boosted their price target on shares of Astera Labs from $100.00 to $150.00 and gave the stock a "buy" rating in a research note on Monday, January 6th. Barclays boosted their target price on Astera Labs from $87.00 to $135.00 and gave the stock an "overweight" rating in a research report on Friday, January 17th. Northland Securities upgraded Astera Labs from a "market perform" rating to an "outperform" rating and set a $120.00 price target for the company in a report on Tuesday, January 28th. Needham & Company LLC reaffirmed a "buy" rating and issued a $65.00 price objective on shares of Astera Labs in a research note on Wednesday, October 9th. Finally, Craig Hallum increased their target price on Astera Labs from $75.00 to $105.00 and gave the company a "buy" rating in a research report on Tuesday, November 5th. One analyst has rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $107.42.

Insider Activity

In other news, CFO Michael Truett Tate sold 16,000 shares of the company's stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $117.84, for a total value of $1,885,440.00. Following the transaction, the chief financial officer now directly owns 1,412,888 shares in the company, valued at approximately $166,494,721.92. This represents a 1.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Manuel Alba sold 11,000 shares of Astera Labs stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $117.50, for a total transaction of $1,292,500.00. Following the sale, the director now owns 456,863 shares of the company's stock, valued at $53,681,402.50. The trade was a 2.35 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,690,452 shares of company stock valued at $167,581,256.

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.