Millennium Management LLC Boosts Holdings in Astera Labs, Inc. (NASDAQ:ALAB)

Millennium Management LLC grew its position in shares of Astera Labs, Inc. (NASDAQ:ALAB - Free Report) by 136.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 278,051 shares of the company's stock after purchasing an additional 160,417 shares during the period. Millennium Management LLC owned approximately 0.18% of Astera Labs worth $16,825,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Amalgamated Bank purchased a new position in Astera Labs in the 2nd quarter worth approximately $74,000. Massachusetts Financial Services Co. MA raised its position in Astera Labs by 2.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 91,408 shares of the company's stock valued at $5,531,000 after purchasing an additional 2,343 shares in the last quarter. Legato Capital Management LLC purchased a new position in shares of Astera Labs in the 2nd quarter worth about $207,000. Alpine Global Management LLC purchased a new position in shares of Astera Labs during the 1st quarter valued at about $272,000. Finally, Strategic Blueprint LLC bought a new stake in Astera Labs in the 2nd quarter worth approximately $332,000.

Astera Labs Stock Performance

Astera Labs stock traded up $3.58 on Friday, hitting $52.34. 3,838,134 shares of the stock traded hands, compared to its average volume of 2,555,414. Astera Labs, Inc. has a 1 year low of $36.22 and a 1 year high of $95.21. The business's fifty day simple moving average is $44.15 and its 200 day simple moving average is $58.79.

Astera Labs (NASDAQ:ALAB - Get Free Report) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.11 by $0.02. The business had revenue of $76.90 million for the quarter, compared to the consensus estimate of $72.41 million. Astera Labs's quarterly revenue was up 17.8% compared to the same quarter last year. On average, equities analysts forecast that Astera Labs, Inc. will post -0.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Manuel Alba sold 37,000 shares of Astera Labs stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $50.32, for a total value of $1,861,840.00. Following the completion of the transaction, the director now owns 498,863 shares of the company's stock, valued at $25,102,786.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Manuel Alba sold 37,000 shares of the firm's stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $50.32, for a total transaction of $1,861,840.00. Following the completion of the sale, the director now owns 498,863 shares of the company's stock, valued at $25,102,786.16. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Philip Mazzara sold 42,090 shares of the business's stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $40.43, for a total transaction of $1,701,698.70. Following the completion of the transaction, the general counsel now owns 333,474 shares of the company's stock, valued at approximately $13,482,353.82. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 276,791 shares of company stock valued at $12,933,588.

Wall Street Analyst Weigh In

ALAB has been the subject of a number of research reports. Evercore ISI cut their price objective on shares of Astera Labs from $98.00 to $80.00 and set an "outperform" rating for the company in a research note on Wednesday, August 7th. JPMorgan Chase & Co. lowered their target price on Astera Labs from $95.00 to $70.00 and set an "overweight" rating for the company in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft dropped their target price on Astera Labs from $85.00 to $60.00 and set a "buy" rating for the company in a report on Wednesday, August 7th. Needham & Company LLC decreased their price target on Astera Labs from $85.00 to $65.00 and set a "buy" rating on the stock in a research note on Wednesday, August 7th. Finally, Barclays dropped their price objective on Astera Labs from $85.00 to $70.00 and set an "overweight" rating for the company in a research note on Wednesday, August 7th. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of "Buy" and an average price target of $71.36.

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.