Renaissance Technologies LLC Buys 756,800 Shares of Astera Labs, Inc. (NASDAQ:ALAB)

Renaissance Technologies LLC lifted its holdings in shares of Astera Labs, Inc. (NASDAQ:ALAB - Free Report) by 181.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,173,700 shares of the company's stock after purchasing an additional 756,800 shares during the quarter. Renaissance Technologies LLC owned 0.74% of Astera Labs worth $155,457,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of ALAB. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Astera Labs by 5.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,284 shares of the company's stock worth $277,000 after purchasing an additional 284 shares in the last quarter. Stifel Financial Corp increased its position in shares of Astera Labs by 141.2% during the third quarter. Stifel Financial Corp now owns 98,461 shares of the company's stock worth $5,158,000 after acquiring an additional 57,638 shares in the last quarter. State Street Corp increased 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 in the last quarter. Wellington Management Group LLP bought a new stake in Astera Labs in the 3rd quarter valued at $16,031,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in Astera Labs in the 3rd quarter worth $3,425,000. Institutional investors and hedge funds own 60.47% of the company's stock.

Wall Street Analyst Weigh In

ALAB has been the subject of a number of research reports. Needham & Company LLC reiterated a "buy" rating and set a $140.00 price objective on shares of Astera Labs in a report on Tuesday, February 11th. Barclays lifted their price target on shares of Astera Labs from $87.00 to $135.00 and gave the company an "overweight" rating in a research note on Friday, January 17th. 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 report on Monday, January 6th. Craig Hallum raised their price objective on Astera Labs from $105.00 to $125.00 and gave the company a "buy" rating in a report on Tuesday, February 11th. Finally, Northland Securities upgraded Astera Labs from a "market perform" rating to an "outperform" rating and set a $120.00 target price on the stock in a report on Tuesday, January 28th. One analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $112.77.

Remove Ads

Astera Labs Price Performance

Astera Labs stock traded up $1.27 during midday trading on Friday, hitting $60.13. The company's stock had a trading volume of 4,527,452 shares, compared to its average volume of 3,788,672. The company has a 50-day moving average price of $73.46 and a two-hundred day moving average price of $91.14. Astera Labs, Inc. has a 1-year low of $36.22 and a 1-year high of $147.39. The company has a market cap of $9.75 billion and a price-to-earnings ratio of -34.76.

Astera Labs (NASDAQ:ALAB - Get Free Report) last posted its quarterly earnings data on Monday, February 10th. The company reported $0.10 EPS for the quarter, missing analysts' consensus estimates of $0.26 by ($0.16). Astera Labs had a negative return on equity of 10.40% and a negative net margin of 21.05%. Sell-side analysts forecast that Astera Labs, Inc. will post 0.34 EPS for the current year.

Insider Buying and Selling

In other Astera Labs news, CFO Michael Truett Tate sold 34,474 shares of the business's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $92.07, for a total transaction of $3,174,021.18. Following the completion of the transaction, the chief financial officer now directly owns 244,242 shares in the company, valued at $22,487,360.94. The trade was a 12.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Jitendra Mohan sold 350,680 shares of the company's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $89.51, for a total value of $31,389,366.80. Following the sale, the chief executive officer now owns 2,353,655 shares of the company's stock, valued at $210,675,659.05. The trade was a 12.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 633,990 shares of company stock valued at $54,235,012 over the last quarter.

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.