Spyglass Capital Management LLC Makes New Investment in Astera Labs, Inc. (NASDAQ:ALAB)

Spyglass Capital Management LLC acquired a new position in Astera Labs, Inc. (NASDAQ:ALAB - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 736,121 shares of the company's stock, valued at approximately $38,565,000. Astera Labs makes up 2.5% of Spyglass Capital Management LLC's investment portfolio, making the stock its 22nd largest position. Spyglass Capital Management LLC owned 0.46% of Astera Labs at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Avior Wealth Management LLC purchased a new stake in shares of Astera Labs in the 3rd quarter worth $361,000. Meeder Asset Management Inc. purchased a new stake in Astera Labs in the 3rd quarter worth $1,141,000. Bank of Hawaii purchased a new stake in Astera Labs in the 3rd quarter worth $1,409,000. Vanguard Group Inc. purchased a new stake in Astera Labs in the 1st quarter worth $127,268,000. Finally, Rakuten Securities Inc. purchased a new stake in Astera Labs in the 3rd quarter worth $291,000.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ALAB. Craig Hallum increased their price target on Astera Labs from $75.00 to $105.00 and gave the stock a "buy" rating in a research note on Tuesday, November 5th. 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 report on Tuesday, November 5th. Morgan Stanley raised their price objective on Astera Labs from $74.00 to $94.00 and gave the company an "overweight" rating in a research report on Tuesday, November 5th. Stifel Nicolaus raised their price objective on Astera Labs from $80.00 to $100.00 and gave the company a "buy" rating in a research report on Tuesday, November 5th. Finally, Barclays raised their price objective on Astera Labs from $70.00 to $87.00 and gave the company an "overweight" rating in a research report on Tuesday, November 5th. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $94.67.

Astera Labs Stock Up 3.7 %

NASDAQ ALAB traded up $3.65 during trading on Friday, hitting $103.25. The stock had a trading volume of 1,913,138 shares, compared to its average volume of 3,183,763. Astera Labs, Inc. has a one year low of $36.22 and a one year high of $113.85. The stock has a 50 day simple moving average of $74.17 and a 200 day simple moving average of $60.84.

Astera Labs (NASDAQ:ALAB - Get Free Report) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.23 earnings per share (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 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 business's revenue was up 47.1% on a year-over-year basis. Research analysts anticipate that Astera Labs, Inc. will post -0.45 earnings per share for the current year.

Insider Activity

In related news, Director Jack R. Lazar sold 2,000 shares of Astera Labs stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $69.95, for a total transaction of $139,900.00. Following the transaction, the director now directly owns 135,000 shares of the company's stock, valued at $9,443,250. This trade represents a 1.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Stefan A. Dyckerhoff sold 50,000 shares of Astera Labs 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 directly owns 129,617 shares in the company, valued at approximately $11,626,644.90. The trade was a 27.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,897,820 shares of company stock valued at $168,252,298.

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.