Sumitomo Mitsui Trust Group Inc. Takes Position in Astera Labs, Inc. (NASDAQ:ALAB)

Sumitomo Mitsui Trust Group Inc. bought a new stake in shares of Astera Labs, Inc. (NASDAQ:ALAB - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 9,699 shares of the company's stock, valued at approximately $1,285,000.

A number of other hedge funds have also recently modified their holdings of ALAB. Fred Alger Management LLC grew its stake in Astera Labs by 1,361.0% in the third quarter. Fred Alger Management LLC now owns 2,821,921 shares of the company's stock worth $147,840,000 after purchasing an additional 2,628,765 shares in the last quarter. Jennison Associates LLC bought a new position in Astera Labs in the fourth quarter worth approximately $229,991,000. Westfield Capital Management Co. LP bought a new position in Astera Labs in the third quarter worth approximately $52,049,000. The Manufacturers Life Insurance Company lifted its holdings in 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 worth $46,054,000 after buying an additional 873,412 shares during the period. Finally, Spyglass Capital Management LLC purchased a new stake in Astera Labs during the third quarter worth $38,565,000. Institutional investors own 60.47% of the company's stock.

Insiders Place Their Bets

In other news, CFO Michael Truett Tate sold 167,000 shares of the firm's stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $102.94, for a total transaction of $17,190,980.00. Following the sale, the chief financial officer now directly owns 1,595,888 shares in the company, valued at $164,280,710.72. This trade represents a 9.47 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jitendra Mohan sold 171,064 shares of the firm's stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $103.53, for a total value of $17,710,255.92. Following the sale, the chief executive officer now owns 628,895 shares in the company, valued at $65,109,499.35. This trade represents a 21.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 639,244 shares of company stock valued at $67,669,886.

Astera Labs Price Performance

Shares of NASDAQ ALAB traded up $2.93 during mid-day trading on Tuesday, hitting $90.78. The stock had a trading volume of 2,899,608 shares, compared to its average volume of 5,478,563. The company has a 50 day moving average of $119.48 and a two-hundred day moving average of $84.12. Astera Labs, Inc. has a twelve month low of $36.22 and a twelve month high of $147.39.

Astera Labs (NASDAQ:ALAB - Get Free Report) last announced its quarterly earnings results on Monday, February 10th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.16). Astera Labs had a negative return on equity of 15.57% and a negative net margin of 30.69%. As a group, equities research analysts forecast that Astera Labs, Inc. will post -0.45 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have weighed in on the company. JPMorgan Chase & Co. upped their target price on Astera Labs from $70.00 to $110.00 and gave the stock an "overweight" rating in a report on Tuesday, November 5th. Craig Hallum increased 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. Morgan Stanley decreased their price objective on Astera Labs from $142.00 to $114.00 and set an "equal weight" rating for the company in a report on Tuesday, January 28th. 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. Finally, Northland Capmk upgraded Astera Labs from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 28th. One research analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $115.33.

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.