Verition Fund Management LLC Invests $1.52 Million in Astera Labs, Inc. (NASDAQ:ALAB)

Verition Fund Management LLC acquired a new stake in Astera Labs, Inc. (NASDAQ:ALAB - Free Report) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund acquired 29,091 shares of the company's stock, valued at approximately $1,524,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Great Valley Advisor Group Inc. bought a new stake in shares of Astera Labs during the second quarter valued at approximately $443,000. Bank of New York Mellon Corp acquired a new stake in shares of Astera Labs in the 2nd quarter valued at $8,361,000. Legato Capital Management LLC bought a new stake in shares of Astera Labs during the second quarter worth $207,000. Strategic Blueprint LLC acquired a new position in shares of Astera Labs during the second quarter valued at $332,000. Finally, Essex Financial Services Inc. bought a new position in Astera Labs in the second quarter valued at about $1,304,000.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Roth Mkm boosted their price objective on Astera Labs from $80.00 to $105.00 and gave the stock a "buy" rating in a report on Tuesday, November 5th. Craig Hallum increased their price objective on shares of Astera Labs from $75.00 to $105.00 and gave the company a "buy" rating in a report on Tuesday, November 5th. Stifel Nicolaus lifted their target price on shares of Astera Labs from $80.00 to $100.00 and gave the stock a "buy" rating in a report on Tuesday, November 5th. JPMorgan Chase & Co. increased their price target on Astera Labs from $70.00 to $110.00 and gave the company an "overweight" rating in a research note on Tuesday, November 5th. Finally, Morgan Stanley lifted their price objective on Astera Labs from $74.00 to $94.00 and gave the stock an "overweight" rating in a research note on Tuesday, November 5th. Twelve research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $94.67.

Astera Labs Stock Performance

ALAB stock traded up $5.72 during mid-day trading on Friday, hitting $120.40. 4,065,807 shares of the company were exchanged, compared to its average volume of 5,095,545. Astera Labs, Inc. has a 1-year low of $36.22 and a 1-year high of $121.20. The firm's 50 day simple moving average is $81.38 and its 200 day simple moving average is $62.40.

Astera Labs (NASDAQ:ALAB - Get Free Report) last announced its earnings results on Monday, November 4th. The company reported $0.23 earnings per share for the quarter, topping analysts' consensus estimates of $0.17 by $0.06. Astera Labs had a negative net margin of 30.69% and a negative return on equity of 15.57%. The firm had revenue of $113.10 million during the quarter, compared to analyst estimates of $97.50 million. The firm's revenue was up 47.1% on a year-over-year basis. On average, analysts expect that Astera Labs, Inc. will post -0.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Astera Labs

In related news, insider Sanjay Gajendra sold 76,701 shares of the company's stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $45.32, for a total transaction of $3,476,089.32. Following the sale, the insider now owns 855,000 shares in the company, valued at approximately $38,748,600. This represents a 8.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Manuel Alba sold 11,000 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $117.50, for a total value of $1,292,500.00. Following the transaction, the director now directly owns 456,863 shares of the company's stock, valued at $53,681,402.50. This trade represents a 2.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,154,820 shares of company stock worth $195,106,438.

Astera Labs 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.