Millennium Management LLC Buys 160,417 Shares of Astera Labs, Inc. (NASDAQ:ALAB)

Millennium Management LLC raised its stake in shares of Astera Labs, Inc. (NASDAQ:ALAB) by 136.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 278,051 shares of the company’s stock after purchasing an additional 160,417 shares during the period. Millennium Management LLC owned 0.18% of Astera Labs worth $16,825,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Allspring Global Investments Holdings LLC bought a new position in shares of Astera Labs in the first quarter worth approximately $18,666,000. Amazon Com Inc. purchased a new position in shares of Astera Labs during the 1st quarter valued at $20,608,000. Capstone Investment Advisors LLC bought a new position in Astera Labs in the 1st quarter worth $4,629,000. Jennison Associates LLC purchased a new stake in Astera Labs in the 1st quarter worth $11,283,000. Finally, Peregrine Asset Advisers Inc. purchased a new stake in Astera Labs in the 1st quarter worth $2,515,000.

Analyst Ratings Changes

A number of research firms have recently weighed in on ALAB. Roth Mkm dropped their price objective on Astera Labs from $85.00 to $60.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Morgan Stanley raised Astera Labs from an “equal weight” rating to an “overweight” rating and set a $55.00 price target on the stock in a report on Wednesday, September 4th. Barclays cut their price objective on shares of Astera Labs from $85.00 to $70.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. Needham & Company LLC lowered their target price on shares of Astera Labs from $85.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Finally, Craig Hallum cut their target price on shares of Astera Labs from $90.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat, Astera Labs presently has an average rating of “Buy” and an average target price of $71.36.

Insider Buying and Selling at Astera Labs

In other news, General Counsel Philip Mazzara sold 8,000 shares of Astera Labs stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $43.12, for a total value of $344,960.00. Following the completion of the transaction, the general counsel now owns 325,474 shares in the company, valued at approximately $14,034,438.88. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, General Counsel Philip Mazzara sold 8,000 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $43.12, for a total transaction of $344,960.00. Following the sale, the general counsel now owns 325,474 shares in the company, valued at approximately $14,034,438.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Manuel Alba sold 37,000 shares of Astera Labs stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $50.32, for a total transaction of $1,861,840.00. Following the transaction, the director now directly owns 498,863 shares of the company’s stock, valued at $25,102,786.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 276,791 shares of company stock worth $12,933,588 over the last ninety days.

Astera Labs Stock Performance

Shares of ALAB opened at $52.34 on Friday. Astera Labs, Inc. has a fifty-two week low of $36.22 and a fifty-two week high of $95.21. The company’s fifty day moving average is $44.15 and its 200 day moving average is $58.79.

Astera Labs (NASDAQ:ALAB) last posted its earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The business had revenue of $76.90 million during the quarter, compared to the consensus estimate of $72.41 million. The business’s revenue was up 17.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Astera Labs, Inc. will post -0.54 earnings per share for the current year.

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.