State Street Corp Purchases 442,698 Shares of Astera Labs, Inc. (NASDAQ:ALAB)

State Street Corp raised its holdings in Astera Labs, Inc. (NASDAQ:ALAB) by 173.1% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 698,467 shares of the company’s stock after purchasing an additional 442,698 shares during the period. State Street Corp’s holdings in Astera Labs were worth $36,593,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in ALAB. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Astera Labs during the 3rd quarter worth approximately $530,000. Avior Wealth Management LLC acquired a new position in shares of Astera Labs in the 3rd quarter worth approximately $361,000. Maverick Capital Ltd. raised its position in Astera Labs by 16.0% in the 3rd quarter. Maverick Capital Ltd. now owns 1,156,230 shares of the company’s stock valued at $60,575,000 after purchasing an additional 159,480 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Astera Labs during the third quarter worth $1,141,000. Finally, Bank of Hawaii acquired a new position in Astera Labs during the 3rd quarter worth about $1,409,000. 60.47% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Astera Labs news, Director Manuel Alba sold 37,000 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $50.32, for a total transaction of $1,861,840.00. Following the sale, the director now directly owns 498,863 shares of the company’s stock, valued at $25,102,786.16. The trade was a 6.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Philip Mazzara sold 25,000 shares of Astera Labs stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $60.74, for a total value of $1,518,500.00. Following the completion of the sale, the general counsel now directly owns 300,564 shares in the company, valued at approximately $18,256,257.36. This represents a 7.68 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,015,119 shares of company stock worth $188,480,349.

Analyst Ratings Changes

A number of brokerages have weighed in on ALAB. Roth Mkm upped their target price on shares of Astera Labs from $80.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Craig Hallum boosted their price objective on shares of Astera Labs from $75.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Morgan Stanley increased their price objective on Astera Labs from $94.00 to $142.00 and gave the company an “overweight” rating in a research report on Friday. Barclays boosted their target price on Astera Labs from $70.00 to $87.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Astera Labs from $60.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Twelve investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Astera Labs presently has a consensus rating of “Buy” and a consensus target price of $98.67.

Astera Labs Price Performance

NASDAQ:ALAB opened at $132.17 on Friday. Astera Labs, Inc. has a 1-year low of $36.22 and a 1-year high of $136.39. The business’s 50-day moving average price is $95.41 and its two-hundred day moving average price is $66.41.

Astera Labs (NASDAQ:ALAB) last released its quarterly earnings data on Monday, November 4th. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.06. The business had revenue of $113.10 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. Analysts predict that Astera Labs, Inc. will post -0.45 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.