Astera Labs, Inc. (NASDAQ:ALAB) Shares Acquired by Fred Alger Management LLC

Fred Alger Management LLC grew its stake in shares of Astera Labs, Inc. (NASDAQ:ALAB) by 1,361.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,821,921 shares of the company’s stock after purchasing an additional 2,628,765 shares during the period. Astera Labs comprises about 0.7% of Fred Alger Management LLC’s holdings, making the stock its 28th biggest holding. Fred Alger Management LLC’s holdings in Astera Labs were worth $147,840,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Verition Fund Management LLC purchased a new stake in shares of Astera Labs in the 3rd quarter valued at approximately $1,524,000. Spyglass Capital Management LLC acquired a new stake in Astera Labs during the 3rd quarter valued at $38,565,000. Alkeon Capital Management LLC purchased a new stake in shares of Astera Labs in the third quarter valued at $13,098,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Astera Labs by 5.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,284 shares of the company’s stock valued at $277,000 after buying an additional 284 shares in the last quarter. Finally, FMR LLC grew its holdings in shares of Astera Labs by 0.7% during the third quarter. FMR LLC now owns 23,504,038 shares of the company’s stock valued at $1,231,377,000 after buying an additional 153,491 shares in the last quarter.

Astera Labs Stock Down 5.6 %

ALAB stock opened at $99.60 on Friday. Astera Labs, Inc. has a 1 year low of $36.22 and a 1 year high of $113.85. The company has a fifty day simple moving average of $74.17 and a 200 day simple moving average of $60.84.

Astera Labs (NASDAQ:ALAB) last posted its earnings results on Monday, November 4th. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.06. Astera Labs had a negative return on equity of 15.57% and a negative net margin of 30.69%. The company had revenue of $113.10 million for the quarter, compared to analyst estimates of $97.50 million. Astera Labs’s revenue for the quarter was up 47.1% on a year-over-year basis. As a group, sell-side analysts forecast that Astera Labs, Inc. will post -0.45 earnings per share for the current fiscal year.

Insider Activity at Astera Labs

In other Astera Labs news, CEO Jitendra Mohan sold 47,667 shares of the stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $70.26, for a total transaction of $3,349,083.42. Following the transaction, the chief executive officer now owns 728,420 shares in the company, valued at $51,178,789.20. This trade represents a 6.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Sanjay Gajendra sold 740,000 shares of Astera Labs stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $96.59, for a total transaction of $71,476,600.00. Following the completion of the transaction, the insider now directly owns 775,000 shares in the company, valued at approximately $74,857,250. This represents a 48.84 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,897,820 shares of company stock valued at $168,252,298.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on ALAB shares. Deutsche Bank Aktiengesellschaft raised their price objective on Astera Labs from $60.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Stifel Nicolaus raised their price target 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. Morgan Stanley boosted their price objective on shares of Astera Labs from $74.00 to $94.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. Barclays upped their price objective on shares of Astera Labs from $70.00 to $87.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Astera Labs from $70.00 to $110.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Twelve investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $94.67.

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.