Bank of New York Mellon Corp Has $23.16 Million Position in Astera Labs, Inc. (NASDAQ:ALAB)

Bank of New York Mellon Corp raised its position in Astera Labs, Inc. (NASDAQ:ALAB) by 1.3% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 388,132 shares of the company’s stock after acquiring an additional 4,935 shares during the period. Bank of New York Mellon Corp owned about 0.24% of Astera Labs worth $23,160,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in ALAB. Vanguard Group Inc. lifted its position in shares of Astera Labs by 354.9% during the 4th quarter. Vanguard Group Inc. now owns 9,211,630 shares of the company’s stock valued at $1,220,080,000 after acquiring an additional 7,186,582 shares during the period. Alliancebernstein L.P. raised its position in Astera Labs by 2,328.5% in the fourth quarter. Alliancebernstein L.P. now owns 3,922,278 shares of the company’s stock valued at $519,506,000 after purchasing an additional 3,760,765 shares during the last quarter. JPMorgan Chase & Co. raised its position in Astera Labs by 50.5% in the fourth quarter. JPMorgan Chase & Co. now owns 2,360,467 shares of the company’s stock valued at $312,644,000 after purchasing an additional 792,153 shares during the last quarter. Lord Abbett & CO. LLC increased its stake in shares of Astera Labs by 318.9% in the fourth quarter. Lord Abbett & CO. LLC now owns 1,818,600 shares of the company’s stock valued at $240,873,000 after buying an additional 1,384,498 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its stake in shares of Astera Labs by 418.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,674,000 shares of the company’s stock valued at $221,721,000 after buying an additional 1,351,007 shares during the period. Institutional investors and hedge funds own 60.47% of the company’s stock.

Astera Labs Price Performance

Shares of NASDAQ ALAB opened at $97.95 on Friday. The firm has a 50-day simple moving average of $92.19 and a two-hundred day simple moving average of $87.19. Astera Labs, Inc. has a 1 year low of $36.22 and a 1 year high of $147.39. The company has a market cap of $16.15 billion, a P/E ratio of 445.25, a PEG ratio of 4.32 and a beta of 1.18.

Astera Labs (NASDAQ:ALAB) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.05. Astera Labs had a net margin of 8.44% and a return on equity of 2.57%. The business had revenue of $159.44 million for the quarter, compared to analyst estimates of $151.55 million. During the same period in the previous year, the company earned $0.10 earnings per share. The business’s revenue for the quarter was up 144.1% on a year-over-year basis. As a group, equities research analysts expect that Astera Labs, Inc. will post 0.34 EPS for the current year.

Wall Street Analyst Weigh In

ALAB has been the subject of several recent analyst reports. William Blair started coverage on Astera Labs in a research note on Thursday, May 22nd. They set an “outperform” rating for the company. Evercore ISI lifted their price target on Astera Labs from $87.00 to $104.00 and gave the stock an “outperform” rating in a report on Wednesday, May 21st. Susquehanna assumed coverage on Astera Labs in a research note on Friday, May 16th. They issued a “neutral” rating and a $80.00 target price on the stock. Stifel Nicolaus reduced their price target on Astera Labs from $150.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Finally, Wall Street Zen cut Astera Labs from a “buy” rating to a “hold” rating in a research report on Saturday, July 12th. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $100.00.

Insiders Place Their Bets

In related news, CEO Jitendra Mohan sold 128,250 shares of the company’s stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $90.02, for a total transaction of $11,545,065.00. Following the completion of the sale, the chief executive officer owned 541,125 shares of the company’s stock, valued at approximately $48,712,072.50. This represents a 19.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Michael Truett Tate sold 500,000 shares of the stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $90.23, for a total transaction of $45,115,000.00. Following the transaction, the chief financial officer directly owned 618,996 shares of the company’s stock, valued at $55,852,009.08. The trade was a 44.68% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,965,984 shares of company stock worth $178,631,873.

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.