New York State Common Retirement Fund Has $7.80 Million Holdings in Astera Labs, Inc. (NASDAQ:ALAB)

New York State Common Retirement Fund lifted its holdings in Astera Labs, Inc. (NASDAQ:ALAB) by 6.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 130,709 shares of the company’s stock after purchasing an additional 8,460 shares during the period. New York State Common Retirement Fund owned 0.08% of Astera Labs worth $7,799,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ALAB. Vanguard Group Inc. increased its position in Astera Labs by 354.9% during the 4th quarter. Vanguard Group Inc. now owns 9,211,630 shares of the company’s stock worth $1,220,080,000 after purchasing an additional 7,186,582 shares in the last quarter. Alliancebernstein L.P. raised its holdings in Astera Labs by 2,328.5% during the fourth quarter. Alliancebernstein L.P. now owns 3,922,278 shares of the company’s stock worth $519,506,000 after buying an additional 3,760,765 shares during the last quarter. Lord Abbett & CO. LLC raised its holdings 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 purchasing an additional 1,384,498 shares during the last quarter. Norges Bank purchased a new stake in Astera Labs during the fourth quarter worth about $179,229,000. 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 worth $221,721,000 after purchasing an additional 1,351,007 shares in the last quarter. 60.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Astera Labs

In other news, CEO Jitendra Mohan sold 11,282 shares of the business’s stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $102.46, for a total transaction of $1,155,953.72. Following the completion of the transaction, the chief executive officer directly owned 509,174 shares of the company’s stock, valued at $52,169,968.04. The trade was a 2.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Sanjay Gajendra sold 165,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $98.61, for a total transaction of $16,270,650.00. Following the completion of the transaction, the chief operating officer owned 695,000 shares of the company’s stock, valued at approximately $68,533,950. The trade was a 19.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,965,984 shares of company stock worth $178,631,873.

Wall Street Analyst Weigh In

ALAB has been the subject of several research reports. Wall Street Zen lowered shares of Astera Labs from a “buy” rating to a “hold” rating in a research report on Saturday, July 12th. Barclays lifted their price target on Astera Labs from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, May 7th. Morgan Stanley upgraded Astera Labs from an “equal weight” rating to an “overweight” rating and set a $99.00 price target for the company in a research report on Monday, May 12th. William Blair started coverage on Astera Labs in a research note on Thursday, May 22nd. They set an “outperform” rating on the stock. Finally, Roth Capital set a $100.00 price target on Astera Labs and gave the company a “buy” rating in a research note on Wednesday, May 7th. Two equities research 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.com, the company has an average rating of “Moderate Buy” and an average target price of $100.71.

Astera Labs Stock Up 4.3%

Astera Labs stock opened at $102.13 on Friday. The business has a 50 day moving average price of $92.81 and a two-hundred day moving average price of $86.66. The stock has a market cap of $16.84 billion, a price-to-earnings ratio of 464.25, a price-to-earnings-growth ratio of 4.79 and a beta of 1.18. Astera Labs, Inc. has a 12 month low of $36.22 and a 12 month high of $147.39.

Astera Labs (NASDAQ:ALAB) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.05. Astera Labs had a return on equity of 2.57% and a net margin of 8.44%. The company had revenue of $159.44 million during the quarter, compared to analysts’ expectations of $151.55 million. During the same quarter last year, the company earned $0.10 EPS. Astera Labs’s revenue for the quarter was up 144.1% compared to the same quarter last year. On average, analysts expect that Astera Labs, Inc. will post 0.34 earnings per share for the current fiscal year.

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.