Cinctive Capital Management LP Invests $4.58 Million in Astera Labs, Inc. (NASDAQ:ALAB)

Cinctive Capital Management LP purchased a new stake in shares of Astera Labs, Inc. (NASDAQ:ALAB) during the 3rd quarter, Holdings Channel reports. The fund purchased 87,343 shares of the company’s stock, valued at approximately $4,576,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Avior Wealth Management LLC acquired a new stake in Astera Labs in the third quarter valued at approximately $361,000. Meeder Asset Management Inc. bought a new position in shares of Astera Labs in the 3rd quarter valued at $1,141,000. Bank of Hawaii acquired a new stake in shares of Astera Labs during the 3rd quarter valued at $1,409,000. Fred Alger Management LLC grew its position in Astera Labs by 1,361.0% during the 3rd quarter. Fred Alger Management LLC now owns 2,821,921 shares of the company’s stock worth $147,840,000 after acquiring an additional 2,628,765 shares during the last quarter. Finally, Rakuten Securities Inc. acquired a new position in Astera Labs in the 3rd quarter worth about $291,000.

Astera Labs Price Performance

Shares of NASDAQ ALAB opened at $103.39 on Tuesday. Astera Labs, Inc. has a twelve month low of $36.22 and a twelve month high of $113.85. The firm has a fifty day simple moving average of $75.22 and a 200 day simple moving average of $60.88.

Astera Labs (NASDAQ:ALAB) last posted 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. Astera Labs had a negative return on equity of 15.57% and a negative net margin of 30.69%. The firm had revenue of $113.10 million during the quarter, compared to analyst estimates of $97.50 million. The firm’s revenue for the quarter was up 47.1% on a year-over-year basis. As a group, research analysts anticipate that Astera Labs, Inc. will post -0.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, General Counsel Philip Mazzara sold 25,000 shares of the stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $60.74, for a total transaction of $1,518,500.00. Following the transaction, the general counsel now owns 300,564 shares of the company’s stock, valued at $18,256,257.36. This represents a 7.68 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Sanjay Gajendra sold 76,701 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $45.32, for a total value of $3,476,089.32. Following the completion of the sale, the insider now directly owns 855,000 shares of the company’s stock, valued at $38,748,600. The trade was a 8.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,897,820 shares of company stock worth $168,252,298.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ALAB shares. Evercore ISI cut their price target on Astera Labs from $98.00 to $80.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Stifel Nicolaus lifted their target price on shares of Astera Labs from $80.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Morgan Stanley upped their price target 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. Citigroup assumed coverage on shares of Astera Labs in a research note on Monday, November 18th. They set a “buy” rating and a $120.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Astera Labs from $60.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Twelve equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price 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.