Highland Capital Management LLC Cuts Position in Astera Labs, Inc. (NASDAQ:ALAB)

Highland Capital Management LLC trimmed its position in shares of Astera Labs, Inc. (NASDAQ:ALAB) by 33.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,328 shares of the company’s stock after selling 10,094 shares during the period. Highland Capital Management LLC’s holdings in Astera Labs were worth $2,692,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of ALAB. Hollencrest Capital Management bought a new stake in Astera Labs in the third quarter worth $26,000. Geneos Wealth Management Inc. purchased a new position in Astera Labs in the fourth quarter worth about $36,000. ORG Wealth Partners LLC bought a new stake in shares of Astera Labs in the 4th quarter valued at approximately $42,000. US Bancorp DE purchased a new position in shares of Astera Labs in the 3rd quarter worth approximately $46,000. Finally, First Horizon Advisors Inc. bought a new position in shares of Astera Labs during the 3rd quarter valued at approximately $49,000. 60.47% of the stock is currently owned by institutional investors.

Astera Labs Stock Up 7.1 %

Shares of Astera Labs stock opened at $96.87 on Friday. Astera Labs, Inc. has a 52-week low of $36.22 and a 52-week high of $147.39. The firm’s 50 day moving average price is $122.61 and its 200-day moving average price is $79.60.

Astera Labs (NASDAQ:ALAB) last issued its quarterly earnings results 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 business had revenue of $113.10 million during the quarter, compared to the consensus estimate of $97.50 million. The business’s quarterly revenue was up 47.1% on a year-over-year basis. On average, equities research analysts forecast that Astera Labs, Inc. will post -0.45 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Manuel Alba sold 11,000 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $117.50, for a total transaction of $1,292,500.00. Following the sale, the director now directly owns 456,863 shares of the company’s stock, valued at $53,681,402.50. This trade represents a 2.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Michael Truett Tate sold 16,000 shares of the business’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $117.84, for a total transaction of $1,885,440.00. Following the completion of the transaction, the chief financial officer now owns 1,412,888 shares of the company’s stock, valued at approximately $166,494,721.92. This represents a 1.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,690,452 shares of company stock valued at $167,581,256 over the last quarter.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on ALAB shares. JPMorgan Chase & Co. increased 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. Northland Capmk upgraded Astera Labs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Stifel Nicolaus increased their price target on Astera Labs from $100.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Citigroup assumed coverage on Astera Labs in a research report on Monday, November 18th. They issued a “buy” rating and a $120.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on Astera Labs from $60.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. One equities research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $107.42.

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.