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

Spyglass Capital Management LLC lessened its stake in Astera Labs, Inc. (NASDAQ:ALAB) by 38.1% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 455,312 shares of the company’s stock after selling 280,809 shares during the quarter. Astera Labs makes up about 3.4% of Spyglass Capital Management LLC’s portfolio, making the stock its 18th biggest holding. Spyglass Capital Management LLC owned 0.29% of Astera Labs worth $60,306,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ALAB. Vanguard Group Inc. increased its holdings in Astera Labs by 354.9% in the 4th quarter. Vanguard Group Inc. now owns 9,211,630 shares of the company’s stock worth $1,220,080,000 after acquiring an additional 7,186,582 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of 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 in the last quarter. Jennison Associates LLC purchased a new stake in shares of Astera Labs during the fourth quarter worth $229,991,000. Lord Abbett & CO. LLC grew its holdings in shares of Astera Labs by 318.9% during the fourth quarter. Lord Abbett & CO. LLC now owns 1,818,600 shares of the company’s stock worth $240,873,000 after buying an additional 1,384,498 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Astera Labs during the fourth quarter worth $179,229,000. Hedge funds and other institutional investors own 60.47% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Susquehanna assumed coverage on shares of Astera Labs in a report on Friday. They set a “neutral” rating and a $80.00 target price for the company. Stifel Nicolaus dropped their target price on shares of Astera Labs from $150.00 to $100.00 and set a “buy” rating for the company in a report on Thursday, April 17th. Barclays upped their target price on shares of Astera Labs from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, May 7th. Northland Securities raised shares of Astera Labs from a “market perform” rating to an “outperform” rating and set a $120.00 target price for the company in a report on Tuesday, January 28th. Finally, Raymond James assumed coverage on shares of Astera Labs in a report on Friday, March 14th. They set an “outperform” rating and a $82.00 target price for the company. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Astera Labs currently has an average rating of “Buy” and a consensus price target of $98.29.

Insiders Place Their Bets

In other Astera Labs news, Director Manuel Alba sold 63,000 shares of the stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $63.37, for a total transaction of $3,992,310.00. Following the completion of the transaction, the director now owns 444,863 shares of the company’s stock, valued at $28,190,968.31. This trade represents a 12.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Jitendra Mohan sold 350,680 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $89.51, for a total transaction of $31,389,366.80. Following the transaction, the chief executive officer now directly owns 2,353,655 shares of the company’s stock, valued at approximately $210,675,659.05. This trade represents a 12.97% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 948,990 shares of company stock valued at $78,221,662 over the last 90 days.

Astera Labs Trading Down 1.8%

Shares of ALAB opened at $90.56 on Monday. Astera Labs, Inc. has a 12-month low of $36.22 and a 12-month high of $147.39. The firm has a 50-day moving average price of $66.62 and a 200 day moving average price of $92.28. The firm has a market capitalization of $14.93 billion, a P/E ratio of -52.35, a P/E/G ratio of 6.18 and a beta of 0.33.

Astera Labs (NASDAQ:ALAB) last announced its earnings results on Tuesday, May 6th. The company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.05. The company had revenue of $159.44 million during the quarter, compared to analyst estimates of $151.55 million. Astera Labs had a negative net margin of 21.05% and a negative return on equity of 10.40%. Astera Labs’s revenue was up 144.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.10 earnings per share. Equities research analysts predict 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.