Rhumbline Advisers Takes $1.01 Million Position in Astera Labs, Inc. (NASDAQ:ALAB)

Rhumbline Advisers bought a new position in shares of Astera Labs, Inc. (NASDAQ:ALAB) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 16,673 shares of the company’s stock, valued at approximately $1,009,000.

A number of other hedge funds have also recently bought and sold shares of ALAB. Legato Capital Management LLC bought a new position in shares of Astera Labs in the second quarter valued at $207,000. Alpine Global Management LLC acquired a new stake in shares of Astera Labs during the first quarter worth $272,000. Strategic Blueprint LLC purchased a new stake in shares of Astera Labs during the second quarter valued at $332,000. Central Pacific Bank Trust Division acquired a new position in shares of Astera Labs in the 1st quarter valued at $402,000. Finally, Great Valley Advisor Group Inc. purchased a new position in Astera Labs in the 2nd quarter worth about $443,000.

Insider Activity at Astera Labs

In related news, insider Sanjay Gajendra sold 76,701 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $45.32, for a total transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Sanjay Gajendra sold 76,701 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $45.32, for a total value of $3,476,089.32. Following the sale, the insider now directly owns 855,000 shares in the company, valued at approximately $38,748,600. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Michael Truett Tate sold 50,000 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $47.98, for a total transaction of $2,399,000.00. Following the sale, the chief financial officer now directly owns 829,108 shares in the company, valued at approximately $39,780,601.84. The disclosure for this sale can be found here. In the last three months, insiders sold 176,791 shares of company stock valued at $7,921,748.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft reduced their target price on Astera Labs from $85.00 to $60.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Evercore ISI decreased their price objective on Astera Labs from $98.00 to $80.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Roth Mkm dropped their target price on Astera Labs from $85.00 to $60.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Morgan Stanley upgraded shares of Astera Labs from an “equal weight” rating to an “overweight” rating and set a $55.00 price target for the company in a report on Wednesday, September 4th. Finally, Craig Hallum dropped their price objective on shares of Astera Labs from $90.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $71.36.

Astera Labs Stock Up 7.2 %

Shares of ALAB opened at $50.51 on Monday. The stock has a 50-day moving average price of $44.25. Astera Labs, Inc. has a 12-month low of $36.22 and a 12-month high of $95.21.

Astera Labs (NASDAQ:ALAB) last released its earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.02. The firm had revenue of $76.90 million during the quarter, compared to analyst estimates of $72.41 million. The business’s revenue for the quarter was up 17.8% compared to the same quarter last year. As a group, research analysts forecast that Astera Labs, Inc. will post -0.54 earnings per share for the current fiscal year.

Astera Labs 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.