Renaissance Technologies LLC Buys New Position in Astera Labs, Inc. (NASDAQ:ALAB)

Renaissance Technologies LLC bought a new stake in shares of Astera Labs, Inc. (NASDAQ:ALAB) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 22,100 shares of the company’s stock, valued at approximately $1,337,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Sei Investments Co. bought a new stake in shares of Astera Labs in the 1st quarter worth approximately $952,000. Vanguard Group Inc. acquired a new stake in shares of Astera Labs in the 1st quarter valued at $127,268,000. Forge First Asset Management Inc. acquired a new stake in shares of Astera Labs in the 1st quarter valued at $1,143,000. Price T Rowe Associates Inc. MD acquired a new stake in shares of Astera Labs in the 1st quarter valued at $44,514,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of Astera Labs in the 1st quarter valued at $18,666,000.

Astera Labs Stock Up 7.3 %

Shares of NASDAQ ALAB opened at $52.34 on Friday. Astera Labs, Inc. has a fifty-two week low of $36.22 and a fifty-two week high of $95.21. The firm’s 50-day simple moving average is $44.15 and its 200 day simple moving average is $58.79.

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

Insider Buying and Selling at Astera Labs

In other news, insider Sanjay Gajendra sold 76,701 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were 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 owns 855,000 shares in the company, valued at $38,748,600. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Astera Labs news, insider Sanjay Gajendra sold 76,701 shares of the firm’s stock in a transaction on 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 transaction, the insider now directly owns 855,000 shares of the company’s stock, valued at $38,748,600. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Philip Mazzara sold 42,090 shares of Astera Labs stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $40.43, for a total transaction of $1,701,698.70. Following the sale, the general counsel now directly owns 333,474 shares of the company’s stock, valued at $13,482,353.82. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 276,791 shares of company stock worth $12,933,588.

Analyst Ratings Changes

Several research analysts have recently issued reports on ALAB shares. Stifel Nicolaus reduced their price target on Astera Labs from $87.00 to $80.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Barclays lowered their target price on Astera Labs from $85.00 to $70.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Craig Hallum lowered their price target on Astera Labs from $90.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Morgan Stanley upgraded Astera Labs from an “equal weight” rating to an “overweight” rating and set a $55.00 price objective for the company in a report on Wednesday, September 4th. Finally, Evercore ISI reduced their price objective on Astera Labs from $98.00 to $80.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $71.36.

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.