Truist Financial Corp Purchases Shares of 5,834 Astera Labs, Inc. (NASDAQ:ALAB)

Truist Financial Corp acquired a new position in Astera Labs, Inc. (NASDAQ:ALAB) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 5,834 shares of the company’s stock, valued at approximately $353,000.

A number of other institutional investors have also made changes to their positions in the business. Allspring Global Investments Holdings LLC bought a new position in shares of Astera Labs in the first quarter valued at about $18,666,000. Capstone Investment Advisors LLC bought a new position in Astera Labs during the 1st quarter worth approximately $4,629,000. Jennison Associates LLC bought a new position in Astera Labs during the 1st quarter worth approximately $11,283,000. Peregrine Asset Advisers Inc. bought a new stake in shares of Astera Labs in the 1st quarter valued at $2,515,000. Finally, Central Pacific Bank Trust Division bought a new stake in shares of Astera Labs in the 1st quarter valued at $402,000.

Wall Street Analysts Forecast Growth

ALAB has been the subject of several research analyst reports. Morgan Stanley lifted their price objective on shares of Astera Labs from $55.00 to $74.00 and gave the company an “overweight” rating in a research note on Wednesday, October 9th. Barclays reduced their price target on shares of Astera Labs from $85.00 to $70.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Craig Hallum cut their price objective on shares of Astera Labs from $90.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. JPMorgan Chase & Co. cut their price target on shares of Astera Labs from $95.00 to $70.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Finally, Roth Mkm cut their price target on shares of Astera Labs from $85.00 to $60.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Astera Labs presently has an average rating of “Buy” and an average target price of $73.09.

Astera Labs Trading Up 0.6 %

ALAB opened at $65.99 on Friday. The stock has a fifty day simple moving average of $47.75 and a two-hundred day simple moving average of $58.16. Astera Labs, Inc. has a 12-month low of $36.22 and a 12-month high of $95.21.

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

Insider Activity

In related news, General Counsel Philip Mazzara sold 42,090 shares of the 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 trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Astera Labs news, General Counsel Philip Mazzara sold 42,090 shares of Astera Labs stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $40.43, for a total value of $1,701,698.70. Following the sale, the general counsel now owns 333,474 shares of the company’s stock, valued at $13,482,353.82. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Jack R. Lazar sold 2,000 shares of Astera Labs stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $69.95, for a total value of $139,900.00. Following the completion of the transaction, the director now owns 135,000 shares of the company’s stock, valued at approximately $9,443,250. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 564,458 shares of company stock worth $31,970,841 over the last three months.

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.