Seven Eight Capital LP Invests $994,000 in Astera Labs, Inc. (NASDAQ:ALAB)

Seven Eight Capital LP purchased a new stake in Astera Labs, Inc. (NASDAQ:ALAB) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 16,434 shares of the company’s stock, valued at approximately $994,000.

Other institutional investors have also recently bought and sold shares of the company. Hsbc Holdings PLC acquired a new position in shares of Astera Labs in the second quarter worth about $2,990,000. Amalgamated Bank purchased a new position in Astera Labs during the 2nd quarter worth approximately $74,000. Renaissance Technologies LLC acquired a new stake in Astera Labs during the 2nd quarter valued at $1,337,000. Massachusetts Financial Services Co. MA boosted its position in shares of Astera Labs by 2.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 91,408 shares of the company’s stock worth $5,531,000 after buying an additional 2,343 shares during the period. Finally, Ground Swell Capital LLC purchased a new position in shares of Astera Labs during the second quarter valued at $524,000.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ALAB shares. Deutsche Bank Aktiengesellschaft reduced their price objective on Astera Labs from $85.00 to $60.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Needham & Company LLC lowered their price objective on shares of Astera Labs from $85.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Roth Mkm cut their target price on shares of Astera Labs from $85.00 to $60.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Stifel Nicolaus dropped their price target on shares of Astera Labs from $87.00 to $80.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Finally, Barclays reduced their price objective on Astera Labs from $85.00 to $70.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $71.36.

Astera Labs Stock Up 7.2 %

Shares of Astera Labs stock opened at $50.51 on Friday. The business has a fifty day moving average price of $44.25. Astera Labs, Inc. has a 1-year low of $36.22 and a 1-year high of $95.21.

Astera Labs (NASDAQ:ALAB) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The firm had revenue of $76.90 million for the quarter, compared to the consensus estimate 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, analysts anticipate that Astera Labs, Inc. will post -0.54 EPS for the current year.

Insiders Place Their Bets

In other news, General Counsel Philip Mazzara sold 42,090 shares of the 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 completion of the sale, the general counsel now directly owns 333,474 shares of the company’s stock, valued at $13,482,353.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 transaction of $3,476,089.32. Following the transaction, the insider now directly owns 855,000 shares in the company, valued at $38,748,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Philip Mazzara sold 42,090 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $40.43, for a total value of $1,701,698.70. Following the completion of the transaction, the general counsel now directly owns 333,474 shares of the company’s stock, valued at approximately $13,482,353.82. The disclosure for this sale can be found here. Insiders have sold a total of 176,791 shares of company stock valued at $7,921,748 in the last three months.

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.