Discovery Capital Management LLC CT Reduces Stake in Astera Labs, Inc. (NASDAQ:ALAB)

Discovery Capital Management LLC CT lowered its stake in Astera Labs, Inc. (NASDAQ:ALAB) by 50.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 25,000 shares of the company’s stock after selling 25,000 shares during the quarter. Discovery Capital Management LLC CT’s holdings in Astera Labs were worth $1,513,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in ALAB. Amalgamated Bank purchased a new stake in shares of Astera Labs in the second quarter worth $74,000. Massachusetts Financial Services Co. MA boosted its position in shares of Astera Labs by 2.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 91,408 shares of the company’s stock valued at $5,531,000 after acquiring an additional 2,343 shares during the last quarter. Legato Capital Management LLC purchased a new position in shares of Astera Labs during the second quarter worth about $207,000. Alpine Global Management LLC purchased a new position in shares of Astera Labs during the first quarter worth about $272,000. Finally, Strategic Blueprint LLC bought a new position in shares of Astera Labs in the second quarter worth approximately $332,000.

Astera Labs Trading Up 7.2 %

Shares of NASDAQ:ALAB opened at $50.51 on Monday. The firm’s 50-day simple moving average is $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 announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The business had revenue of $76.90 million during the quarter, compared to analysts’ expectations of $72.41 million. The firm’s revenue for the quarter was up 17.8% compared to the same quarter last year. On average, analysts expect that Astera Labs, Inc. will post -0.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Michael Truett Tate sold 50,000 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $47.98, for a total value of $2,399,000.00. Following the sale, the chief financial officer now directly owns 829,108 shares of the company’s stock, valued at $39,780,601.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, 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 owns 829,108 shares in the company, valued at approximately $39,780,601.84. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Sanjay Gajendra sold 76,701 shares of the company’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 completion of the sale, the insider now directly owns 855,000 shares in the company, valued at $38,748,600. The disclosure for this sale can be found here. In the last quarter, insiders have sold 176,791 shares of company stock worth $7,921,748.

Analyst Ratings Changes

A number of equities analysts have commented on ALAB shares. Morgan Stanley raised 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 research note on Wednesday, September 4th. 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. Barclays lowered their price target 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. Deutsche Bank Aktiengesellschaft cut their target price 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. Finally, Needham & Company LLC decreased their price objective on Astera Labs from $85.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $71.36.

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.