CIBC Asset Management Inc Purchases New Shares in Astera Labs, Inc. (NASDAQ:ALAB)

CIBC Asset Management Inc bought a new stake in Astera Labs, Inc. (NASDAQ:ALAB) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,520 shares of the company’s stock, valued at approximately $237,000.

A number of other hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. purchased a new position in Astera Labs in the first quarter valued at about $127,268,000. Price T Rowe Associates Inc. MD bought a new stake in Astera Labs in the 1st quarter valued at $44,514,000. Capital World Investors acquired a new stake in shares of Astera Labs during the 1st quarter worth approximately $44,514,000. Bamco Inc. NY acquired a new stake in Astera Labs during the first quarter worth $37,095,000. Finally, TimesSquare Capital Management LLC increased its stake in Astera Labs by 158,424.1% in the third quarter. TimesSquare Capital Management LLC now owns 321,804 shares of the company’s stock valued at $16,859,000 after acquiring an additional 321,601 shares during the period.

Insider Transactions at Astera Labs

In related news, General Counsel Philip Mazzara sold 8,000 shares of Astera Labs stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $43.12, for a total value of $344,960.00. Following the transaction, the general counsel now directly owns 325,474 shares of the company’s stock, valued at $14,034,438.88. This trade represents a 2.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Sanjay Gajendra sold 740,000 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $96.59, for a total transaction of $71,476,600.00. Following the completion of the transaction, the insider now directly owns 775,000 shares of the company’s stock, valued at $74,857,250. This trade represents a 48.84 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,573,576 shares of company stock worth $130,180,512.

Astera Labs Trading Down 1.8 %

ALAB opened at $102.28 on Friday. Astera Labs, Inc. has a 52-week low of $36.22 and a 52-week high of $109.11. The business’s 50-day simple moving average is $69.60 and its 200 day simple moving average is $59.97.

Astera Labs (NASDAQ:ALAB) last issued its earnings results on Monday, November 4th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.06. The business had revenue of $113.10 million during the quarter, compared to the consensus estimate of $97.50 million. Astera Labs had a negative net margin of 30.69% and a negative return on equity of 15.57%. The firm’s revenue for the quarter was up 47.1% compared to the same quarter last year. As a group, research analysts predict that Astera Labs, Inc. will post -0.45 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Craig Hallum increased their price objective on Astera Labs from $75.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Citigroup initiated coverage on Astera Labs in a research note on Monday, November 18th. They set a “buy” rating and a $120.00 price target on the stock. JPMorgan Chase & Co. lifted their target price on shares of Astera Labs from $70.00 to $110.00 and gave the stock an “overweight” rating in a report on Tuesday, November 5th. Barclays upped their price target on Astera Labs from $70.00 to $87.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Finally, Roth Mkm increased their price target on Astera Labs from $80.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Twelve equities research analysts have rated the stock with a buy rating, According to MarketBeat, Astera Labs presently has a consensus rating of “Buy” and an average price target of $94.67.

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.