CIBC Asset Management Inc Increases Stake in Astera Labs, Inc. (NASDAQ:ALAB)

CIBC Asset Management Inc raised its stake in shares of Astera Labs, Inc. (NASDAQ:ALAB) by 5.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,757 shares of the company’s stock after buying an additional 237 shares during the quarter. CIBC Asset Management Inc’s holdings in Astera Labs were worth $630,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. FMR LLC grew its holdings in Astera Labs by 0.7% during the 3rd quarter. FMR LLC now owns 23,504,038 shares of the company’s stock valued at $1,231,377,000 after buying an additional 153,491 shares in the last quarter. Fred Alger Management LLC grew its holdings in Astera Labs by 1,361.0% during the 3rd quarter. Fred Alger Management LLC now owns 2,821,921 shares of the company’s stock valued at $147,840,000 after buying an additional 2,628,765 shares in the last quarter. Jennison Associates LLC purchased a new stake in Astera Labs during the 4th quarter valued at approximately $229,991,000. JPMorgan Chase & Co. grew its holdings in Astera Labs by 3.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,568,314 shares of the company’s stock valued at $82,164,000 after buying an additional 47,569 shares in the last quarter. Finally, Maverick Capital Ltd. grew its holdings in shares of Astera Labs by 16.0% in the third quarter. Maverick Capital Ltd. now owns 1,156,230 shares of the company’s stock valued at $60,575,000 after purchasing an additional 159,480 shares in the last quarter. 60.47% of the stock is owned by hedge funds and other institutional investors.

Astera Labs Stock Down 3.1 %

NASDAQ ALAB opened at $85.72 on Friday. The company has a fifty day moving average of $116.72 and a two-hundred day moving average of $85.13. The firm has a market capitalization of $13.90 billion and a price-to-earnings ratio of -49.55. Astera Labs, Inc. has a 52 week low of $36.22 and a 52 week high of $147.39.

Astera Labs (NASDAQ:ALAB) last released its earnings results on Monday, February 10th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.16). Astera Labs had a negative return on equity of 10.40% and a negative net margin of 21.05%. Equities research analysts anticipate that Astera Labs, Inc. will post 0.34 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on ALAB shares. Citigroup started coverage on shares of Astera Labs in a report on Monday, November 18th. They issued a “buy” rating and a $120.00 target price for the company. Northland Capmk raised shares of Astera Labs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 28th. Barclays raised their target price on shares of Astera Labs from $87.00 to $135.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Astera Labs from $60.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Finally, Morgan Stanley cut their target price on shares of Astera Labs from $142.00 to $114.00 and set an “equal weight” rating for the company in a report on Tuesday, January 28th. One analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Astera Labs presently has a consensus rating of “Buy” and an average target price of $115.33.

Insider Transactions at Astera Labs

In other news, Director Michael E. Hurlston sold 2,500 shares of Astera Labs stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $92.08, for a total transaction of $230,200.00. Following the completion of the sale, the director now directly owns 91,794 shares in the company, valued at approximately $8,452,391.52. This trade represents a 2.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jitendra Mohan sold 350,680 shares of Astera Labs stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $89.51, for a total value of $31,389,366.80. Following the sale, the chief executive officer now owns 2,353,655 shares of the company’s stock, valued at approximately $210,675,659.05. This trade represents a 12.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 883,370 shares of company stock worth $86,643,058.

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.