Truist Financial Corp Sells 26,756 Shares of Astera Labs, Inc. (NASDAQ:ALAB)

Truist Financial Corp cut its stake in shares of Astera Labs, Inc. (NASDAQ:ALAB) by 64.8% in the fourth quarter, Holdings Channel reports. The fund owned 14,517 shares of the company’s stock after selling 26,756 shares during the period. Truist Financial Corp’s holdings in Astera Labs were worth $1,923,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Tidal Investments LLC lifted its holdings in shares of Astera Labs by 81.8% during the third quarter. Tidal Investments LLC now owns 45,298 shares of the company’s stock valued at $2,373,000 after acquiring an additional 20,388 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Astera Labs during the third quarter valued at $530,000. Avior Wealth Management LLC bought a new position in shares of Astera Labs during the third quarter valued at $361,000. Maverick Capital Ltd. raised 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 buying an additional 159,480 shares during the last quarter. Finally, Bank of Hawaii bought a new position in shares of Astera Labs in the third quarter valued at about $1,409,000. 60.47% of the stock is owned by institutional investors.

Astera Labs Stock Up 6.8 %

Shares of ALAB stock opened at $83.00 on Thursday. The firm has a market cap of $13.46 billion and a price-to-earnings ratio of -47.98. Astera Labs, Inc. has a 12 month low of $36.22 and a 12 month high of $147.39. The stock has a 50-day moving average price of $114.01 and a 200 day moving average price of $86.02.

Astera Labs (NASDAQ:ALAB) last posted its earnings results on Monday, February 10th. The company reported $0.10 earnings per share (EPS) 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%. Sell-side analysts predict that Astera Labs, Inc. will post 0.34 earnings per share for the current fiscal year.

Insider Transactions at Astera Labs

In related news, CEO Jitendra Mohan sold 350,680 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 2,353,655 shares in the company, valued at approximately $210,675,659.05. The trade was a 12.97 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Michael Truett Tate sold 16,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $117.84, for a total value of $1,885,440.00. Following the completion of the transaction, the chief financial officer now owns 1,412,888 shares of the company’s stock, valued at $166,494,721.92. This represents a 1.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 702,190 shares of company stock worth $66,714,568.

Wall Street Analyst Weigh In

ALAB has been the subject of a number of research analyst reports. Stifel Nicolaus lifted their price target on Astera Labs from $100.00 to $150.00 and gave the company a “buy” rating in a report on Monday, January 6th. Deutsche Bank Aktiengesellschaft lifted their price target on Astera Labs from $60.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Barclays lifted their price target on Astera Labs from $87.00 to $135.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Craig Hallum lifted their price target on Astera Labs from $105.00 to $125.00 and gave the company a “buy” rating in a report on Tuesday, February 11th. Finally, Citigroup initiated coverage on Astera Labs in a report on Monday, November 18th. They issued a “buy” rating and a $120.00 price target for the company. One research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $115.33.

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.