Sycomore Asset Management Invests $2.04 Million in Astera Labs, Inc. (NASDAQ:ALAB)

Sycomore Asset Management purchased a new stake in shares of Astera Labs, Inc. (NASDAQ:ALAB) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 36,647 shares of the company’s stock, valued at approximately $2,038,000.

Other hedge funds also recently added to or reduced their stakes in the company. Amalgamated Bank bought a new stake in shares of Astera Labs in the 2nd quarter worth $74,000. Legato Capital Management LLC purchased a new position in shares of Astera Labs during the second quarter valued at approximately $207,000. Alpine Global Management LLC bought a new position in Astera Labs during the first quarter valued at approximately $272,000. Strategic Blueprint LLC purchased a new stake in Astera Labs in the second quarter worth approximately $332,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Astera Labs in the 2nd quarter worth approximately $341,000.

Insider Buying and Selling

In other Astera Labs news, General Counsel Philip Mazzara sold 42,090 shares of the business’s stock in a transaction 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 sale, the general counsel now owns 333,474 shares in the company, valued at approximately $13,482,353.82. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Astera Labs news, insider Sanjay Gajendra sold 76,701 shares of Astera Labs stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $45.32, for a total value of $3,476,089.32. Following the sale, the insider now owns 855,000 shares of the company’s stock, valued at approximately $38,748,600. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Philip Mazzara sold 42,090 shares of the 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 transaction, the general counsel now owns 333,474 shares of the company’s stock, valued at $13,482,353.82. The disclosure for this sale can be found here. Over the last quarter, insiders sold 276,791 shares of company stock worth $12,933,588.

Astera Labs Price Performance

NASDAQ ALAB opened at $52.39 on Tuesday. Astera Labs, Inc. has a twelve month low of $36.22 and a twelve month high of $95.21. The stock has a 50-day simple moving average of $43.98.

Astera Labs (NASDAQ:ALAB) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.02. The business had revenue of $76.90 million during the quarter, compared to the consensus estimate of $72.41 million. The business’s revenue for the quarter was up 17.8% on a year-over-year basis. Equities research analysts predict that Astera Labs, Inc. will post -0.54 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ALAB has been the subject of several research analyst reports. Craig Hallum cut their price objective on Astera Labs from $90.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Stifel Nicolaus cut their price target on Astera Labs from $87.00 to $80.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Astera Labs from $85.00 to $60.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. JPMorgan Chase & Co. cut their target price on shares of Astera Labs from $95.00 to $70.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Finally, Morgan Stanley raised shares of Astera Labs from an “equal weight” rating to an “overweight” rating and set a $55.00 target price for the company in a report on Wednesday, September 4th. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $71.36.

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.