Truist Financial Corp Invests $353,000 in Astera Labs, Inc. (NASDAQ:ALAB)

Truist Financial Corp purchased a new position in shares of Astera Labs, Inc. (NASDAQ:ALAB) during the second quarter, Holdings Channel reports. The firm purchased 5,834 shares of the company’s stock, valued at approximately $353,000.

A number of other hedge funds also recently bought and sold shares of ALAB. Amalgamated Bank acquired a new position in Astera Labs during the 2nd quarter worth $74,000. Legato Capital Management LLC purchased a new stake in Astera Labs during the 2nd quarter valued at approximately $207,000. Alpine Global Management LLC purchased a new position in shares of Astera Labs during the 1st quarter worth approximately $272,000. Strategic Blueprint LLC purchased a new position in shares of Astera Labs during the 2nd quarter worth approximately $332,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Astera Labs in the 2nd quarter worth approximately $341,000.

Insider Buying and Selling

In related news, CEO Jitendra Mohan sold 47,667 shares of the stock in a transaction on Friday, October 11th. The stock was sold at an average price of $70.26, for a total value of $3,349,083.42. Following the completion of the transaction, the chief executive officer now owns 728,420 shares in the company, valued at $51,178,789.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Astera Labs news, insider Sanjay Gajendra sold 110,000 shares of the firm’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $69.47, for a total transaction of $7,641,700.00. Following the completion of the sale, the insider now directly owns 835,000 shares in the company, valued at approximately $58,007,450. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Jitendra Mohan sold 47,667 shares of the firm’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $70.26, for a total value of $3,349,083.42. Following the sale, the chief executive officer now owns 728,420 shares of the company’s stock, valued at $51,178,789.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 564,458 shares of company stock valued at $31,970,841 over the last three months.

Wall Street Analysts Forecast Growth

ALAB has been the topic of a number of analyst reports. Craig Hallum lowered their target price on Astera Labs from $90.00 to $75.00 and set a “buy” rating on the stock in a 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 on the stock in a research report on Wednesday, August 7th. Roth Mkm cut their price objective on Astera Labs from $85.00 to $60.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. JPMorgan Chase & Co. lowered their target price on Astera Labs from $95.00 to $70.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Finally, Evercore ISI decreased their price target on Astera Labs from $98.00 to $80.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Eleven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Astera Labs currently has a consensus rating of “Buy” and a consensus price target of $73.09.

Astera Labs Stock Up 0.6 %

Shares of NASDAQ ALAB opened at $65.99 on Friday. Astera Labs, Inc. has a 1-year low of $36.22 and a 1-year high of $95.21. The business’s fifty day moving average price is $47.75 and its two-hundred day moving average price is $58.16.

Astera Labs (NASDAQ:ALAB) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The business had revenue of $76.90 million for the quarter, compared to analyst estimates of $72.41 million. Astera Labs’s revenue for the quarter was up 17.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Astera Labs, Inc. will post -0.54 EPS for the current fiscal year.

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.