Crestwood Capital Management L.P. Increases Stock Position in Astera Labs, Inc. (NASDAQ:ALAB)

Crestwood Capital Management L.P. increased its position in shares of Astera Labs, Inc. (NASDAQ:ALAB) by 4.6% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 20,920 shares of the company’s stock after buying an additional 920 shares during the quarter. Astera Labs makes up 0.8% of Crestwood Capital Management L.P.’s portfolio, making the stock its 15th largest holding. Crestwood Capital Management L.P.’s holdings in Astera Labs were worth $1,096,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in ALAB. The Manufacturers Life Insurance Company raised its position in Astera Labs by 15,477.8% during the third quarter. The Manufacturers Life Insurance Company now owns 879,055 shares of the company’s stock worth $46,054,000 after acquiring an additional 873,412 shares during the period. Canton Hathaway LLC acquired a new position in Astera Labs during the third quarter worth $79,000. Bank of Hawaii acquired a new position in Astera Labs during the third quarter worth $1,409,000. Westfield Capital Management Co. LP acquired a new stake in shares of Astera Labs in the third quarter valued at about $52,049,000. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Astera Labs by 253.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 322,993 shares of the company’s stock valued at $16,922,000 after buying an additional 231,585 shares during the last quarter.

Astera Labs Price Performance

Shares of NASDAQ ALAB opened at $107.31 on Tuesday. Astera Labs, Inc. has a 52 week low of $36.22 and a 52 week high of $113.85. The company’s 50-day moving average price is $70.87 and its 200 day moving average price is $60.05.

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

Insider Transactions at Astera Labs

In related news, CEO Jitendra Mohan sold 47,667 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $70.26, for a total value of $3,349,083.42. Following the transaction, the chief executive officer now owns 728,420 shares in the company, valued at approximately $51,178,789.20. This trade represents a 6.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jack R. Lazar sold 2,000 shares of the stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $69.95, for a total transaction of $139,900.00. Following the completion of the sale, the director now directly owns 135,000 shares of the company’s stock, valued at $9,443,250. This trade represents a 1.46 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,736,640 shares of company stock worth $147,545,808 in the last three months.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. JPMorgan Chase & Co. increased their target price on shares of Astera Labs from $70.00 to $110.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. Needham & Company LLC reiterated a “buy” rating and issued a $65.00 target price on shares of Astera Labs in a research report on Wednesday, October 9th. Stifel Nicolaus increased their target price on shares of Astera Labs from $80.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. Barclays increased their target price on shares of Astera Labs from $70.00 to $87.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Astera Labs from $60.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Astera Labs has a consensus rating of “Buy” and an average price target of $94.67.

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.