Spyglass Capital Management LLC Makes New $38.57 Million Investment in Astera Labs, Inc. (NASDAQ:ALAB)

Spyglass Capital Management LLC bought a new position in shares of Astera Labs, Inc. (NASDAQ:ALAB) during the third quarter, HoldingsChannel.com reports. The firm bought 736,121 shares of the company’s stock, valued at approximately $38,565,000. Astera Labs makes up approximately 2.5% of Spyglass Capital Management LLC’s holdings, making the stock its 22nd largest holding.

Other large investors also recently modified their holdings of the company. Avior Wealth Management LLC purchased a new stake in shares of Astera Labs in the 3rd quarter valued at approximately $361,000. Meeder Asset Management Inc. purchased a new stake in shares of Astera Labs in the 3rd quarter valued at approximately $1,141,000. Bank of Hawaii purchased a new stake in shares of Astera Labs in the 3rd quarter valued at approximately $1,409,000. Vanguard Group Inc. purchased a new stake in shares of Astera Labs in the 1st quarter valued at approximately $127,268,000. Finally, Rakuten Securities Inc. purchased a new stake in shares of Astera Labs in the 3rd quarter valued at approximately $291,000.

Astera Labs Trading Down 5.6 %

Shares of NASDAQ:ALAB opened at $99.60 on Friday. Astera Labs, Inc. has a 1-year low of $36.22 and a 1-year high of $113.85. The firm has a fifty day moving average price of $74.17 and a 200 day moving average price of $60.84.

Astera Labs (NASDAQ:ALAB) last released its earnings results on Monday, November 4th. The company reported $0.23 EPS for the quarter, topping the consensus estimate 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 company had revenue of $113.10 million during the quarter, compared to analysts’ expectations of $97.50 million. The company’s revenue for the quarter was up 47.1% compared to the same quarter last year. On average, research analysts forecast that Astera Labs, Inc. will post -0.45 EPS for the current fiscal year.

Insider Transactions at Astera Labs

In related news, insider Sanjay Gajendra sold 76,701 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $45.32, for a total value of $3,476,089.32. Following the completion of the sale, the insider now owns 855,000 shares in the company, valued at $38,748,600. This trade represents a 8.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Jitendra Mohan sold 173,366 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $110.12, for a total transaction of $19,091,063.92. Following the completion of the sale, the chief executive officer now owns 600,000 shares of the company’s stock, valued at $66,072,000. This trade represents a 22.42 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,897,820 shares of company stock worth $168,252,298.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on ALAB shares. 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. Craig Hallum increased their target price on shares of Astera Labs from $75.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. 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. 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. Finally, Morgan Stanley increased their target price on shares of Astera Labs from $74.00 to $94.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $94.67.

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.