Amalgamated Bank Increases Position in Astera Labs, Inc. (NASDAQ:ALAB)

Amalgamated Bank increased its position in shares of Astera Labs, Inc. (NASDAQ:ALAB) by 382.5% during the fourth quarter, Holdings Channel reports. The fund owned 5,891 shares of the company’s stock after acquiring an additional 4,670 shares during the quarter. Amalgamated Bank’s holdings in Astera Labs were worth $780,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its stake in shares of Astera Labs by 123.9% during the 4th quarter. Bank of New York Mellon Corp now owns 383,197 shares of the company’s stock worth $50,754,000 after purchasing an additional 212,055 shares during the period. Trifecta Capital Advisors LLC acquired a new position in Astera Labs in the fourth quarter valued at $43,000. Sigma Planning Corp purchased a new position in Astera Labs during the fourth quarter worth about $2,718,000. ING Groep NV acquired a new stake in Astera Labs in the 4th quarter worth about $37,232,000. Finally, Alberta Investment Management Corp acquired a new stake in Astera Labs in the 4th quarter worth about $2,162,000. 60.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on ALAB. JPMorgan Chase & Co. upped their price objective on shares of Astera Labs from $70.00 to $110.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Citigroup started coverage on shares of Astera Labs in a research report on Monday, November 18th. They set a “buy” rating and a $120.00 price target for the company. Barclays lifted their price target on shares of Astera Labs from $87.00 to $135.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Morgan Stanley dropped their price objective on Astera Labs from $142.00 to $114.00 and set an “equal weight” rating for the company in a report on Tuesday, January 28th. Finally, Roth Mkm increased their target price on Astera Labs from $80.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. One investment analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $115.33.

Astera Labs Stock Performance

Shares of NASDAQ:ALAB opened at $67.68 on Tuesday. The business’s 50-day simple moving average is $110.51 and its 200 day simple moving average is $87.02. The company has a market cap of $10.97 billion and a P/E ratio of -39.12. Astera Labs, Inc. has a one year low of $36.22 and a one year high of $147.39.

Astera Labs (NASDAQ:ALAB) last posted its quarterly earnings data on Monday, February 10th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.16). Astera Labs had a negative net margin of 21.05% and a negative return on equity of 10.40%. Analysts predict that Astera Labs, Inc. will post 0.34 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Manuel Alba sold 11,000 shares of the stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $117.50, for a total value of $1,292,500.00. Following the completion of the transaction, the director now owns 456,863 shares of the company’s stock, valued at approximately $53,681,402.50. This represents a 2.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, General Counsel Philip Mazzara sold 7,536 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $92.07, for a total value of $693,839.52. Following the sale, the general counsel now owns 241,209 shares of the company’s stock, valued at approximately $22,208,112.63. This trade represents a 3.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 597,990 shares of company stock valued at $53,420,642 in the last quarter.

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.