Westfield Capital Management Co. LP Takes $52.05 Million Position in Astera Labs, Inc. (NASDAQ:ALAB)

Westfield Capital Management Co. LP acquired a new stake in Astera Labs, Inc. (NASDAQ:ALAB) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 993,482 shares of the company’s stock, valued at approximately $52,049,000.

Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. purchased a new position in shares of Astera Labs in the first quarter valued at approximately $127,268,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Astera Labs in the first quarter worth $44,514,000. Massachusetts Financial Services Co. MA increased its position in shares of Astera Labs by 253.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 322,993 shares of the company’s stock worth $16,922,000 after acquiring an additional 231,585 shares during the period. TimesSquare Capital Management LLC increased its position in shares of Astera Labs by 158,424.1% during the third quarter. TimesSquare Capital Management LLC now owns 321,804 shares of the company’s stock worth $16,859,000 after acquiring an additional 321,601 shares during the period. Finally, Millennium Management LLC raised its stake in shares of Astera Labs by 136.4% in the second quarter. Millennium Management LLC now owns 278,051 shares of the company’s stock valued at $16,825,000 after acquiring an additional 160,417 shares in the last quarter.

Analysts Set New Price Targets

Several research analysts recently commented on ALAB shares. Barclays boosted their target price on Astera Labs from $70.00 to $87.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 5th. Stifel Nicolaus upped their target price on shares of Astera Labs from $80.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Roth Mkm lifted their price target on shares of Astera Labs from $80.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Needham & Company LLC reissued a “buy” rating and issued a $65.00 price objective on shares of Astera Labs in a research report on Wednesday, October 9th. Finally, Morgan Stanley lifted their price objective on shares of Astera Labs from $74.00 to $94.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 5th. Twelve investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $94.67.

Astera Labs Price Performance

Shares of NASDAQ ALAB opened at $102.28 on Monday. Astera Labs, Inc. has a 52-week low of $36.22 and a 52-week high of $109.11. The business has a 50-day moving average price of $69.60 and a 200 day moving average price of $59.79.

Astera Labs (NASDAQ:ALAB) last announced its earnings results on Monday, November 4th. The company reported $0.23 earnings per share (EPS) for the quarter, topping 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 business had revenue of $113.10 million for the quarter, compared to analyst estimates of $97.50 million. The firm’s revenue for the quarter was up 47.1% on a year-over-year basis. As a group, sell-side analysts expect that Astera Labs, Inc. will post -0.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other Astera Labs news, CEO Jitendra Mohan sold 47,667 shares of Astera Labs stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 728,420 shares in the company, valued at approximately $51,178,789.20. This trade represents a 6.14 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Michael Truett Tate sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $47.98, for a total value of $2,399,000.00. Following the completion of the transaction, the chief financial officer now directly owns 829,108 shares in the company, valued at approximately $39,780,601.84. The trade was a 5.69 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,565,576 shares of company stock valued at $129,835,552.

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.