Cherry Creek Investment Advisors Inc. Purchases Shares of 3,013 Astera Labs, Inc. (NASDAQ:ALAB)

Cherry Creek Investment Advisors Inc. purchased a new stake in shares of Astera Labs, Inc. (NASDAQ:ALAB) during the fourth quarter, HoldingsChannel reports. The fund purchased 3,013 shares of the company’s stock, valued at approximately $399,000.

A number of other large investors also recently added to or reduced their stakes in the business. Fred Alger Management LLC raised its holdings in shares of Astera Labs by 1,361.0% during the 3rd quarter. Fred Alger Management LLC now owns 2,821,921 shares of the company’s stock worth $147,840,000 after acquiring an additional 2,628,765 shares in the last quarter. Westfield Capital Management Co. LP purchased a new position in shares of Astera Labs in the 3rd quarter worth $52,049,000. The Manufacturers Life Insurance Company lifted its stake in shares of Astera Labs by 15,477.8% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 879,055 shares of the company’s stock valued at $46,054,000 after purchasing an additional 873,412 shares during the last quarter. Spyglass Capital Management LLC purchased a new stake in shares of Astera Labs in the third quarter valued at $38,565,000. Finally, State Street Corp grew its stake in shares of Astera Labs by 173.1% during the third quarter. State Street Corp now owns 698,467 shares of the company’s stock valued at $36,593,000 after buying an additional 442,698 shares during the last quarter. 60.47% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, General Counsel Philip Mazzara sold 42,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $96.56, for a total transaction of $4,055,520.00. Following the completion of the transaction, the general counsel now directly owns 258,564 shares of the company’s stock, valued at approximately $24,966,939.84. This represents a 13.97 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Sanjay Gajendra sold 740,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $96.59, for a total transaction of $71,476,600.00. Following the sale, the insider now owns 775,000 shares of the company’s stock, valued at $74,857,250. This represents a 48.84 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,690,452 shares of company stock valued at $167,581,256.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $65.00 price objective on shares of Astera Labs in a research note on Wednesday, October 9th. Stifel Nicolaus lifted their price target on Astera Labs from $100.00 to $150.00 and gave the company a “buy” rating in a report on Monday, January 6th. 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. Citigroup assumed coverage on shares of Astera Labs in a report on Monday, November 18th. They set a “buy” rating and a $120.00 price objective on the stock. Finally, Barclays raised their price objective on Astera Labs from $87.00 to $135.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Astera Labs currently has an average rating of “Moderate Buy” and a consensus price target of $109.75.

Astera Labs Stock Performance

Astera Labs stock opened at $83.16 on Tuesday. The business has a 50 day simple moving average of $123.01 and a 200-day simple moving average of $79.09. Astera Labs, Inc. has a 12 month low of $36.22 and a 12 month high of $147.39.

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

Astera Labs Company 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.