Cherry Creek Investment Advisors Inc. Invests $399,000 in Astera Labs, Inc. (NASDAQ:ALAB)

Cherry Creek Investment Advisors Inc. acquired a new stake in shares of Astera Labs, Inc. (NASDAQ:ALAB) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 3,013 shares of the company’s stock, valued at approximately $399,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Renaissance Technologies LLC acquired a new stake in shares of Astera Labs during the 2nd quarter worth about $1,337,000. Amalgamated Bank purchased a new stake in Astera Labs during the second quarter valued at about $74,000. Marshall Wace LLP acquired a new stake in Astera Labs during the 2nd quarter worth approximately $2,351,000. Millennium Management LLC raised its holdings in 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 buying an additional 160,417 shares during the period. Finally, The Manufacturers Life Insurance Company purchased a new stake in Astera Labs during the second quarter worth approximately $341,000. Hedge funds and other institutional investors own 60.47% of the company’s stock.

Astera Labs Stock Performance

Shares of ALAB stock opened at $83.16 on Tuesday. Astera Labs, Inc. has a 12-month low of $36.22 and a 12-month high of $147.39. The firm has a 50 day moving average price of $123.01 and a two-hundred day moving average price of $79.09.

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

Analyst Upgrades and Downgrades

Several research firms have commented on ALAB. Craig Hallum raised their price objective on 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. raised their target price on shares of Astera Labs from $70.00 to $110.00 and gave the stock an “overweight” rating in a report on Tuesday, November 5th. Citigroup assumed coverage on Astera Labs in a research note on Monday, November 18th. They issued a “buy” rating and a $120.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and set a $65.00 target price on shares of Astera Labs in a research note on Wednesday, October 9th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Astera Labs from $60.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Astera Labs has an average rating of “Moderate Buy” and an average target price of $109.75.

Insider Activity at Astera Labs

In related news, General Counsel Philip Mazzara sold 2,513 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $90.81, for a total transaction of $228,205.53. Following the completion of the transaction, the general counsel now owns 248,745 shares of the company’s stock, valued at approximately $22,588,533.45. The trade was a 1.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stefan A. Dyckerhoff sold 50,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $89.70, for a total transaction of $4,485,000.00. Following the completion of the transaction, the director now directly owns 129,617 shares in the company, valued at $11,626,644.90. The trade was a 27.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,690,452 shares of company stock worth $167,581,256 over the last ninety days.

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.