TimesSquare Capital Management LLC has significantly reduced its investment in Astera Labs, Inc. (NASDAQ:ALAB), trimming its holdings by 87.2% in the first quarter, according to its latest Form 13F filed with the SEC. After the sale of 140,020 shares, the firm now holds 20,520 shares, reflecting a value of approximately $1.22 million.
Several other large investors have also adjusted their positions in Astera Labs recently. Steward Partners Investment Advisory LLC has increased its holdings by an impressive 99% during the fourth quarter, bringing its total to 199 shares valued at $26,000. Whittier Trust Co. of Nevada Inc. initiated a new stake in the company valued at about $25,000, while Hoey Investments Inc. added 200 shares, resulting in a 4.2% increase in its holdings to 5,000 shares, worth around $298,000. Additionally, Sound Income Strategies LLC and Allworth Financial LP raised their stakes by 34.7% and 20.4%, respectively.
In terms of stock performance, shares of Astera Labs rose by $5.61 to $103.56 during midday trading on Friday, with a notable trading volume of 4,026,574 shares. The company’s market capitalization stands at $17.08 billion, and its price-to-earnings ratio is 471.19.
Recent earnings results highlight Astera Labs’ financial growth, as the company reported earnings of $0.33 per share, exceeding analysts’ expectations of $0.28. The revenue for the quarter reached $159.44 million, significantly higher than the expected $151.55 million, marking a 144.1% increase year-over-year.
Insider activities have also been noteworthy, with CFO Michael Truett Tate selling 500,000 shares for $45.1 million and CEO Jitendra Mohan disposing of 128,250 shares for approximately $11.5 million. This reduction indicates a notable change in company ownership dynamics.
Analysts have weighed in positively on Astera Labs, with several firms providing buy ratings and varying target prices. Roth Capital set a target price at $100.00, while Barclays raised theirs from $70.00 to $75.00, underlining the overall confidence in Astera Labs’ growth potential.
Astera Labs focuses on semiconductor-based connectivity solutions tailored for cloud and AI infrastructure, suggesting a strong future in the rapidly expanding tech landscape. As institutional investors hold a significant 60.47% of the stock, the company is well-positioned for continued development and investor interest, demonstrating resilience in a competitive market.