SANTA CLARA, CA—Tate Michael Truett, Chief Financial Officer of Astera Labs, Inc. (NASDAQ:ALAB), executed a series of stock sales totaling approximately $1.89 million, according to a recent SEC filing. The transactions, completed on December 4, involved multiple sales of common stock at prices ranging from $115.44 to $120.58 per share. The sales come as the company's stock trades near its 52-week high of $121.20, having delivered an impressive 84.88% return year-to-date. According to InvestingPro analysis, the stock is currently trading above its Fair Value.
The sales were conducted under a pre-arranged 10b5-1 trading plan, which allows company insiders to set up a predetermined schedule for selling stocks. Following these transactions, Truett holds 1,412,888 shares indirectly through the Tate Trust.
Astera Labs, a semiconductor company based in Santa Clara, California, continues to be a key player in the industry, with its stock transactions closely watched by investors.
In other recent news, Astera Labs has seen a significant increase in third-quarter earnings and revenue, exceeding market expectations with earnings per share of $0.23 and a revenue of $113.1 million. This marks a 206% YoY increase and a 47% sequential rise. The company also projected a revenue between $126 million and $130 million, and a non-GAAP EPS of $0.25 to $0.26 for the fourth quarter.
Financial firms Evercore ISI and Citi have maintained positive outlooks on Astera Labs. Evercore ISI reiterated an Outperform rating, while Citi initiated coverage with a Buy rating. Both firms express confidence in the company's growth trajectory and market position.
Astera Labs has been expanding its product line and customer base. Noteworthy are its Scorpio PCIe switch and Aries retimer programs. The company also announced its membership on the Board of Directors of the Ultra Accelerator Link Consortium.
Several financial firms have revised their price targets for Astera Labs upwards. These include Craig-Hallum, Roth/MKM, and Stifel, reflecting their confidence in the company's market position and financial health. These are all recent developments in the company's operations.
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