Ohio pension fund buys $29.32M stake in Astera Labs as revenue doubles
What's the deal? The Public Employees Retirement System of OhioDealroom has a profile for this one. Try Dealroom → has taken a new $29.32 million position in Astera Labs, buying 60,698 shares during the second quarter, according to its latest Form 13F filing with the Securities and Exchange Commission.
What does Astera do? The company designs connectivity chips and hardware used in AI and cloud data centres. Its market cap now stands at $50.22 billion, with a P/E ratio of 143.30.
Why now? Astera's momentum has been sharp. In its quarter reported August 4, revenue jumped 104.5% year on year to $392.40 million, beating the $360.85 million consensus. Earnings of $0.80 per share topped the $0.69 estimate.
The bigger picture: Institutions now own 60.47% of the stock, and several funds added or built positions through the year. Keating Financial Advisory ServicesDealroom has a profile for this one. Try Dealroom → and Transamerica Financial AdvisorsDealroom has a profile for this one. Try Dealroom → both opened new stakes in the second quarter, worth $25,000 and $35,000 respectively.
What could go wrong? Insiders have been selling. Over the past three months, they offloaded 419,244 shares worth $163.1 million. COO Sanjay Gajendra sold 90,630 shares for $30.8 million on August 17, though that sale covered tax obligations tied to vesting equity awards. Director Jack R. Lazar sold 10,000 shares for $3.55 million on June 4 under a pre-arranged trading plan.
The stock has been volatile. Shares opened at $289.47 on Friday, down 4.8% and well below the 50-day moving average of $342.38. Over 12 months, ALAB has swung between $97.89 and $499.48.
The signal: Ohio's pension fund is buying into an AI infrastructure name at a steep valuation, betting the data-centre boom holds. Analysts forecast Astera will post 2.7 earnings per share this year — but with insiders trimming and shares off their highs, institutional conviction and executive caution are pointing in different directions.
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