Astera Labs, Inc. (NASDAQ:ALAB) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. reduced its position in shares of Astera Labs, Inc. (NASDAQ:ALAB) by 0.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 85,290 shares of the company’s stock after selling 263 shares during the period. Envestnet Asset Management Inc. owned about 0.05% of Astera Labs worth $5,089,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in ALAB. Vanguard Group Inc. lifted its position in shares of Astera Labs by 354.9% during the fourth quarter. Vanguard Group Inc. now owns 9,211,630 shares of the company’s stock worth $1,220,080,000 after purchasing an additional 7,186,582 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of Astera Labs by 2,328.5% during the fourth quarter. Alliancebernstein L.P. now owns 3,922,278 shares of the company’s stock worth $519,506,000 after purchasing an additional 3,760,765 shares in the last quarter. Lord Abbett & CO. LLC lifted its position in shares of Astera Labs by 318.9% during the fourth quarter. Lord Abbett & CO. LLC now owns 1,818,600 shares of the company’s stock worth $240,873,000 after purchasing an additional 1,384,498 shares in the last quarter. Norges Bank acquired a new position in shares of Astera Labs during the fourth quarter worth $179,229,000. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of Astera Labs by 418.3% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,674,000 shares of the company’s stock valued at $221,721,000 after buying an additional 1,351,007 shares during the last quarter. 60.47% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Jitendra Mohan sold 128,250 shares of the company’s stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $90.02, for a total transaction of $11,545,065.00. Following the completion of the transaction, the chief executive officer directly owned 541,125 shares of the company’s stock, valued at approximately $48,712,072.50. This represents a 19.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michael Truett Tate sold 500,000 shares of the company’s stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $90.23, for a total value of $45,115,000.00. Following the transaction, the chief financial officer directly owned 618,996 shares of the company’s stock, valued at $55,852,009.08. This trade represents a 44.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,181,759 shares of company stock valued at $200,883,431.

Analyst Upgrades and Downgrades

ALAB has been the subject of several research analyst reports. Stifel Nicolaus increased their target price on Astera Labs from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, July 18th. Northland Capmk cut Astera Labs from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Roth Capital set a $100.00 target price on Astera Labs and gave the company a “buy” rating in a research note on Wednesday, May 7th. William Blair initiated coverage on Astera Labs in a research note on Thursday, May 22nd. They set an “outperform” rating for the company. Finally, Barclays increased their target price on Astera Labs from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, May 7th. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Astera Labs presently has a consensus rating of “Moderate Buy” and a consensus target price of $102.67.

Astera Labs Trading Up 1.8%

NASDAQ:ALAB opened at $121.68 on Friday. The firm has a market capitalization of $20.07 billion, a PE ratio of 553.12, a price-to-earnings-growth ratio of 5.61 and a beta of 1.18. The stock has a 50 day moving average of $95.39 and a 200-day moving average of $86.49. Astera Labs, Inc. has a 52 week low of $36.22 and a 52 week high of $147.39.

Astera Labs (NASDAQ:ALAB) last posted its earnings results on Tuesday, May 6th. The company reported $0.33 EPS for the quarter, beating the consensus estimate of $0.28 by $0.05. The company had revenue of $159.44 million during the quarter, compared to analyst estimates of $151.55 million. Astera Labs had a return on equity of 2.57% and a net margin of 8.44%. The business’s revenue was up 144.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.10 earnings per share. As a group, analysts predict that Astera Labs, Inc. will post 0.34 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.