Envestnet Asset Management Inc. Boosts Stake in Astera Labs, Inc. (NASDAQ:ALAB)

Envestnet Asset Management Inc. grew its stake in shares of Astera Labs, Inc. (NASDAQ:ALAB - Free Report) by 204.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 85,553 shares of the company's stock after acquiring an additional 57,434 shares during the period. Envestnet Asset Management Inc. owned 0.05% of Astera Labs worth $11,331,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Whittier Trust Co. of Nevada Inc. purchased a new position in Astera Labs during the 4th quarter valued at about $25,000. Steward Partners Investment Advisory LLC increased its holdings in Astera Labs by 99.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 199 shares of the company's stock worth $26,000 after acquiring an additional 99 shares during the period. Kestra Investment Management LLC purchased a new stake in Astera Labs in the 4th quarter worth approximately $28,000. Geneos Wealth Management Inc. bought a new position in Astera Labs in the 4th quarter valued at $36,000. Finally, Global Retirement Partners LLC grew its position in shares of Astera Labs by 3,155.6% during the 4th quarter. Global Retirement Partners LLC now owns 293 shares of the company's stock valued at $39,000 after purchasing an additional 284 shares in the last quarter. 60.47% of the stock is owned by institutional investors.

Analyst Ratings Changes

ALAB has been the subject of several recent analyst reports. Morgan Stanley reduced their target price on Astera Labs from $142.00 to $114.00 and set an "equal weight" rating for the company in a research report on Tuesday, January 28th. Needham & Company LLC reiterated a "buy" rating and issued a $140.00 target price on shares of Astera Labs in a research report on Tuesday, February 11th. Barclays raised their price target on Astera Labs from $87.00 to $135.00 and gave the company an "overweight" rating in a research report on Friday, January 17th. Northland Capmk raised Astera Labs from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 28th. Finally, Citigroup cut their price objective on shares of Astera Labs from $120.00 to $100.00 and set a "buy" rating for the company in a research note on Monday, April 14th. One analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $109.25.

Astera Labs Stock Up 11.3 %

Shares of ALAB traded up $6.23 during trading hours on Wednesday, reaching $61.54. 1,665,098 shares of the company traded hands, compared to its average volume of 3,797,858. Astera Labs, Inc. has a 12 month low of $36.22 and a 12 month high of $147.39. The company's fifty day moving average price is $67.92 and its two-hundred day moving average price is $91.18. The company has a market capitalization of $9.98 billion and a price-to-earnings ratio of -35.57.

Astera Labs (NASDAQ:ALAB - Get Free Report) last posted its earnings results on Monday, February 10th. The company reported $0.10 earnings per share for the quarter, missing analysts' consensus estimates of $0.26 by ($0.16). Astera Labs had a negative return on equity of 10.40% and a negative net margin of 21.05%. On average, analysts expect that Astera Labs, Inc. will post 0.34 EPS for the current year.

Insider Buying and Selling at Astera Labs

In related news, CEO Jitendra Mohan sold 350,680 shares of Astera Labs stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $89.51, for a total transaction of $31,389,366.80. Following the completion of the transaction, the chief executive officer now directly owns 2,353,655 shares of the company's stock, valued at $210,675,659.05. This trade represents a 12.97 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Manuel Alba sold 63,000 shares of the firm's stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $63.37, for a total transaction of $3,992,310.00. Following the transaction, the director now directly owns 444,863 shares of the company's stock, valued at $28,190,968.31. This represents a 12.40 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 633,990 shares of company stock valued at $54,235,012.

About Astera Labs

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.