Envestnet Portfolio Solutions Inc. Makes New Investment in Astera Labs, Inc. (NASDAQ:ALAB)

Envestnet Portfolio Solutions Inc. purchased a new position in shares of Astera Labs, Inc. (NASDAQ:ALAB - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 4,520 shares of the company's stock, valued at approximately $599,000.

A number of other large investors have also made changes to their positions in the stock. FMR LLC raised its position in shares of Astera Labs by 0.7% during the 3rd quarter. FMR LLC now owns 23,504,038 shares of the company's stock worth $1,231,377,000 after purchasing an additional 153,491 shares during the last quarter. Fred Alger Management LLC lifted its holdings in Astera Labs by 1,361.0% in the 3rd quarter. Fred Alger Management LLC now owns 2,821,921 shares of the company's stock valued at $147,840,000 after purchasing an additional 2,628,765 shares in the last quarter. Jennison Associates LLC acquired a new stake in shares of Astera Labs during the 4th quarter worth about $229,991,000. JPMorgan Chase & Co. grew its holdings in shares of Astera Labs by 3.1% during the third quarter. JPMorgan Chase & Co. now owns 1,568,314 shares of the company's stock worth $82,164,000 after buying an additional 47,569 shares in the last quarter. Finally, Maverick Capital Ltd. lifted its stake in shares of Astera Labs by 16.0% during the third quarter. Maverick Capital Ltd. now owns 1,156,230 shares of the company's stock valued at $60,575,000 after buying an additional 159,480 shares during the period. Hedge funds and other institutional investors own 60.47% of the company's stock.

Insiders Place Their Bets

In other news, CFO Michael Truett Tate sold 34,474 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $92.07, for a total transaction of $3,174,021.18. Following the completion of the transaction, the chief financial officer now directly owns 244,242 shares of the company's stock, valued at approximately $22,487,360.94. This represents a 12.37 % 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, CEO Jitendra Mohan sold 350,680 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $89.51, for a total value of $31,389,366.80. Following the completion of the sale, the chief executive officer now directly owns 2,353,655 shares in the company, valued at approximately $210,675,659.05. This trade represents a 12.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 570,990 shares of company stock valued at $50,242,702 in the last ninety days.

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Astera Labs Stock Performance

Shares of NASDAQ:ALAB traded down $2.01 during trading on Friday, hitting $60.78. The company's stock had a trading volume of 3,132,437 shares, compared to its average volume of 3,661,663. Astera Labs, Inc. has a fifty-two week low of $36.22 and a fifty-two week high of $147.39. The stock's 50-day moving average price is $86.45 and its two-hundred day moving average price is $89.68. The company has a market capitalization of $9.86 billion and a PE ratio of -35.13.

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

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Needham & Company LLC reiterated a "buy" rating and set a $140.00 target price on shares of Astera Labs in a research report on Tuesday, February 11th. Northland Securities upgraded shares of Astera Labs from a "market perform" rating to an "outperform" rating and set a $120.00 target price for the company in a report on Tuesday, January 28th. Barclays increased their price target on shares of Astera Labs from $87.00 to $135.00 and gave the stock an "overweight" rating in a research note on Friday, January 17th. Raymond James initiated coverage on shares of Astera Labs in a research note on Friday, March 14th. They set an "outperform" rating and a $82.00 price objective for the company. Finally, Morgan Stanley reduced their target price on Astera Labs from $142.00 to $114.00 and set an "equal weight" rating on the stock in a report on Tuesday, January 28th. One investment analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Astera Labs presently has a consensus rating of "Buy" and an average target price of $112.77.

Astera Labs 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.