Lord Abbett & CO. LLC Boosts Stake in Astera Labs, Inc. (NASDAQ:ALAB)

Lord Abbett & CO. LLC boosted its holdings in shares of Astera Labs, Inc. (NASDAQ:ALAB - Free Report) by 318.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,818,600 shares of the company's stock after buying an additional 1,384,498 shares during the quarter. Astera Labs accounts for 0.8% of Lord Abbett & CO. LLC's investment portfolio, making the stock its 26th largest position. Lord Abbett & CO. LLC owned approximately 1.15% of Astera Labs worth $240,873,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in ALAB. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Astera Labs in the 4th quarter valued at approximately $25,000. Steward Partners Investment Advisory LLC increased its position in shares of Astera Labs by 99.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 199 shares of the company's stock valued at $26,000 after purchasing an additional 99 shares during the last quarter. Kestra Investment Management LLC purchased a new stake in shares of Astera Labs in the 4th quarter valued at approximately $28,000. Geneos Wealth Management Inc. purchased a new stake in shares of Astera Labs in the 4th quarter valued at approximately $36,000. Finally, Global Retirement Partners LLC increased its position in shares of Astera Labs by 3,155.6% in 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 during the last quarter. 60.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, General Counsel Philip Mazzara sold 50,000 shares of the company's stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $87.46, for a total value of $4,373,000.00. Following the sale, the general counsel now owns 191,209 shares in the company, valued at $16,723,139.14. This represents a 20.73 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Jitendra Mohan sold 350,680 shares of the company'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 owns 2,353,655 shares in the company, valued at approximately $210,675,659.05. This represents a 12.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 633,990 shares of company stock worth $54,235,012 in the last quarter.

Astera Labs Price Performance

NASDAQ ALAB traded down $0.03 on Monday, hitting $66.08. 1,868,368 shares of the company's stock were exchanged, compared to its average volume of 3,826,007. The firm's 50-day moving average price is $66.35 and its two-hundred day moving average price is $91.53. Astera Labs, Inc. has a fifty-two week low of $36.22 and a fifty-two week high of $147.39. The firm has a market cap of $10.72 billion and a price-to-earnings ratio of -38.20.

Astera Labs (NASDAQ:ALAB - Get Free Report) last released its quarterly 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, research analysts predict that Astera Labs, Inc. will post 0.34 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have commented on ALAB. Northland Capmk raised shares of Astera Labs from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 28th. Raymond James initiated coverage on shares of Astera Labs in a research report on Friday, March 14th. They issued an "outperform" rating and a $82.00 target price on the stock. Citigroup dropped their target price on shares of Astera Labs from $120.00 to $100.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Morgan Stanley dropped their target price on shares of Astera Labs from $142.00 to $114.00 and set an "equal weight" rating on the stock in a research report on Tuesday, January 28th. Finally, Northland Securities raised 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. One equities research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $109.25.

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.