Norges Bank Acquires New Holdings in Astera Labs, Inc. (NASDAQ:ALAB)

Norges Bank bought a new stake in Astera Labs, Inc. (NASDAQ:ALAB - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 1,353,179 shares of the company's stock, valued at approximately $179,229,000. Norges Bank owned about 0.85% of Astera Labs at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Astera Labs by 354.9% during the 4th quarter. Vanguard Group Inc. now owns 9,211,630 shares of the company's stock worth $1,220,080,000 after acquiring an additional 7,186,582 shares during the period. Jennison Associates LLC acquired a new position in Astera Labs during the fourth quarter worth approximately $229,991,000. JPMorgan Chase & Co. boosted its holdings in shares of Astera Labs by 50.5% in the 4th quarter. JPMorgan Chase & Co. now owns 2,360,467 shares of the company's stock valued at $312,644,000 after purchasing an additional 792,153 shares during the last quarter. Amundi boosted its holdings in shares of Astera Labs by 1,643,487.1% in the 4th quarter. Amundi now owns 509,512 shares of the company's stock valued at $66,629,000 after purchasing an additional 509,481 shares during the last quarter. Finally, State Street Corp increased its holdings in shares of Astera Labs by 173.1% during the 3rd quarter. State Street Corp now owns 698,467 shares of the company's stock worth $36,593,000 after buying an additional 442,698 shares during the last quarter. 60.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ALAB has been the topic of a number of research analyst reports. Needham & Company LLC reiterated a "buy" rating and issued a $140.00 target price on shares of Astera Labs in a report on Tuesday, February 11th. Raymond James began coverage on shares of Astera Labs in a research report on Friday, March 14th. They set an "outperform" rating and a $82.00 price target on the stock. Northland Securities upgraded Astera Labs from a "market perform" rating to an "outperform" rating and set a $120.00 target price for the company in a research note on Tuesday, January 28th. Barclays boosted their price target on Astera Labs from $87.00 to $135.00 and gave the stock an "overweight" rating in a research report on Friday, January 17th. Finally, Morgan Stanley lowered their price objective on shares of 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. 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. According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $112.77.

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Astera Labs Stock Performance

Shares of Astera Labs stock traded down $2.74 during trading on Friday, reaching $52.94. The company had a trading volume of 5,757,559 shares, compared to its average volume of 3,708,884. The company has a market cap of $8.58 billion and a price-to-earnings ratio of -30.60. Astera Labs, Inc. has a fifty-two week low of $36.22 and a fifty-two week high of $147.39. The firm's fifty day moving average is $78.49 and its 200-day moving average is $90.43.

Astera Labs (NASDAQ:ALAB - Get Free Report) last announced its quarterly earnings data on Monday, February 10th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate 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, research analysts anticipate that Astera Labs, Inc. will post 0.34 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Jitendra Mohan sold 350,680 shares of the 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 sale, the chief executive officer now owns 2,353,655 shares in the company, valued at $210,675,659.05. This represents a 12.97 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Philip Mazzara sold 7,536 shares of the firm's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $92.07, for a total transaction of $693,839.52. Following the completion of the transaction, the general counsel now directly owns 241,209 shares in the company, valued at $22,208,112.63. This represents a 3.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 633,990 shares of company stock worth $54,235,012 over the last ninety days.

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.