Prudential Financial Inc. Acquires New Shares in Astera Labs, Inc. (NASDAQ:ALAB)

Prudential Financial Inc. bought a new stake in shares of Astera Labs, Inc. (NASDAQ:ALAB - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 4,770 shares of the company's stock, valued at approximately $632,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. bought a new position in Astera Labs during the fourth quarter worth $25,000. Steward Partners Investment Advisory LLC raised 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 worth $26,000 after acquiring an additional 99 shares in the last quarter. Kestra Investment Management LLC acquired a new position in shares of Astera Labs in the 4th quarter valued at about $28,000. Geneos Wealth Management Inc. acquired a new position in shares of Astera Labs in the 4th quarter valued at about $36,000. Finally, Global Retirement Partners LLC boosted 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. Institutional investors own 60.47% of the company's stock.

Insider Buying and Selling

In other news, CEO Jitendra Mohan sold 350,680 shares of Astera Labs stock in a transaction on Wednesday, February 19th. The stock was 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 directly owns 2,353,655 shares in the company, valued at $210,675,659.05. The trade was a 12.97 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael E. Hurlston sold 2,500 shares of the business's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $92.08, for a total transaction of $230,200.00. Following the completion of the transaction, the director now directly owns 91,794 shares in the company, valued at $8,452,391.52. This trade represents a 2.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 633,990 shares of company stock worth $54,235,012.

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Astera Labs Trading Up 2.2 %

Astera Labs stock traded up $1.27 during trading on Friday, hitting $60.13. 4,527,452 shares of the company were exchanged, compared to its average volume of 3,788,672. The business's 50 day moving average is $73.46 and its 200 day moving average is $91.14. Astera Labs, Inc. has a 52 week low of $36.22 and a 52 week high of $147.39. The company has a market capitalization of $9.75 billion and a P/E ratio of -34.76.

Astera Labs (NASDAQ:ALAB - Get Free Report) last issued its quarterly earnings data 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 return on equity of 10.40% and a negative net margin of 21.05%. Equities analysts expect that Astera Labs, Inc. will post 0.34 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ALAB. 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. Stifel Nicolaus boosted their target price on shares of Astera Labs from $100.00 to $150.00 and gave the company a "buy" rating in a research report on Monday, January 6th. Northland Securities raised shares of Astera Labs from a "market perform" rating to an "outperform" rating and set a $120.00 target price on the stock in a research note on Tuesday, January 28th. Morgan Stanley decreased their price target on shares of Astera Labs from $142.00 to $114.00 and set an "equal weight" rating for the company in a research note on Tuesday, January 28th. Finally, Craig Hallum increased their price objective on shares of Astera Labs from $105.00 to $125.00 and gave the stock a "buy" rating in a research report on Tuesday, February 11th. One research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Astera Labs has an average rating of "Buy" and an average price target of $112.77.

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.