Artisan Partners Limited Partnership Trims Stock Position in Astera Labs, Inc. (NASDAQ:ALAB)

Artisan Partners Limited Partnership trimmed its stake in Astera Labs, Inc. (NASDAQ:ALAB) by 48.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 222,022 shares of the company’s stock after selling 208,947 shares during the period. Artisan Partners Limited Partnership owned approximately 0.14% of Astera Labs worth $29,407,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ALAB. Vanguard Group Inc. boosted its stake in Astera Labs by 354.9% in the fourth quarter. Vanguard Group Inc. now owns 9,211,630 shares of the company’s stock valued at $1,220,080,000 after acquiring an additional 7,186,582 shares in the last quarter. Fred Alger Management LLC boosted its position in shares of 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 during the period. Jennison Associates LLC acquired a new stake in shares of Astera Labs in the 4th quarter valued at about $229,991,000. JPMorgan Chase & Co. grew its stake in Astera Labs by 3.1% during the 3rd 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 during the last quarter. Finally, Maverick Capital Ltd. increased its position in Astera Labs by 16.0% during the third quarter. Maverick Capital Ltd. now owns 1,156,230 shares of the company’s stock worth $60,575,000 after buying an additional 159,480 shares during the period. 60.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on ALAB shares. Barclays raised their target price on shares of Astera Labs from $87.00 to $135.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Raymond James started coverage on shares of Astera Labs in a research report on Friday, March 14th. They set an “outperform” rating and a $82.00 price objective on the stock. Stifel Nicolaus upped their target price on shares of Astera Labs from $100.00 to $150.00 and gave the company a “buy” rating in a report on Monday, January 6th. Northland Capmk raised Astera Labs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 28th. Finally, Morgan Stanley reduced their price objective on 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. One equities research analyst has rated the stock with a hold rating, twelve have given 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 a consensus price target of $112.77.

Insider Buying and Selling

In related news, CEO Jitendra Mohan sold 350,680 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $89.51, for a total value 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Philip Mazzara sold 50,000 shares of Astera Labs stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $87.46, for a total transaction of $4,373,000.00. Following the transaction, the general counsel now owns 191,209 shares of the company’s stock, valued at approximately $16,723,139.14. The trade was a 20.73 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 570,990 shares of company stock worth $50,242,702 in the last quarter.

Astera Labs Stock Performance

Astera Labs stock opened at $60.78 on Friday. The company has a market cap of $9.86 billion and a P/E ratio of -35.13. Astera Labs, Inc. has a one year low of $36.22 and a one year high of $147.39. The business has a fifty day moving average of $85.00 and a two-hundred day moving average of $89.84.

Astera Labs (NASDAQ:ALAB) last announced its quarterly earnings data on Monday, February 10th. The company reported $0.10 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%. Sell-side analysts predict that Astera Labs, Inc. will post 0.34 EPS for the current year.

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.