Envestnet Portfolio Solutions Inc. Invests $599,000 in Astera Labs, Inc. (NASDAQ:ALAB)

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

A number of other large investors have also recently bought and sold shares of ALAB. FMR LLC lifted its position in shares of Astera Labs by 0.7% in the third quarter. FMR LLC now owns 23,504,038 shares of the company’s stock valued at $1,231,377,000 after acquiring an additional 153,491 shares in 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. raised its position in shares of Astera Labs by 16.0% in 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 last quarter. Institutional investors and hedge funds own 60.47% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on ALAB. 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 target price on the stock. Barclays lifted their price objective on Astera Labs from $87.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Morgan Stanley decreased their price target on Astera Labs from $142.00 to $114.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 28th. Northland Capmk raised shares of Astera Labs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 28th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $140.00 target price on shares of Astera Labs in a research report on Tuesday, February 11th. One 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. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $112.77.

Astera Labs Trading Up 3.8 %

Shares of NASDAQ ALAB opened at $73.78 on Tuesday. The stock has a fifty day moving average price of $90.17 and a 200 day moving average price of $89.80. Astera Labs, Inc. has a 12-month low of $36.22 and a 12-month high of $147.39. The company has a market cap of $11.96 billion and a P/E ratio of -42.65.

Astera Labs (NASDAQ:ALAB) last posted 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, sell-side analysts forecast that Astera Labs, Inc. will post 0.34 EPS for the current fiscal year.

Insider Activity

In related news, CEO Jitendra Mohan sold 350,680 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now owns 2,353,655 shares in the company, valued at approximately $210,675,659.05. The trade was a 12.97 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Philip Mazzara sold 50,000 shares of the stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $87.46, for a total value of $4,373,000.00. Following the completion of the transaction, the general counsel now directly owns 191,209 shares of the company’s stock, valued at $16,723,139.14. This represents a 20.73 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 570,990 shares of company stock worth $50,242,702 over the last 90 days.

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.