Prudential Financial Inc. Invests $632,000 in Astera Labs, Inc. (NASDAQ:ALAB)

Prudential Financial Inc. purchased a new position in Astera Labs, Inc. (NASDAQ:ALAB) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 4,770 shares of the company’s stock, valued at approximately $632,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of ALAB. Steward Partners Investment Advisory LLC raised its holdings 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 purchasing an additional 99 shares in the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Astera Labs during the 4th quarter valued at $25,000. Kestra Investment Management LLC bought a new stake in shares of Astera Labs during the 4th quarter worth $28,000. GAMMA Investing LLC grew its holdings in shares of Astera Labs by 78.3% in the 4th quarter. GAMMA Investing LLC now owns 510 shares of the company’s stock worth $68,000 after acquiring an additional 224 shares during the last quarter. Finally, CIBC Asset Management Inc raised its position in shares of Astera Labs by 5.2% during the fourth quarter. CIBC Asset Management Inc now owns 4,757 shares of the company’s stock worth $630,000 after purchasing an additional 237 shares during the period. 60.47% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Astera Labs

In other news, CEO Jitendra Mohan sold 350,680 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now directly owns 2,353,655 shares of the company’s stock, valued at $210,675,659.05. This trade 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 at the SEC website. Also, Director Manuel Alba sold 63,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $63.37, for a total transaction of $3,992,310.00. Following the transaction, the director now directly owns 444,863 shares of the company’s stock, valued at approximately $28,190,968.31. This represents a 12.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 633,990 shares of company stock worth $54,235,012 in the last quarter.

Astera Labs Trading Down 2.6 %

Shares of ALAB stock opened at $53.71 on Wednesday. The stock has a 50-day moving average of $76.47 and a 200-day moving average of $90.87. Astera Labs, Inc. has a 1-year low of $36.22 and a 1-year high of $147.39. The stock has a market cap of $8.71 billion and a price-to-earnings ratio of -31.05.

Astera Labs (NASDAQ:ALAB) last issued its earnings results 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 forecast that Astera Labs, Inc. will post 0.34 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ALAB shares. Craig Hallum increased their target price on Astera Labs from $105.00 to $125.00 and gave the company a “buy” rating in a report on Tuesday, February 11th. Needham & Company LLC reaffirmed a “buy” rating and issued a $140.00 price target on shares of Astera Labs in a research report on Tuesday, February 11th. Northland Capmk raised shares of Astera Labs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 28th. Barclays upped their price objective on Astera Labs from $87.00 to $135.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Finally, Morgan Stanley decreased their target price on Astera Labs from $142.00 to $114.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 28th. One 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. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $112.77.

Astera Labs Company 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.