Jennison Associates LLC Makes New $11.28 Million Investment in Astera Labs, Inc. (NASDAQ:ALAB)

Jennison Associates LLC bought a new position in Astera Labs, Inc. (NASDAQ:ALAB) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 152,086 shares of the company’s stock, valued at approximately $11,283,000. Jennison Associates LLC owned 0.10% of Astera Labs at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Value Aligned Research Advisors LLC bought a new position in shares of Astera Labs in the first quarter worth $1,886,000. Seven Grand Managers LLC bought a new position in shares of Astera Labs in the first quarter worth $3,710,000. Capstone Investment Advisors LLC bought a new position in Astera Labs during the first quarter valued at about $4,629,000. Allspring Global Investments Holdings LLC bought a new position in Astera Labs during the first quarter valued at about $18,666,000. Finally, Amazon Com Inc. bought a new position in Astera Labs during the first quarter valued at about $20,608,000.

Astera Labs Trading Down 5.2 %

Astera Labs stock traded down $3.06 during mid-day trading on Tuesday, hitting $55.85. The company’s stock had a trading volume of 778,865 shares, compared to its average volume of 2,266,941. The stock’s 50 day moving average is $66.94. Astera Labs, Inc. has a 52-week low of $50.61 and a 52-week high of $95.21.

Astera Labs (NASDAQ:ALAB) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($1.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($1.62). The company had revenue of $65.26 million during the quarter, compared to analysts’ expectations of $56.65 million. On average, equities analysts forecast that Astera Labs, Inc. will post -0.56 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently weighed in on ALAB shares. Barclays started coverage on Astera Labs in a research note on Monday, April 15th. They set an “overweight” rating and a $85.00 target price for the company. Roth Mkm started coverage on Astera Labs in a research note on Monday, April 15th. They set a “buy” rating and a $85.00 target price for the company. Northland Securities initiated coverage on Astera Labs in a research note on Monday, March 25th. They set an “outperform” rating and a $85.00 target price for the company. Jefferies Financial Group initiated coverage on Astera Labs in a report on Monday, April 15th. They set a “buy” rating and a $85.00 target price for the company. Finally, JPMorgan Chase & Co. initiated coverage on Astera Labs in a report on Monday, April 15th. They set an “overweight” rating and a $85.00 target price for the company. Eleven analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $86.09.

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.