Lord Abbett & CO. LLC Lowers Stock Holdings in Astera Labs, Inc. (NASDAQ:ALAB)

Lord Abbett & CO. LLC lowered its position in shares of Astera Labs, Inc. (NASDAQ:ALAB) by 0.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 434,102 shares of the company’s stock after selling 3,740 shares during the period. Lord Abbett & CO. LLC owned 0.27% of Astera Labs worth $22,743,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of ALAB. Fred Alger Management LLC grew its position in shares of Astera Labs by 1,361.0% during 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. Westfield Capital Management Co. LP purchased a new position in Astera Labs during the third quarter worth about $52,049,000. The Manufacturers Life Insurance Company grew its position in Astera Labs by 15,477.8% during the third quarter. The Manufacturers Life Insurance Company now owns 879,055 shares of the company’s stock worth $46,054,000 after buying an additional 873,412 shares in the last quarter. Spyglass Capital Management LLC bought a new position in Astera Labs in the 3rd quarter worth about $38,565,000. Finally, State Street Corp raised its holdings in shares of Astera Labs by 173.1% in the 3rd quarter. State Street Corp now owns 698,467 shares of the company’s stock valued at $36,593,000 after acquiring an additional 442,698 shares in the last quarter. Institutional investors own 60.47% of the company’s stock.

Insider Buying and Selling at Astera Labs

In other news, insider Sanjay Gajendra sold 76,701 shares of Astera Labs stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $45.32, for a total value of $3,476,089.32. Following the sale, the insider now directly owns 855,000 shares in the company, valued at approximately $38,748,600. This trade represents a 8.23 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Stefan A. Dyckerhoff sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $89.70, for a total value of $4,485,000.00. Following the transaction, the director now directly owns 129,617 shares in the company, valued at $11,626,644.90. This trade represents a 27.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,154,820 shares of company stock worth $195,106,438.

Astera Labs Stock Up 7.9 %

Shares of Astera Labs stock opened at $132.14 on Monday. Astera Labs, Inc. has a one year low of $36.22 and a one year high of $132.68. The business’s 50 day simple moving average is $88.64 and its two-hundred day simple moving average is $64.21.

Astera Labs (NASDAQ:ALAB) last issued its earnings results on Monday, November 4th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.06. Astera Labs had a negative net margin of 30.69% and a negative return on equity of 15.57%. The firm had revenue of $113.10 million for the quarter, compared to analysts’ expectations of $97.50 million. The business’s quarterly revenue was up 47.1% compared to the same quarter last year. On average, research analysts predict that Astera Labs, Inc. will post -0.45 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently weighed in on ALAB shares. Craig Hallum upped their price objective on shares of Astera Labs from $75.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Astera Labs from $60.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. JPMorgan Chase & Co. upped their target price on shares of Astera Labs from $70.00 to $110.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 5th. Roth Mkm raised their price target on Astera Labs from $80.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. Finally, Citigroup initiated coverage on Astera Labs in a report on Monday, November 18th. They issued a “buy” rating and a $120.00 price objective for the company. Twelve analysts have rated the stock with a buy rating, According to data from MarketBeat, Astera Labs has a consensus rating of “Buy” and an average price target of $94.67.

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.