Adage Capital Partners GP L.L.C. Sells 608,923 Shares of Astera Labs, Inc. (NASDAQ:ALAB)

Adage Capital Partners GP L.L.C. trimmed its position in Astera Labs, Inc. (NASDAQ:ALAB - Free Report) by 92.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 51,432 shares of the company's stock after selling 608,923 shares during the quarter. Adage Capital Partners GP L.L.C.'s holdings in Astera Labs were worth $6,812,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased 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 during the last quarter. Alliancebernstein L.P. boosted its position in Astera Labs by 2,328.5% in the fourth quarter. Alliancebernstein L.P. now owns 3,922,278 shares of the company's stock valued at $519,506,000 after buying an additional 3,760,765 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Astera Labs by 50.5% in the fourth quarter. JPMorgan Chase & Co. now owns 2,360,467 shares of the company's stock valued at $312,644,000 after buying an additional 792,153 shares in the last quarter. Jennison Associates LLC acquired a new stake in Astera Labs in the fourth quarter valued at approximately $229,991,000. Finally, Massachusetts Financial Services Co. MA boosted its position in Astera Labs by 418.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,674,000 shares of the company's stock valued at $221,721,000 after buying an additional 1,351,007 shares in the last quarter. 60.47% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on ALAB. Craig Hallum raised their target price on shares of Astera Labs from $105.00 to $125.00 and gave the company a "buy" rating in a research report on Tuesday, February 11th. Citigroup cut their target price on shares of Astera Labs from $120.00 to $100.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Northland Capmk upgraded shares of Astera Labs from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 28th. Stifel Nicolaus cut their target price on shares of Astera Labs from $150.00 to $100.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Finally, Morgan Stanley cut their target price on shares of Astera Labs from $142.00 to $114.00 and set an "equal weight" rating on the stock in a research report on Tuesday, January 28th. One analyst has rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $109.25.

Insider Buying and Selling

In related news, CFO Michael Truett Tate sold 125,800 shares of the company's stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $82.53, for a total value of $10,382,274.00. Following the sale, the chief financial officer now owns 244,242 shares in the company, valued at $20,157,292.26. This represents a 34.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Manuel Alba sold 63,000 shares of the firm's stock in a transaction dated 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 completion of the transaction, the director now directly owns 444,863 shares in the company, valued at approximately $28,190,968.31. The trade was a 12.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 633,990 shares of company stock valued at $54,235,012 over the last 90 days.

Astera Labs Price Performance

NASDAQ ALAB opened at $66.08 on Tuesday. The business has a 50 day simple moving average of $65.88 and a 200 day simple moving average of $91.52. Astera Labs, Inc. has a one year low of $36.22 and a one year high of $147.39. The stock has a market capitalization of $10.72 billion and a P/E ratio of -38.20.

Astera Labs (NASDAQ:ALAB - Get Free Report) last released 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 return on equity of 10.40% and a negative net margin of 21.05%. Equities analysts expect that Astera Labs, Inc. will post 0.34 earnings per share for the current year.

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.

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