Lord Abbett & CO. LLC Has $71.20 Million Stake in Astera Labs, Inc. (NASDAQ:ALAB)

Lord Abbett & CO. LLC lowered its holdings in shares of Astera Labs, Inc. (NASDAQ:ALAB - Free Report) by 34.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,193,160 shares of the company's stock after selling 625,440 shares during the quarter. Lord Abbett & CO. LLC owned about 0.72% of Astera Labs worth $71,196,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC boosted its stake in shares of Astera Labs by 55.7% during the 1st quarter. GAMMA Investing LLC now owns 794 shares of the company's stock worth $47,000 after acquiring an additional 284 shares in the last quarter. Sound Income Strategies LLC boosted its position in Astera Labs by 34.7% during the first quarter. Sound Income Strategies LLC now owns 792 shares of the company's stock worth $47,000 after purchasing an additional 204 shares during the period. Harbour Investments Inc. grew its holdings in Astera Labs by 351.7% during the first quarter. Harbour Investments Inc. now owns 795 shares of the company's stock valued at $47,000 after purchasing an additional 619 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Astera Labs during the first quarter valued at approximately $48,000. Finally, Hazlett Burt & Watson Inc. raised its holdings in Astera Labs by 1,670.0% in the 1st quarter. Hazlett Burt & Watson Inc. now owns 885 shares of the company's stock worth $53,000 after acquiring an additional 835 shares during the period. 60.47% of the stock is owned by institutional investors and hedge funds.

Astera Labs Stock Performance

ALAB opened at $193.64 on Thursday. Astera Labs, Inc. has a twelve month low of $36.85 and a twelve month high of $199.47. The firm has a market cap of $32.19 billion, a price-to-earnings ratio of 345.79, a PEG ratio of 4.87 and a beta of 1.39. The firm's 50-day simple moving average is $111.59 and its 200-day simple moving average is $88.77.

Astera Labs (NASDAQ:ALAB - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.11. Astera Labs had a net margin of 16.54% and a return on equity of 9.53%. The company had revenue of $191.93 million during the quarter, compared to analyst estimates of $172.46 million. During the same quarter last year, the business posted $0.13 earnings per share. The company's revenue was up 149.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Astera Labs, Inc. will post 0.34 EPS for the current fiscal year.

Analyst Ratings Changes

ALAB has been the subject of a number of recent analyst reports. Evercore ISI upped their price target on shares of Astera Labs from $104.00 to $215.00 and gave the company an "outperform" rating in a report on Wednesday, August 6th. Jefferies Financial Group raised their target price on Astera Labs from $95.00 to $130.00 and gave the company a "buy" rating in a report on Tuesday, July 22nd. Susquehanna upped their price target on Astera Labs from $80.00 to $125.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Wall Street Zen lowered shares of Astera Labs from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Finally, Barclays reiterated an "overweight" rating and set a $155.00 target price (up from $75.00) on shares of Astera Labs in a research note on Thursday, August 7th. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $129.13.

Insider Activity at Astera Labs

In related news, COO Sanjay Gajendra sold 280,000 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $170.02, for a total value of $47,605,600.00. Following the completion of the sale, the chief operating officer owned 5,525,545 shares of the company's stock, valued at $939,453,160.90. This trade represents a 4.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Jitendra Mohan sold 152,517 shares of the stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $170.33, for a total value of $25,978,220.61. Following the completion of the transaction, the chief executive officer owned 450,001 shares in the company, valued at $76,648,670.33. The trade was a 25.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,425,276 shares of company stock valued at $272,127,521 over the last ninety days. 12.50% of the stock is owned by insiders.

About Astera Labs

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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