Northern Trust Corp Acquires 213,343 Shares of Astera Labs, Inc. (NASDAQ:ALAB)

Northern Trust Corp increased its stake in shares of Astera Labs, Inc. (NASDAQ:ALAB - Free Report) by 257.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 296,120 shares of the company's stock after purchasing an additional 213,343 shares during the quarter. Northern Trust Corp owned approximately 0.19% of Astera Labs worth $39,221,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ALAB. Vanguard Group Inc. boosted its stake in shares of Astera Labs by 354.9% during the 4th quarter. Vanguard Group Inc. now owns 9,211,630 shares of the company's stock worth $1,220,080,000 after acquiring an additional 7,186,582 shares in the last quarter. Alliancebernstein L.P. raised its stake in shares of Astera Labs by 2,328.5% in the 4th quarter. Alliancebernstein L.P. now owns 3,922,278 shares of the company's stock valued at $519,506,000 after acquiring an additional 3,760,765 shares in the last quarter. Jennison Associates LLC acquired a new stake in Astera Labs in the 4th quarter worth approximately $229,991,000. Lord Abbett & CO. LLC boosted its position in Astera Labs by 318.9% during the fourth quarter. Lord Abbett & CO. LLC now owns 1,818,600 shares of the company's stock worth $240,873,000 after purchasing an additional 1,384,498 shares during the period. Finally, Norges Bank acquired a new position in Astera Labs during the fourth quarter valued at approximately $179,229,000. 60.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Needham & Company LLC reduced their price objective on shares of Astera Labs from $140.00 to $100.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Morgan Stanley raised shares of Astera Labs from an "equal weight" rating to an "overweight" rating and set a $99.00 target price for the company in a research report on Monday. Craig Hallum raised their price target on Astera Labs from $105.00 to $125.00 and gave the company a "buy" rating in a research report on Tuesday, February 11th. Northland Securities upgraded Astera Labs from a "market perform" rating to an "outperform" rating and set a $120.00 price objective on the stock in a research note on Tuesday, January 28th. Finally, Raymond James initiated coverage on Astera Labs in a report on Friday, March 14th. They issued an "outperform" rating and a $82.00 target price on the stock. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Astera Labs presently has an average rating of "Buy" and a consensus target price of $99.69.

Insider Buying and Selling

In other Astera Labs news, insider Sanjay Gajendra sold 165,000 shares of the firm's stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $71.76, for a total value of $11,840,400.00. Following the completion of the sale, the insider now owns 755,000 shares in the company, valued at approximately $54,178,800. This trade represents a 17.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Philip Mazzara sold 7,536 shares of the business's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $92.07, for a total transaction of $693,839.52. Following the completion of the transaction, the general counsel now owns 241,209 shares of the company's stock, valued at $22,208,112.63. This trade represents a 3.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold 873,990 shares of company stock worth $71,404,162 in the last quarter.

Astera Labs Stock Up 9.3%

ALAB traded up $7.48 during trading on Tuesday, reaching $87.76. 6,574,386 shares of the company's stock were exchanged, compared to its average volume of 3,887,974. The business has a 50 day moving average price of $64.56 and a 200 day moving average price of $91.79. The company has a market capitalization of $14.47 billion, a P/E ratio of -50.73, a PEG ratio of 6.18 and a beta of 0.33. Astera Labs, Inc. has a fifty-two week low of $36.22 and a fifty-two week high of $147.39.

Astera Labs (NASDAQ:ALAB - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.33 EPS for the quarter, topping analysts' consensus estimates of $0.28 by $0.05. Astera Labs had a negative net margin of 21.05% and a negative return on equity of 10.40%. The firm had revenue of $159.44 million during the quarter, compared to analysts' expectations of $151.55 million. During the same quarter last year, the company earned $0.10 earnings per share. The company's revenue for the quarter was up 144.1% compared to the same quarter last year. As a group, research analysts forecast that Astera Labs, Inc. will post 0.34 EPS for the current year.

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.