Jennison Associates LLC Invests $229.99 Million in Astera Labs, Inc. (NASDAQ:ALAB)

Jennison Associates LLC acquired a new stake in Astera Labs, Inc. (NASDAQ:ALAB) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 1,736,440 shares of the company’s stock, valued at approximately $229,991,000.

Several other institutional investors have also made changes to their positions in ALAB. Western Pacific Wealth Management LP acquired a new stake in shares of Astera Labs during the 4th quarter worth $212,000. China Universal Asset Management Co. Ltd. bought a new position in Astera Labs in the 4th quarter valued at about $3,444,000. Chicago Partners Investment Group LLC acquired a new position in shares of Astera Labs in the 4th quarter valued at approximately $228,000. DMC Group LLC bought a new stake in shares of Astera Labs during the 4th quarter worth approximately $264,000. Finally, BOCHK Asset Management Ltd acquired a new stake in shares of Astera Labs during the 4th quarter worth approximately $172,000. 60.47% of the stock is currently owned by institutional investors.

Astera Labs Stock Performance

Astera Labs stock opened at $101.42 on Monday. The firm has a 50 day moving average price of $122.46 and a two-hundred day moving average price of $80.36. Astera Labs, Inc. has a 52-week low of $36.22 and a 52-week high of $147.39.

Astera Labs (NASDAQ:ALAB) last released its earnings results on Monday, November 4th. The company reported $0.23 earnings per share (EPS) for the quarter, beating 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 business had revenue of $113.10 million for the quarter, compared to analyst estimates of $97.50 million. The company’s revenue was up 47.1% on a year-over-year basis. Equities analysts expect that Astera Labs, Inc. will post -0.45 earnings per share for the current fiscal year.

Insider Transactions at Astera Labs

In related news, insider Sanjay Gajendra sold 740,000 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $96.59, for a total transaction of $71,476,600.00. Following the transaction, the insider now owns 775,000 shares in the company, valued at $74,857,250. The trade was a 48.84 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Philip Mazzara sold 2,513 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $90.81, for a total transaction of $228,205.53. Following the completion of the sale, the general counsel now owns 248,745 shares of the company’s stock, valued at $22,588,533.45. The trade was a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,690,452 shares of company stock valued at $167,581,256.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Needham & Company LLC restated a “buy” rating and set a $65.00 target price on shares of Astera Labs in a research note on Wednesday, October 9th. JPMorgan Chase & Co. upped their price objective 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. Craig Hallum increased their price objective on shares of Astera Labs from $75.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Northland Securities raised shares of Astera Labs from a “market perform” rating to an “outperform” rating and set a $120.00 target price on the stock in a research note on Tuesday, January 28th. Finally, Barclays increased their price target on Astera Labs from $87.00 to $135.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. One investment analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $107.42.

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.