8,260 Shares in Astera Labs, Inc. (NASDAQ:ALAB) Bought by Pier 88 Investment Partners LLC

Pier 88 Investment Partners LLC bought a new position in Astera Labs, Inc. (NASDAQ:ALAB - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 8,260 shares of the company's stock, valued at approximately $493,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Whittier Trust Co. of Nevada Inc. purchased a new position in Astera Labs during the fourth quarter worth $25,000. Murphy & Mullick Capital Management Corp acquired a new position in Astera Labs in the 4th quarter worth approximately $43,000. Sound Income Strategies LLC increased its holdings in Astera Labs by 34.7% in the 1st quarter. Sound Income Strategies LLC now owns 792 shares of the company's stock worth $47,000 after buying an additional 204 shares during the period. GAMMA Investing LLC increased its holdings in Astera Labs by 55.7% in the 1st quarter. GAMMA Investing LLC now owns 794 shares of the company's stock worth $47,000 after buying an additional 284 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Astera Labs in the 1st quarter worth approximately $48,000. 60.47% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ALAB has been the topic of several analyst reports. Needham & Company LLC reduced their price target on Astera Labs from $140.00 to $100.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Roth Capital set a $100.00 price objective on Astera Labs and gave the company a "buy" rating in a research note on Wednesday, May 7th. Northland Securities lowered Astera Labs from an "outperform" rating to a "market perform" rating and set a $120.00 target price on the stock. in a report on Tuesday. Evercore ISI upped their price objective on Astera Labs from $87.00 to $104.00 and gave the stock an "outperform" rating in a report on Wednesday, May 21st. Finally, Barclays upped their target price on Astera Labs from $70.00 to $75.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Three equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Astera Labs has an average rating of "Moderate Buy" and a consensus target price of $100.71.

Insider Activity at Astera Labs

In other news, CFO Michael Truett Tate sold 500,000 shares of the firm's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $90.23, for a total value of $45,115,000.00. Following the completion of the sale, the chief financial officer owned 618,996 shares in the company, valued at approximately $55,852,009.08. This trade represents a 44.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jitendra Mohan sold 128,250 shares of Astera Labs stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $90.02, for a total transaction of $11,545,065.00. Following the sale, the chief executive officer owned 541,125 shares of the company's stock, valued at $48,712,072.50. The trade was a 19.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,092,242 shares of company stock worth $190,815,880 over the last quarter.

Astera Labs Price Performance

Shares of ALAB traded down $7.55 during trading hours on Tuesday, hitting $114.34. The stock had a trading volume of 4,269,871 shares, compared to its average volume of 4,480,409. The firm has a 50 day simple moving average of $92.81 and a 200-day simple moving average of $86.33. The firm has a market capitalization of $18.86 billion, a P/E ratio of 517.86, a price-to-earnings-growth ratio of 4.79 and a beta of 1.18. Astera Labs, Inc. has a 1-year low of $36.22 and a 1-year 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, beating the consensus estimate of $0.28 by $0.05. Astera Labs had a net margin of 8.44% and a return on equity of 2.57%. The firm had revenue of $159.44 million during the quarter, compared to the consensus estimate of $151.55 million. During the same period last year, the firm earned $0.10 EPS. The business's quarterly revenue was up 144.1% compared to the same quarter last year. Equities analysts predict that Astera Labs, Inc. will post 0.34 EPS for the current fiscal 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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