48,384 Shares in Astera Labs, Inc. (NASDAQ:ALAB) Purchased by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC acquired a new position in shares of Astera Labs, Inc. (NASDAQ:ALAB - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 48,384 shares of the company's stock, valued at approximately $2,887,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of ALAB. Empowered Funds LLC purchased a new stake in shares of Astera Labs in the fourth quarter worth about $60,000. Vontobel Holding Ltd. purchased a new stake in Astera Labs in the 4th quarter worth approximately $2,705,000. Rhumbline Advisers lifted its stake in Astera Labs by 371.4% in the 4th quarter. Rhumbline Advisers now owns 99,949 shares of the company's stock worth $13,238,000 after purchasing an additional 78,746 shares in the last quarter. Principal Securities Inc. purchased a new stake in Astera Labs in the 4th quarter worth approximately $55,000. Finally, State of New Jersey Common Pension Fund D purchased a new stake in shares of Astera Labs in the fourth quarter worth $2,921,000. 60.47% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Astera Labs

In related news, Director Manuel Alba sold 63,000 shares of the company's stock in a transaction that occurred on Wednesday, April 2nd. The stock was 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 owns 444,863 shares in the company, valued at $28,190,968.31. This represents a 12.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Sanjay Gajendra sold 88,627 shares of the business's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $98.11, for a total transaction of $8,695,194.97. Following the transaction, the chief operating officer now directly owns 724,257 shares in the company, valued at approximately $71,056,854.27. The trade was a 10.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,495,267 shares of company stock worth $131,012,865 in the last 90 days.

Astera Labs Price Performance

Astera Labs stock traded up $6.62 during trading hours on Wednesday, reaching $99.53. The company had a trading volume of 4,521,735 shares, compared to its average volume of 4,131,262. The company has a 50-day moving average price of $79.46 and a 200 day moving average price of $92.15. The firm has a market cap of $16.41 billion, a price-to-earnings ratio of 929.10, a P/E/G ratio of 4.36 and a beta of 1.39. Astera Labs, Inc. has a 12-month low of $36.22 and a 12-month high of $147.39.

Astera Labs (NASDAQ:ALAB - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $0.33 EPS for the quarter, topping 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 company had revenue of $159.44 million for the quarter, compared to the consensus estimate of $151.55 million. During the same period in the previous year, the firm earned $0.10 earnings per share. The firm's revenue for the quarter was up 144.1% on a year-over-year basis. As a group, research analysts expect that Astera Labs, Inc. will post 0.34 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have weighed in on ALAB shares. Citigroup lowered their price target on Astera Labs from $120.00 to $100.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Needham & Company LLC lowered their target price on shares of Astera Labs from $140.00 to $100.00 and set a "buy" rating on the stock 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 on the stock in a research note on Monday, May 12th. Barclays raised their price objective on shares of Astera Labs from $70.00 to $75.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Finally, Susquehanna began coverage on Astera Labs in a research report on Friday, May 16th. They set a "neutral" rating and a $80.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $100.00.

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.