Pacific Point Advisors LLC Raises Stock Position in Astera Labs, Inc. (NASDAQ:ALAB)

Pacific Point Advisors LLC increased its position in shares of Astera Labs, Inc. (NASDAQ:ALAB - Free Report) by 75.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,000 shares of the company's stock after buying an additional 3,000 shares during the period. Pacific Point Advisors LLC's holdings in Astera Labs were worth $418,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. TD Private Client Wealth LLC lifted its holdings in Astera Labs by 119.8% during the first quarter. TD Private Client Wealth LLC now owns 2,455 shares of the company's stock valued at $146,000 after purchasing an additional 1,338 shares in the last quarter. Penserra Capital Management LLC lifted its holdings in Astera Labs by 65.5% during the first quarter. Penserra Capital Management LLC now owns 59,556 shares of the company's stock valued at $3,553,000 after purchasing an additional 23,565 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Astera Labs by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 388,132 shares of the company's stock valued at $23,160,000 after purchasing an additional 4,935 shares in the last quarter. OneDigital Investment Advisors LLC purchased a new position in Astera Labs during the first quarter valued at $215,000. Finally, Straight Path Wealth Management purchased a new position in Astera Labs during the first quarter valued at $403,000. 60.47% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Jitendra Mohan sold 128,250 shares of Astera Labs stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $90.02, for a total value of $11,545,065.00. Following the completion of the transaction, the chief executive officer owned 541,125 shares in the company, valued at $48,712,072.50. The trade was a 19.16% 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, insider Sanjay Gajendra sold 165,000 shares of Astera Labs stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $71.76, for a total transaction of $11,840,400.00. Following the completion of the transaction, the insider owned 755,000 shares of the company's stock, valued at $54,178,800. This represents a 17.93% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,782,720 shares of company stock valued at $160,506,999.

Astera Labs Price Performance

Shares of NASDAQ ALAB traded up $7.56 during midday trading on Wednesday, hitting $99.86. The company's stock had a trading volume of 5,617,963 shares, compared to its average volume of 4,336,065. The business's fifty day simple moving average is $89.42 and its two-hundred day simple moving average is $89.10. Astera Labs, Inc. has a 1 year low of $36.22 and a 1 year high of $147.39. The firm has a market capitalization of $16.47 billion, a price-to-earnings ratio of 453.93, a price-to-earnings-growth ratio of 4.34 and a beta of 1.18.

Astera Labs (NASDAQ:ALAB - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $159.44 million during the quarter, compared to analyst estimates of $151.55 million. During the same quarter last year, the firm posted $0.10 earnings per share. The business's revenue for the quarter was up 144.1% compared to the same quarter last year. Analysts anticipate that Astera Labs, Inc. will post 0.34 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ALAB shares. Raymond James Financial started coverage on shares of Astera Labs in a research note on Friday, March 14th. They issued an "outperform" rating and a $82.00 price target on the stock. Stifel Nicolaus decreased their price target on shares of Astera Labs from $150.00 to $100.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Needham & Company LLC cut 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 report on Wednesday, May 7th. Evercore ISI raised their price objective on shares of Astera Labs from $87.00 to $104.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 21st. Finally, Citigroup cut their price objective on shares of Astera Labs from $120.00 to $100.00 and set a "buy" rating for the company in a research report on Monday, April 14th. One investment analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus 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.