Straight Path Wealth Management Buys Shares of 6,750 Astera Labs, Inc. (NASDAQ:ALAB)

Straight Path Wealth Management acquired a new stake in Astera Labs, Inc. (NASDAQ:ALAB - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 6,750 shares of the company's stock, valued at approximately $403,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Principal Financial Group Inc. acquired a new position in shares of Astera Labs in the fourth quarter valued at about $1,388,000. Bank of New York Mellon Corp grew its stake in shares of Astera Labs by 123.9% in the fourth quarter. Bank of New York Mellon Corp now owns 383,197 shares of the company's stock valued at $50,754,000 after acquiring an additional 212,055 shares in the last quarter. US Bancorp DE grew its stake in shares of Astera Labs by 627.4% in the fourth quarter. US Bancorp DE now owns 6,350 shares of the company's stock valued at $841,000 after acquiring an additional 5,477 shares in the last quarter. Steward Partners Investment Advisory LLC grew its stake in shares of Astera Labs by 99.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 199 shares of the company's stock valued at $26,000 after acquiring an additional 99 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Astera Labs by 12.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 132,472 shares of the company's stock valued at $17,546,000 after acquiring an additional 15,008 shares in the last quarter. 60.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ALAB has been the topic of several research reports. Wall Street Zen upgraded shares of Astera Labs from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Raymond James Financial began coverage on shares of Astera Labs in a research note on Friday, March 14th. They set an "outperform" rating and a $82.00 price objective on the stock. Morgan Stanley upgraded shares of Astera Labs from an "equal weight" rating to an "overweight" rating and set a $99.00 price objective on the stock in a research note on Monday, May 12th. Evercore ISI increased their price objective on shares of Astera Labs from $87.00 to $104.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 21st. Finally, Stifel Nicolaus reduced their price objective 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. One analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $100.00.

Insider Activity at Astera Labs

In related news, CEO Jitendra Mohan sold 128,250 shares of the firm's 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. This trade represents a 19.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Michael Truett Tate sold 500,000 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $90.23, for a total transaction of $45,115,000.00. Following the completion of the transaction, the chief financial officer owned 618,996 shares of the company's stock, valued at approximately $55,852,009.08. This trade represents a 44.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,688,729 shares of company stock worth $152,015,940 in the last quarter.

Astera Labs Stock Up 2.7%

Shares of ALAB stock traded up $2.36 on Friday, reaching $90.93. The company had a trading volume of 2,438,903 shares, compared to its average volume of 4,317,188. The stock has a market capitalization of $15.00 billion, a PE ratio of 413.31, a price-to-earnings-growth ratio of 4.27 and a beta of 1.18. Astera Labs, Inc. has a one year low of $36.22 and a one year high of $147.39. The business's 50-day moving average is $87.73 and its 200 day moving average is $89.30.

Astera Labs (NASDAQ:ALAB - Get Free Report) last posted its 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. The firm had revenue of $159.44 million during the quarter, compared to analysts' expectations of $151.55 million. Astera Labs had a net margin of 8.44% and a return on equity of 2.57%. The business's revenue for the quarter was up 144.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.10 earnings per share. On average, sell-side analysts forecast that Astera Labs, Inc. will post 0.34 earnings per share 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.