Straight Path Wealth Management Invests $403,000 in Astera Labs, Inc. (NASDAQ:ALAB)

Straight Path Wealth Management bought a new position in Astera Labs, Inc. (NASDAQ:ALAB - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 6,750 shares of the company's stock, valued at approximately $403,000.

A number of other hedge funds have also recently made changes to their positions in the business. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Astera Labs during the fourth quarter valued at about $25,000. Steward Partners Investment Advisory LLC increased its stake in Astera Labs by 99.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 199 shares of the company's stock worth $26,000 after acquiring an additional 99 shares during the last quarter. Murphy & Mullick Capital Management Corp purchased a new stake in shares of Astera Labs during the 4th quarter worth approximately $43,000. NewEdge Advisors LLC bought a new position in shares of Astera Labs during the 4th quarter valued at approximately $63,000. Finally, Mark Sheptoff Financial Planning LLC bought a new position in shares of Astera Labs during the 4th quarter valued at approximately $65,000. Institutional investors own 60.47% of the company's stock.

Insider Buying and Selling

In other Astera Labs news, COO Sanjay Gajendra sold 165,000 shares of Astera Labs stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $98.25, for a total value of $16,211,250.00. Following the transaction, the chief operating officer directly owned 735,000 shares of the company's stock, valued at approximately $72,213,750. The trade was a 18.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michael Truett Tate sold 500,000 shares of the stock in a transaction on 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 sale, the chief financial officer owned 618,996 shares of the company's stock, valued at approximately $55,852,009.08. This represents a 44.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,688,729 shares of company stock valued at $152,015,940 over the last 90 days.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ALAB. Stifel Nicolaus reduced 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 report on Thursday, April 17th. Barclays increased their price target on shares of Astera Labs from $70.00 to $75.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Morgan Stanley raised 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. Raymond James Financial started coverage on Astera Labs in a research note on Friday, March 14th. They issued an "outperform" rating and a $82.00 price objective for the company. Finally, William Blair started coverage on Astera Labs in a report on Thursday, May 22nd. They issued an "outperform" rating for the company. One investment analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Astera Labs presently has an average rating of "Buy" and a consensus target price of $100.00.

Astera Labs Stock Performance

ALAB traded up $2.36 during trading on Friday, hitting $90.93. 2,438,903 shares of the stock were exchanged, compared to its average volume of 4,303,647. The firm has a 50 day simple moving average of $87.23 and a 200 day simple moving average of $90.03. The firm has a market cap of $15.00 billion, a price-to-earnings ratio of 413.31, a P/E/G ratio of 4.16 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 released its quarterly earnings data on Tuesday, May 6th. The company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.05. Astera Labs had a return on equity of 2.57% and a net margin of 8.44%. The firm had revenue of $159.44 million during the quarter, compared to the consensus estimate of $151.55 million. During the same period in the previous year, the company posted $0.10 earnings per share. The firm's quarterly revenue was up 144.1% on a year-over-year basis. As a group, equities analysts anticipate 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.