Westfield Capital Management Co. LP Makes New Investment in Astera Labs, Inc. (NASDAQ:ALAB)

Key Points

• Westfield Capital Management invested approximately $27.87 million in Astera Labs, acquiring 467,080 shares during the first quarter, representing 0.28% ownership.
• Astera Labs reported a 144.1% increase in revenue compared to the same quarter last year, with quarterly earnings of $0.33 EPS surpassing analysts' expectations of $0.28.
• Analysts have a consensus target price of $106.73 for Astera Labs, with a combination of "buy" and "hold" ratings from various research firms.

Westfield Capital Management Co. LP bought 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 disclosure with the Securities & Exchange Commission. The fund bought 467,080 shares of the company's stock, valued at approximately $27,871,000. Westfield Capital Management Co. LP owned 0.28% of Astera Labs at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Sound Income Strategies LLC increased its position in Astera Labs by 34.7% during the first quarter. Sound Income Strategies LLC now owns 792 shares of the company's stock worth $47,000 after acquiring an additional 204 shares during the period. GAMMA Investing LLC increased its position in Astera Labs by 55.7% during the first quarter. GAMMA Investing LLC now owns 794 shares of the company's stock worth $47,000 after acquiring an additional 284 shares during the period. Harbour Investments Inc. increased its position in Astera Labs by 351.7% during the first quarter. Harbour Investments Inc. now owns 795 shares of the company's stock worth $47,000 after acquiring an additional 619 shares during the period. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Astera Labs during the first quarter worth $48,000. Finally, Hazlett Burt & Watson Inc. boosted its stake in Astera Labs by 1,670.0% during the first quarter. Hazlett Burt & Watson Inc. now owns 885 shares of the company's stock worth $53,000 after buying an additional 835 shares in the last quarter. Institutional investors own 60.47% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Susquehanna assumed coverage on shares of Astera Labs in a research note on Friday, May 16th. They set a "neutral" rating and a $80.00 price target on the stock. Barclays lifted their price target on shares of Astera Labs from $70.00 to $75.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. Morgan Stanley lifted their price target on shares of Astera Labs from $99.00 to $125.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Evercore ISI lifted their price target 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, Northland Capmk downgraded shares of Astera Labs from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 22nd. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $106.73.

Astera Labs Stock Performance

Shares of NASDAQ:ALAB traded down $2.39 on Tuesday, hitting $135.54. The stock had a trading volume of 6,764,598 shares, compared to its average volume of 5,822,599. Astera Labs, Inc. has a twelve month low of $36.22 and a twelve month high of $147.39. The firm's 50 day moving average price is $100.36 and its 200-day moving average price is $85.78. The company has a market capitalization of $22.35 billion, a price-to-earnings ratio of 616.12, a price-to-earnings-growth ratio of 6.47 and a beta of 1.39.

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, beating the consensus estimate of $0.28 by $0.05. The company had revenue of $159.44 million for the quarter, compared to the consensus estimate of $151.55 million. Astera Labs had a net margin of 8.44% and a return on equity of 2.57%. The firm's revenue for the quarter was up 144.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.10 EPS. As a group, sell-side analysts predict that Astera Labs, Inc. will post 0.34 EPS for the current year.

Insider Buying and Selling

In related news, CEO Jitendra Mohan sold 128,250 shares of the company's 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 transaction, the chief executive officer owned 541,125 shares in the company, valued at $48,712,072.50. This represents a 19.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sanjay Gajendra sold 165,000 shares of the company's stock in a transaction dated 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 transaction, the insider owned 755,000 shares in the company, valued at approximately $54,178,800. This trade represents a 17.93% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,181,759 shares of company stock worth $200,883,431 in the last 90 days.

Astera Labs 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.