Elevation Point Wealth Partners LLC Purchases 4,167 Shares of Astera Labs, Inc. (NASDAQ:ALAB)

Elevation Point Wealth Partners LLC lifted its position in shares of Astera Labs, Inc. (NASDAQ:ALAB) by 141.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,114 shares of the company’s stock after purchasing an additional 4,167 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in Astera Labs were worth $424,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ALAB. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Astera Labs during the fourth quarter worth $25,000. Steward Partners Investment Advisory LLC raised its holdings in shares of Astera Labs by 99.0% during the fourth 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 period. Kestra Investment Management LLC acquired a new stake in shares of Astera Labs during the fourth quarter worth $28,000. Global Retirement Partners LLC raised its holdings in shares of Astera Labs by 3,155.6% during the fourth quarter. Global Retirement Partners LLC now owns 293 shares of the company’s stock worth $39,000 after acquiring an additional 284 shares during the period. Finally, Murphy & Mullick Capital Management Corp bought a new stake in Astera Labs during the 4th quarter worth about $43,000. 60.47% of the stock is owned by institutional investors.

Astera Labs Stock Up 6.2%

NASDAQ ALAB opened at $95.30 on Tuesday. The company has a market capitalization of $15.72 billion, a P/E ratio of -55.09, a P/E/G ratio of 6.18 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. The firm has a 50-day moving average price of $78.89 and a two-hundred day moving average price of $92.15.

Astera Labs (NASDAQ:ALAB) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.05. Astera Labs had a negative net margin of 21.05% and a negative return on equity of 10.40%. The company had revenue of $159.44 million during the quarter, compared to the consensus estimate of $151.55 million. During the same quarter in the prior year, the firm posted $0.10 EPS. The firm’s quarterly revenue was up 144.1% on a year-over-year basis. Equities analysts expect that Astera Labs, Inc. will post 0.34 EPS for the current year.

Insider Activity at Astera Labs

In other Astera Labs news, Director Manuel Alba sold 63,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $63.37, for a total value of $3,992,310.00. Following the completion of the transaction, the director now directly owns 444,863 shares in the company, valued at approximately $28,190,968.31. This represents a 12.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Jitendra Mohan sold 75,000 shares of the company’s stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $71.05, for a total transaction of $5,328,750.00. Following the completion of the transaction, the chief executive officer now owns 575,000 shares of the company’s stock, valued at approximately $40,853,750. This trade represents a 11.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,495,267 shares of company stock valued at $131,012,865 in the last quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Needham & Company LLC cut their price target on shares of Astera Labs from $140.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday, May 7th. Barclays boosted their price objective 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. Evercore ISI boosted 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. 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. Finally, Raymond James started 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. One research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Astera Labs presently has an average rating of “Buy” and an average price target of $100.00.

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.