Cresset Asset Management LLC Buys Shares of 1,628 Astera Labs, Inc. (NASDAQ:ALAB)

Cresset Asset Management LLC purchased a new position in shares of Astera Labs, Inc. (NASDAQ:ALAB) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 1,628 shares of the company’s stock, valued at approximately $216,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Steward Partners Investment Advisory LLC increased its position 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 buying an additional 99 shares during the period. Whittier Trust Co. of Nevada Inc. acquired a new stake in Astera Labs during the 4th quarter worth about $25,000. Kestra Investment Management LLC bought a new position in shares of Astera Labs in the 4th quarter worth about $28,000. CIBC Asset Management Inc lifted its stake in shares of Astera Labs by 5.2% in the 4th quarter. CIBC Asset Management Inc now owns 4,757 shares of the company’s stock valued at $630,000 after purchasing an additional 237 shares during the period. Finally, Geneos Wealth Management Inc. bought a new stake in shares of Astera Labs during the 4th quarter valued at about $36,000. Institutional investors and hedge funds own 60.47% of the company’s stock.

Wall Street Analyst Weigh In

ALAB has been the subject of a number of research analyst reports. Northland Capmk upgraded Astera Labs from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 28th. Roth Capital set a $100.00 price objective on shares of Astera Labs and gave the company a “buy” rating in a research note on Wednesday, May 7th. Citigroup dropped their target price on shares of Astera Labs from $120.00 to $100.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Barclays increased their price target on Astera Labs from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, May 7th. Finally, Needham & Company LLC decreased their price objective on Astera Labs from $140.00 to $100.00 and set a “buy” rating for the company in a report on Wednesday, May 7th. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Astera Labs currently has a consensus rating of “Buy” and an average target price of $98.29.

Astera Labs Stock Down 1.8%

ALAB stock opened at $90.56 on Monday. The firm has a market capitalization of $14.93 billion, a PE ratio of -52.35, a P/E/G ratio of 6.18 and a beta of 0.33. Astera Labs, Inc. has a twelve month low of $36.22 and a twelve month high of $147.39. The stock’s 50 day moving average is $66.62 and its 200-day moving average is $92.28.

Astera Labs (NASDAQ:ALAB) last issued 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. The business had revenue of $159.44 million for the quarter, compared to analysts’ expectations of $151.55 million. Astera Labs had a negative return on equity of 10.40% and a negative net margin of 21.05%. The business’s revenue was up 144.1% on a year-over-year basis. During the same period last year, the business earned $0.10 EPS. On average, equities research analysts anticipate that Astera Labs, Inc. will post 0.34 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Michael Truett Tate sold 34,474 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $92.07, for a total value of $3,174,021.18. Following the completion of the transaction, the chief financial officer now directly owns 244,242 shares of the company’s stock, valued at $22,487,360.94. This represents a 12.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, General Counsel Philip Mazzara sold 7,536 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $92.07, for a total value of $693,839.52. Following the sale, the general counsel now directly owns 241,209 shares of the company’s stock, valued at $22,208,112.63. The trade was a 3.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 948,990 shares of company stock worth $78,221,662 over the last quarter.

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.