Astera Labs (NASDAQ:ALAB) Trading 5.8% Higher – Here’s Why

Astera Labs, Inc. (NASDAQ:ALAB)’s stock price was up 5.8% during mid-day trading on Friday . The company traded as high as $51.69 and last traded at $51.58. Approximately 1,263,697 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 2,536,638 shares. The stock had previously closed at $48.76.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on ALAB shares. Needham & Company LLC dropped their target price on Astera Labs from $85.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Morgan Stanley raised Astera Labs from an “equal weight” rating to an “overweight” rating and set a $55.00 target price on the stock in a report on Wednesday, September 4th. Deutsche Bank Aktiengesellschaft dropped their target price on Astera Labs from $85.00 to $60.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. JPMorgan Chase & Co. dropped their target price on Astera Labs from $95.00 to $70.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Finally, Craig Hallum dropped their target price on Astera Labs from $90.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Astera Labs presently has an average rating of “Buy” and a consensus price target of $71.36.

Astera Labs Stock Up 6.2 %

The stock has a 50 day moving average of $44.05 and a two-hundred day moving average of $58.83.

Astera Labs (NASDAQ:ALAB) last posted its earnings results on Tuesday, August 6th. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The firm had revenue of $76.90 million for the quarter, compared to analysts’ expectations of $72.41 million. The company’s revenue for the quarter was up 17.8% compared to the same quarter last year. As a group, research analysts anticipate that Astera Labs, Inc. will post -0.54 EPS for the current year.

Insiders Place Their Bets

In other Astera Labs news, Director Manuel Alba sold 37,000 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $50.32, for a total transaction of $1,861,840.00. Following the sale, the director now directly owns 498,863 shares in the company, valued at approximately $25,102,786.16. The trade was a 0.00 % 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 this link. In other news, CFO Michael Truett Tate sold 50,000 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $47.98, for a total value of $2,399,000.00. Following the sale, the chief financial officer now directly owns 829,108 shares in the company, valued at $39,780,601.84. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Manuel Alba sold 37,000 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $50.32, for a total value of $1,861,840.00. Following the completion of the sale, the director now owns 498,863 shares in the company, valued at $25,102,786.16. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 276,791 shares of company stock worth $12,933,588.

Institutional Trading of Astera Labs

Several institutional investors and hedge funds have recently made changes to their positions in ALAB. Vanguard Group Inc. purchased a new stake in shares of Astera Labs in the first quarter valued at $127,268,000. Capital World Investors acquired a new position in Astera Labs in the first quarter valued at $44,514,000. Price T Rowe Associates Inc. MD acquired a new position in Astera Labs in the first quarter valued at $44,514,000. Bamco Inc. NY acquired a new position in Astera Labs in the first quarter valued at $37,095,000. Finally, Lord Abbett & CO. LLC acquired a new position in Astera Labs in the first quarter valued at $33,141,000.

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.