Astera Labs, Inc. (NASDAQ:ALAB) Sees Significant Drop in Short Interest

Astera Labs, Inc. (NASDAQ:ALAB) was the target of a significant decrease in short interest in October. As of October 15th, there was short interest totalling 10,330,000 shares, a decrease of 6.9% from the September 30th total of 11,100,000 shares. Approximately 9.1% of the shares of the company are short sold. Based on an average daily volume of 3,500,000 shares, the days-to-cover ratio is currently 3.0 days.

Insider Activity at Astera Labs

In related news, General Counsel Philip Mazzara sold 42,090 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $40.43, for a total value of $1,701,698.70. Following the completion of the transaction, the general counsel now directly owns 333,474 shares in the company, valued at approximately $13,482,353.82. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, General Counsel Philip Mazzara sold 42,090 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $40.43, for a total value of $1,701,698.70. Following the completion of the transaction, the general counsel now directly owns 333,474 shares in the company, valued at approximately $13,482,353.82. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jack R. Lazar sold 2,000 shares of the company’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $69.95, for a total value of $139,900.00. Following the completion of the transaction, the director now owns 135,000 shares of the company’s stock, valued at $9,443,250. The trade was 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 sold 564,458 shares of company stock worth $31,970,841.

Hedge Funds Weigh In On Astera Labs

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. acquired a new position in shares of Astera Labs during the 1st quarter worth about $127,268,000. Capital World Investors acquired a new position in shares of Astera Labs during the 1st quarter worth about $44,514,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Astera Labs during the 1st quarter worth about $44,514,000. Bamco Inc. NY acquired a new position in shares of Astera Labs during the 1st quarter worth about $37,095,000. Finally, Lord Abbett & CO. LLC acquired a new position in shares of Astera Labs during the 1st quarter worth about $33,141,000.

Analysts Set New Price Targets

Several research analysts have issued reports on ALAB shares. Stifel Nicolaus dropped their price objective on Astera Labs from $87.00 to $80.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Craig Hallum dropped their price objective on Astera Labs from $90.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Evercore ISI dropped their price objective on Astera Labs from $98.00 to $80.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Morgan Stanley increased their price objective on Astera Labs from $55.00 to $74.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 9th. Finally, JPMorgan Chase & Co. lowered their target price on Astera Labs from $95.00 to $70.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $73.09.

Astera Labs Trading Up 1.6 %

Astera Labs stock opened at $74.07 on Wednesday. The business’s 50-day simple moving average is $52.46 and its 200 day simple moving average is $57.92. Astera Labs has a 12-month low of $36.22 and a 12-month high of $95.21.

Astera Labs (NASDAQ:ALAB) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.02. The firm had revenue of $76.90 million during the quarter, compared to the consensus estimate of $72.41 million. The company’s revenue for the quarter was up 17.8% compared to the same quarter last year. Equities research analysts forecast that Astera Labs will post -0.54 EPS 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.