Astera Labs (NASDAQ:ALAB) Shares Gap Up After Earnings Beat

Astera Labs, Inc. (NASDAQ:ALAB)’s stock price gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $69.65, but opened at $86.35. Astera Labs shares last traded at $89.61, with a volume of 6,570,106 shares trading hands.

The company reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.06. The company had revenue of $113.10 million during the quarter, compared to analyst estimates of $97.50 million. The business’s revenue for the quarter was up 47.1% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Deutsche Bank Aktiengesellschaft upped their target price on Astera Labs from $60.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday. Roth Mkm lifted their target price on shares of Astera Labs from $80.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday. Craig Hallum boosted their target price on shares of Astera Labs from $75.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday. Needham & Company LLC reiterated a “buy” rating and issued a $65.00 target price on shares of Astera Labs in a report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Astera Labs from $70.00 to $110.00 and gave the stock an “overweight” rating in a research report on Tuesday. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $92.36.

Insiders Place Their Bets

In other news, Director Jack R. Lazar sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $61.69, for a total value of $185,070.00. Following the completion of the sale, the director now directly owns 137,000 shares of the company’s stock, valued at approximately $8,451,530. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Astera Labs news, Director Jack R. Lazar sold 3,000 shares of Astera Labs stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $61.69, for a total value of $185,070.00. Following the completion of the sale, the director now owns 137,000 shares of the company’s stock, valued at approximately $8,451,530. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Sanjay Gajendra sold 110,000 shares of the stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $69.47, for a total transaction of $7,641,700.00. Following the transaction, the insider now owns 835,000 shares in the company, valued at approximately $58,007,450. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 564,458 shares of company stock valued at $31,970,841 in the last quarter.

Institutional Investors Weigh In On Astera Labs

Large investors have recently made changes to their positions in the company. Hollencrest Capital Management bought a new stake in shares of Astera Labs in the 3rd quarter worth about $26,000. US Bancorp DE purchased a new stake in shares of Astera Labs during the third quarter valued at about $46,000. Allworth Financial LP grew its holdings in Astera Labs by 445.5% in the third quarter. Allworth Financial LP now owns 1,091 shares of the company’s stock worth $57,000 after purchasing an additional 891 shares during the last quarter. Amalgamated Bank purchased a new stake in shares of Astera Labs during the second quarter worth about $74,000. Finally, Venturi Wealth Management LLC raised its holdings in shares of Astera Labs by 26.3% in the third quarter. Venturi Wealth Management LLC now owns 2,400 shares of the company’s stock worth $126,000 after buying an additional 500 shares during the last quarter.

Astera Labs Stock Performance

The stock has a 50-day simple moving average of $57.00 and a 200 day simple moving average of $58.39.

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.