Astera Labs (NASDAQ:ALAB) Stock Price Down 3% After Insider Selling

Astera Labs, Inc. (NASDAQ:ALAB)’s stock price was down 3% on Wednesday after an insider sold shares in the company. The stock traded as low as $102.16 and last traded at $102.31. Approximately 281,707 shares were traded during trading, a decline of 91% from the average daily volume of 3,161,878 shares. The stock had previously closed at $105.48.

Specifically, CEO Jitendra Mohan sold 173,366 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $110.12, for a total transaction of $19,091,063.92. Following the transaction, the chief executive officer now directly owns 600,000 shares of the company’s stock, valued at approximately $66,072,000. The trade was a 22.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Stefan A. Dyckerhoff sold 7,814 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $107.17, for a total transaction of $837,426.38. Following the completion of the sale, the director now directly owns 121,803 shares of the company’s stock, valued at approximately $13,053,627.51. This represents a 6.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, Director Stefan A. Dyckerhoff sold 30,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $105.90, for a total transaction of $3,177,000.00. Following the transaction, the director now owns 3,765 shares in the company, valued at $398,713.50. The trade was a 88.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on ALAB shares. Evercore ISI cut their price objective on Astera Labs from $98.00 to $80.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft lifted their price target on Astera Labs from $60.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. JPMorgan Chase & Co. increased their price objective on Astera Labs from $70.00 to $110.00 and gave the stock an “overweight” rating in a report on Tuesday, November 5th. Citigroup began coverage on shares of Astera Labs in a report on Monday, November 18th. They set a “buy” rating and a $120.00 target price on the stock. Finally, Barclays upped their target price on shares of Astera Labs from $70.00 to $87.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 5th. Twelve investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $94.67.

Astera Labs Stock Performance

The company’s 50-day moving average is $74.17 and its 200 day moving average is $60.84.

Astera Labs (NASDAQ:ALAB) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.06. The company had revenue of $113.10 million during the quarter, compared to the consensus estimate of $97.50 million. Astera Labs had a negative net margin of 30.69% and a negative return on equity of 15.57%. The business’s revenue for the quarter was up 47.1% compared to the same quarter last year. As a group, equities analysts predict that Astera Labs, Inc. will post -0.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ALAB. Hollencrest Capital Management bought a new stake in Astera Labs in the 3rd quarter worth about $26,000. US Bancorp DE bought a new stake in shares of Astera Labs in the third quarter worth approximately $46,000. First Horizon Advisors Inc. purchased a new position in shares of Astera Labs during the third quarter valued at approximately $49,000. Allworth Financial LP lifted its position in Astera Labs by 445.5% during the third quarter. Allworth Financial LP now owns 1,091 shares of the company’s stock valued at $57,000 after purchasing an additional 891 shares during the period. Finally, Amalgamated Bank purchased a new stake in Astera Labs in the second quarter worth approximately $74,000.

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.