Astera Labs (NASDAQ:ALAB) Shares Down 0.7% – Here’s Why

Astera Labs, Inc. (NASDAQ:ALAB) shares dropped 0.7% during trading on Thursday . The stock traded as low as $119.02 and last traded at $121.64. Approximately 1,651,053 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 3,265,406 shares. The stock had previously closed at $122.47.

Wall Street Analyst Weigh In

ALAB has been the topic of several research reports. Barclays raised their target price on Astera Labs from $70.00 to $87.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 5th. Stifel Nicolaus lifted their price target on shares of Astera Labs from $80.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Citigroup assumed coverage on Astera Labs in a research report on Monday, November 18th. They set a “buy” rating and a $120.00 target price on the stock. JPMorgan Chase & Co. upped their price target on shares of Astera Labs from $70.00 to $110.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Astera Labs from $60.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Twelve analysts have rated the stock with a buy rating, According to MarketBeat, Astera Labs has an average rating of “Buy” and an average price target of $98.67.

Astera Labs Stock Performance

The stock’s 50 day moving average is $95.41 and its 200-day moving average is $66.41.

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

Insider Buying and Selling at Astera Labs

In other Astera Labs news, insider Sanjay Gajendra sold 110,000 shares of the company’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $69.47, for a total value of $7,641,700.00. Following the transaction, the insider now owns 835,000 shares of the company’s stock, valued at $58,007,450. This represents a 11.64 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Philip Mazzara sold 25,000 shares of the business’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $60.74, for a total transaction of $1,518,500.00. Following the sale, the general counsel now directly owns 300,564 shares of the company’s stock, valued at $18,256,257.36. This represents a 7.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,015,119 shares of company stock worth $188,480,349 over the last quarter.

Institutional Investors Weigh In On Astera Labs

Institutional investors and hedge funds have recently bought and sold shares of the company. Fred Alger Management LLC increased its holdings in Astera Labs by 1,361.0% during the third quarter. Fred Alger Management LLC now owns 2,821,921 shares of the company’s stock valued at $147,840,000 after buying an additional 2,628,765 shares during the period. Westfield Capital Management Co. LP purchased a new position in shares of Astera Labs in the 3rd quarter valued at $52,049,000. The Manufacturers Life Insurance Company lifted its stake in shares of Astera Labs by 15,477.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 879,055 shares of the company’s stock worth $46,054,000 after purchasing an additional 873,412 shares during the last quarter. Spyglass Capital Management LLC bought a new stake in Astera Labs during the third quarter valued at about $38,565,000. Finally, State Street Corp grew its stake in Astera Labs by 173.1% in the third quarter. State Street Corp now owns 698,467 shares of the company’s stock valued at $36,593,000 after purchasing an additional 442,698 shares during the last quarter. 60.47% of the stock is owned by institutional investors.

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.