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

Astera Labs, Inc. (NASDAQ:ALAB) shares gapped down before the market opened on Tuesday . The stock had previously closed at $133.30, but opened at $128.50. Astera Labs shares last traded at $121.89, with a volume of 863,679 shares trading hands.

Analyst Ratings Changes

ALAB has been the subject of several recent analyst reports. Barclays upped their price target on Astera Labs from $87.00 to $135.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Needham & Company LLC restated a “buy” rating and set a $65.00 target price on shares of Astera Labs in a research report on Wednesday, October 9th. Citigroup initiated coverage on shares of Astera Labs in a report on Monday, November 18th. They issued a “buy” rating and a $120.00 price target on the stock. Roth Mkm increased their price objective on shares of Astera Labs from $80.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Finally, JPMorgan Chase & Co. raised their price objective on Astera Labs from $70.00 to $110.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Astera Labs has an average rating of “Moderate Buy” and a consensus price target of $109.75.

Astera Labs Stock Up 0.6 %

The firm has a 50 day moving average price of $121.72 and a 200-day moving average price of $78.06.

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

Insider Buying and Selling

In other news, insider Sanjay Gajendra sold 740,000 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $96.59, for a total transaction of $71,476,600.00. Following the completion of the sale, the insider now directly owns 775,000 shares of the company’s stock, valued at approximately $74,857,250. The trade was a 48.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Philip Mazzara sold 42,000 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $96.56, for a total transaction of $4,055,520.00. Following the completion of the transaction, the general counsel now directly owns 258,564 shares in the company, valued at $24,966,939.84. This represents a 13.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,690,452 shares of company stock valued at $167,581,256 in the last ninety days.

Institutional Trading of Astera Labs

A number of large investors have recently modified their holdings of ALAB. Tidal Investments LLC increased its holdings in Astera Labs by 81.8% during the 3rd quarter. Tidal Investments LLC now owns 45,298 shares of the company’s stock worth $2,373,000 after purchasing an additional 20,388 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Astera Labs during the 3rd quarter worth $530,000. Avior Wealth Management LLC purchased a new position in shares of Astera Labs during the third quarter valued at $361,000. Maverick Capital Ltd. raised its holdings in shares of Astera Labs by 16.0% in the third quarter. Maverick Capital Ltd. now owns 1,156,230 shares of the company’s stock valued at $60,575,000 after acquiring an additional 159,480 shares in the last quarter. Finally, Bank of Hawaii bought a new stake in shares of Astera Labs in the third quarter valued at about $1,409,000. Hedge funds and other institutional investors own 60.47% of the company’s stock.

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.