Astera Labs (NASDAQ:ALAB) Shares Down 0.3%

Astera Labs, Inc. (NASDAQ:ALAB) was down 0.3% during mid-day trading on Tuesday . The company traded as low as $39.39 and last traded at $39.62. 711,532 shares were traded during trading, a decline of 68% from the average daily volume of 2,216,199 shares. The stock had previously closed at $39.73.

Wall Street Analyst Weigh In

ALAB has been the subject of a number of analyst reports. Craig Hallum reduced their price objective on shares of Astera Labs from $90.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Stifel Nicolaus decreased their price objective on shares of Astera Labs from $87.00 to $80.00 and set a “buy” rating for the company in a report on Monday, August 5th. Morgan Stanley lowered their price objective on Astera Labs from $85.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 7th. Needham & Company LLC reduced their target price on Astera Labs from $85.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. lowered their price target on Astera Labs from $95.00 to $70.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $71.36.

Astera Labs Stock Up 11.4 %

The firm’s fifty day moving average is $54.00.

Astera Labs (NASDAQ:ALAB) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The company had revenue of $76.90 million during the quarter, compared to analysts’ expectations of $72.41 million. The company’s revenue was up 17.8% on a year-over-year basis. As a group, analysts expect that Astera Labs, Inc. will post -0.56 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Astera Labs

A number of large investors have recently modified their holdings of ALAB. Amalgamated Bank acquired a new stake in shares of Astera Labs during the second quarter worth $74,000. Legato Capital Management LLC acquired a new stake in Astera Labs during the 2nd quarter worth about $207,000. Alpine Global Management LLC acquired a new stake in Astera Labs during the 1st quarter worth about $272,000. Strategic Blueprint LLC purchased a new stake in Astera Labs during the 2nd quarter valued at about $332,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Astera Labs in the second quarter valued at about $341,000.

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.