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

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

Analyst Upgrades and Downgrades

ALAB has been the subject of a number of recent analyst reports. Citigroup started coverage on Astera Labs in a research report on Monday, November 18th. They issued a “buy” rating and a $120.00 price objective for the company. Stifel Nicolaus upped their price objective on shares of Astera Labs from $80.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Craig Hallum lifted their target price on shares of Astera Labs from $75.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Astera Labs from $60.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Finally, Needham & Company LLC reissued a “buy” rating and set a $65.00 price objective on shares of Astera Labs in a report on Wednesday, October 9th. Twelve analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $98.67.

Astera Labs Trading Up 5.5 %

The firm has a fifty day moving average of $95.41 and a 200 day moving average of $66.41.

Astera Labs (NASDAQ:ALAB) last posted its earnings results on Monday, November 4th. The company reported $0.23 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $113.10 million during the quarter, compared to analysts’ expectations of $97.50 million. Astera Labs’s quarterly revenue was up 47.1% on a year-over-year basis. Analysts predict that Astera Labs, Inc. will post -0.45 EPS for the current year.

Insider Activity at Astera Labs

In other Astera Labs news, Director Jack R. Lazar sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $69.95, for a total transaction of $139,900.00. Following the completion of the sale, the director now directly owns 135,000 shares in the company, valued at approximately $9,443,250. The trade was a 1.46 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Manuel Alba sold 37,000 shares of Astera Labs stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $50.32, for a total value of $1,861,840.00. Following the completion of the sale, the director now directly owns 498,863 shares in the company, valued at $25,102,786.16. This represents a 6.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,015,119 shares of company stock worth $188,480,349 in the last 90 days.

Institutional Investors Weigh In On Astera Labs

Hedge funds have recently modified their holdings of the business. Hollencrest Capital Management purchased a new position in Astera Labs during the third quarter worth approximately $26,000. US Bancorp DE purchased a new position in shares of Astera Labs during the 3rd quarter worth $46,000. First Horizon Advisors Inc. acquired a new position in shares of Astera Labs during the 3rd quarter valued at about $49,000. Allworth Financial LP grew its holdings in shares of Astera Labs by 445.5% in 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 acquired a new stake in Astera Labs during the second quarter worth about $74,000. 60.47% of the stock is currently owned by institutional investors and hedge funds.

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.