Astera Labs (NASDAQ:ALAB) Trading Up 9.5%

Shares of Astera Labs, Inc. (NASDAQ:ALAB) rose 9.5% during mid-day trading on Thursday . The stock traded as high as $48.00 and last traded at $47.67. Approximately 1,989,517 shares were traded during trading, a decline of 14% from the average daily volume of 2,315,507 shares. The stock had previously closed at $43.52.

Analyst Ratings Changes

Several analysts have weighed in on ALAB shares. Needham & Company LLC decreased their price objective on shares of Astera Labs from $85.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Morgan Stanley lowered their target price on Astera Labs from $85.00 to $55.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Astera Labs from $85.00 to $60.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Craig Hallum reduced their target price on shares of Astera Labs from $90.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Astera Labs from $95.00 to $70.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $71.36.

Astera Labs Stock Up 10.1 %

The firm’s 50 day moving average price is $49.88.

Astera Labs (NASDAQ:ALAB) last posted its earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.02. The firm had revenue of $76.90 million during the quarter, compared to analyst estimates of $72.41 million. The company’s revenue was up 17.8% compared to the same quarter last year. On average, equities analysts predict that Astera Labs, Inc. will post -0.56 EPS for the current year.

Insider Activity

In other news, General Counsel Philip Mazzara sold 8,000 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $43.12, for a total transaction of $344,960.00. Following the completion of the sale, the general counsel now owns 325,474 shares of the company’s stock, valued at $14,034,438.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Institutional Investors Weigh In On Astera Labs

A number of institutional investors have recently made changes to their positions in the company. Sycomore Asset Management bought a new position in Astera Labs in the second quarter valued at about $2,038,000. Truist Financial Corp acquired a new stake in Astera Labs during the 2nd quarter worth approximately $353,000. The Manufacturers Life Insurance Company acquired a new position in Astera Labs in the 2nd quarter valued at approximately $341,000. Millennium Management LLC lifted its holdings in shares of Astera Labs by 136.4% during the second quarter. Millennium Management LLC now owns 278,051 shares of the company’s stock worth $16,825,000 after purchasing an additional 160,417 shares during the period. Finally, Marshall Wace LLP bought a new stake in shares of Astera Labs in the second quarter worth $2,351,000.

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.