Astera Labs (NASDAQ:ALAB) Shares Up 3.8%

Astera Labs, Inc. (NASDAQ:ALAB)’s stock price traded up 3.8% during mid-day trading on Wednesday . The stock traded as high as $48.25 and last traded at $48.09. 454,092 shares traded hands during trading, a decline of 81% from the average session volume of 2,454,110 shares. The stock had previously closed at $46.33.

Analyst Ratings Changes

A number of equities analysts recently issued reports on ALAB shares. Morgan Stanley raised Astera Labs from an “equal weight” rating to an “overweight” rating and set a $55.00 price target for the company in a report on Wednesday, September 4th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Astera Labs from $85.00 to $60.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Evercore ISI reduced their price target on shares of Astera Labs from $98.00 to $80.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Needham & Company LLC decreased their price objective on shares of Astera Labs from $85.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Finally, Craig Hallum cut their target price on Astera Labs from $90.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $71.36.

Astera Labs Trading Up 2.4 %

The company’s fifty day moving average price is $44.72.

Astera Labs (NASDAQ:ALAB) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The firm had revenue of $76.90 million during the quarter, compared to analysts’ expectations of $72.41 million. The company’s revenue for the quarter was up 17.8% on a year-over-year basis. Analysts predict that Astera Labs, Inc. will post -0.54 EPS for the current fiscal year.

Insider Transactions at Astera Labs

In related news, General Counsel Philip Mazzara sold 42,090 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $40.43, for a total transaction of $1,701,698.70. Following the transaction, the general counsel now owns 333,474 shares of the company’s stock, valued at $13,482,353.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Michael Truett Tate sold 50,000 shares of Astera Labs stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $47.98, for a total transaction of $2,399,000.00. Following the completion of the sale, the chief financial officer now directly owns 829,108 shares in the company, valued at approximately $39,780,601.84. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Philip Mazzara sold 42,090 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $40.43, for a total value of $1,701,698.70. Following the completion of the sale, the general counsel now owns 333,474 shares in the company, valued at approximately $13,482,353.82. The disclosure for this sale can be found here. In the last three months, insiders sold 100,090 shares of company stock valued at $4,445,659.

Hedge Funds Weigh In On Astera Labs

Several hedge funds and other institutional investors have recently bought and sold shares of ALAB. Vanguard Group Inc. purchased a new position in shares of Astera Labs in the first quarter valued at $127,268,000. Capital World Investors purchased a new position in Astera Labs during the 1st quarter valued at about $44,514,000. Price T Rowe Associates Inc. MD acquired a new position in Astera Labs during the first quarter worth about $44,514,000. Bamco Inc. NY purchased a new stake in shares of Astera Labs in the first quarter valued at about $37,095,000. Finally, Lord Abbett & CO. LLC acquired a new stake in shares of Astera Labs in the first quarter valued at approximately $33,141,000.

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.