Astera Labs, Inc. (NASDAQ:ALAB) CEO Jitendra Mohan Sells 47,667 Shares

Astera Labs, Inc. (NASDAQ:ALAB) CEO Jitendra Mohan sold 47,667 shares of the firm’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $70.26, for a total value of $3,349,083.42. Following the transaction, the chief executive officer now directly owns 728,420 shares in the company, valued at $51,178,789.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link.

Astera Labs Trading Down 3.8 %

NASDAQ ALAB traded down $2.49 during trading on Tuesday, reaching $62.47. 3,023,798 shares of the company’s stock were exchanged, compared to its average volume of 2,701,490. Astera Labs, Inc. has a fifty-two week low of $36.22 and a fifty-two week high of $95.21. The company’s fifty day simple moving average is $46.27 and its 200-day simple moving average is $58.14.

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

Institutional Investors Weigh In On Astera Labs

A number of hedge funds and other institutional investors have recently made changes to their positions in ALAB. Amalgamated Bank bought a new position in shares of Astera Labs in the 2nd quarter valued at approximately $74,000. Massachusetts Financial Services Co. MA raised its stake in shares of Astera Labs by 2.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 91,408 shares of the company’s stock valued at $5,531,000 after acquiring an additional 2,343 shares in the last quarter. Newbridge Financial Services Group Inc. raised its stake in shares of Astera Labs by 11,920.0% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 3,005 shares of the company’s stock valued at $182,000 after acquiring an additional 2,980 shares in the last quarter. Legato Capital Management LLC bought a new position in shares of Astera Labs in the 2nd quarter valued at approximately $207,000. Finally, Alpine Global Management LLC bought a new position in shares of Astera Labs in the 1st quarter valued at approximately $272,000.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Barclays decreased their target price on Astera Labs from $85.00 to $70.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Evercore ISI decreased their target price on Astera Labs from $98.00 to $80.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft decreased their target price on Astera Labs from $85.00 to $60.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $65.00 target price on shares of Astera Labs in a research note on Wednesday, October 9th. Finally, Craig Hallum decreased their target price on Astera Labs from $90.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $73.09.

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.