Astera Labs (NASDAQ:ALAB) Shares Gap Up – Here’s What Happened

Astera Labs, Inc. (NASDAQ:ALAB) gapped up prior to trading on Thursday . The stock had previously closed at $65.59, but opened at $67.96. Astera Labs shares last traded at $69.02, with a volume of 913,328 shares.

Analysts Set New Price Targets

ALAB has been the subject of a number of recent analyst reports. Evercore ISI reduced their target price on Astera Labs from $98.00 to $80.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Barclays decreased their target price on shares of Astera Labs from $85.00 to $70.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Roth Mkm cut their price target 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. Craig Hallum decreased their price target on shares of Astera Labs from $90.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Finally, Needham & Company LLC reissued a “buy” rating and set a $65.00 price objective on shares of Astera Labs in a research note on Wednesday, October 9th. Eleven equities research 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 target price of $73.09.

Astera Labs Trading Up 3.7 %

The firm has a 50-day moving average of $47.25 and a 200-day moving average of $58.11.

Astera Labs (NASDAQ:ALAB) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The company had revenue of $76.90 million during the quarter, compared to the consensus estimate of $72.41 million. Astera Labs’s quarterly revenue was up 17.8% compared to the same quarter last year. On average, analysts predict that Astera Labs, Inc. will post -0.54 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Sanjay Gajendra sold 76,701 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $45.32, for a total transaction of $3,476,089.32. Following the sale, the insider now owns 855,000 shares of the company’s stock, valued at $38,748,600. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Sanjay Gajendra sold 76,701 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $45.32, for a total value of $3,476,089.32. Following the sale, the insider now directly owns 855,000 shares of the company’s stock, valued at approximately $38,748,600. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Jitendra Mohan sold 47,667 shares of Astera Labs stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $70.26, for a total value of $3,349,083.42. Following the completion of the transaction, the chief executive officer now directly owns 728,420 shares of the company’s stock, valued at approximately $51,178,789.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 564,458 shares of company stock worth $31,970,841.

Institutional Investors Weigh In On Astera Labs

Several institutional investors and hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC bought a new stake in Astera Labs in the 1st quarter worth about $18,666,000. Capstone Investment Advisors LLC purchased a new position in shares of Astera Labs during the first quarter valued at approximately $4,629,000. Jennison Associates LLC purchased a new position in shares of Astera Labs during the first quarter valued at approximately $11,283,000. Peregrine Asset Advisers Inc. bought a new position in Astera Labs during the first quarter valued at approximately $2,515,000. Finally, Central Pacific Bank Trust Division purchased a new stake in Astera Labs in the first quarter worth approximately $402,000.

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.