Astera Labs (NASDAQ:ALAB) Shares Gap Down to $76.19

Astera Labs, Inc. (NASDAQ:ALAB) gapped down before the market opened on Wednesday . The stock had previously closed at $76.19, but opened at $71.06. Astera Labs shares last traded at $73.17, with a volume of 2,088,466 shares.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ALAB. Craig Hallum started coverage on Astera Labs in a research note on Monday, April 15th. They issued a “buy” rating and a $90.00 price target on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Astera Labs in a research report on Monday, April 15th. They set a “buy” rating and a $85.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $85.00 price target on shares of Astera Labs in a research note on Wednesday. Stifel Nicolaus started coverage on shares of Astera Labs in a research report on Monday, April 15th. They set a “buy” rating and a $81.00 price objective on the stock. Finally, Northland Securities began coverage on Astera Labs in a research note on Monday, March 25th. They issued an “outperform” rating and a $85.00 target price for the company. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Astera Labs currently has a consensus rating of “Buy” and an average price target of $86.09.

Astera Labs Stock Up 1.2 %

Insiders Place Their Bets

In related news, Director Jack R. Lazar acquired 10,000 shares of the company’s stock in a transaction on Friday, March 22nd. The shares were acquired at an average cost of $36.00 per share, for a total transaction of $360,000.00. Following the purchase, the director now owns 165,000 shares in the company, valued at $5,940,000. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link.

Institutional Trading of Astera Labs

Hedge funds have recently bought and sold shares of the business. Sei Investments Co. bought a new position in Astera Labs during the first quarter valued at about $952,000. Forge First Asset Management Inc. purchased a new stake in shares of Astera Labs during the 1st quarter valued at approximately $1,143,000. Lord Abbett & CO. LLC bought a new position in Astera Labs in the 1st quarter worth approximately $33,141,000. Jennison Associates LLC purchased a new position in Astera Labs in the 1st quarter valued at approximately $11,283,000. Finally, Central Pacific Bank Trust Division bought a new stake in Astera Labs during the 1st quarter valued at $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.