Astera Labs (NASDAQ:ALAB) Stock Price Down 5.3%

Astera Labs, Inc. (NASDAQ:ALAB) shares fell 5.3% during mid-day trading on Wednesday . The stock traded as low as $41.69 and last traded at $42.33. 1,193,551 shares changed hands during trading, a decline of 48% from the average session volume of 2,295,653 shares. The stock had previously closed at $44.71.

Analyst Ratings Changes

A number of research firms have issued reports on ALAB. Morgan Stanley reduced their price target on Astera Labs from $85.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 7th. Stifel Nicolaus cut their price target on shares of Astera Labs from $87.00 to $80.00 and set a “buy” rating for the company in a report on Monday, August 5th. Evercore ISI lowered their target price on shares of Astera Labs from $98.00 to $80.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. JPMorgan Chase & Co. lowered their target price on shares of Astera Labs from $95.00 to $70.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of Astera Labs from $85.00 to $60.00 and set a “buy” rating on the stock in a research 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’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $71.36.

Astera Labs Price Performance

The company’s 50 day simple moving average is $50.33.

Astera Labs (NASDAQ:ALAB) last issued its quarterly earnings results 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 company had revenue of $76.90 million during the quarter, compared to analyst estimates of $72.41 million. Astera Labs’s quarterly revenue was up 17.8% compared to the same quarter last year. On average, equities research analysts forecast that Astera Labs, Inc. will post -0.56 EPS for the current fiscal year.

Insider Buying and Selling at Astera Labs

In other news, General Counsel Philip Mazzara sold 8,000 shares of the company’s 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 transaction, the general counsel now directly owns 325,474 shares in the company, valued at $14,034,438.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Institutional Investors Weigh In On Astera Labs

Hedge funds have recently added to or reduced their stakes in the business. Amalgamated Bank acquired a new position in Astera Labs in the 2nd quarter valued at approximately $74,000. Legato Capital Management LLC bought a new position in Astera Labs during the 2nd quarter worth $207,000. Alpine Global Management LLC acquired a new position in Astera Labs during the 1st quarter worth about $272,000. Strategic Blueprint LLC acquired a new stake in Astera Labs during the second quarter worth approximately $332,000. Finally, The Manufacturers Life Insurance Company bought a new position in Astera Labs during the second quarter worth $341,000.

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.