Astera Labs (NASDAQ:ALAB) Shares Gap Down to $41.69

Astera Labs, Inc. (NASDAQ:ALAB) gapped down prior to trading on Thursday . The stock had previously closed at $41.69, but opened at $40.50. Astera Labs shares last traded at $40.57, with a volume of 136,978 shares.

Analysts Set New Price Targets

ALAB has been the topic of a number of research analyst reports. Evercore ISI cut their target price on Astera Labs from $98.00 to $80.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Morgan Stanley upgraded Astera Labs from an “equal weight” rating to an “overweight” rating and set a $55.00 target price on the stock in a research report on Wednesday. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Astera Labs from $85.00 to $60.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Stifel Nicolaus dropped their price target on shares of Astera Labs from $87.00 to $80.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Finally, Roth Mkm 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 research note on Wednesday, August 7th. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat, Astera Labs presently has an average rating of “Buy” and an average price target of $71.36.

Astera Labs Price Performance

The stock’s 50-day simple moving average is $47.82.

Astera Labs (NASDAQ:ALAB) last announced 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 company had revenue of $76.90 million during the quarter, compared to analyst estimates of $72.41 million. The firm’s quarterly revenue was up 17.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Astera Labs, Inc. will post -0.54 EPS for the current fiscal year.

Insider Buying and Selling at Astera Labs

In related news, CFO Michael Truett Tate sold 50,000 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $47.98, for a total value of $2,399,000.00. Following the transaction, the chief financial officer now directly owns 829,108 shares in the company, valued at $39,780,601.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Astera Labs news, CFO Michael Truett Tate sold 50,000 shares of the firm’s 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 sale, the chief financial officer now directly owns 829,108 shares in the company, valued at approximately $39,780,601.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Philip Mazzara sold 8,000 shares of Astera Labs stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $43.12, for a total value of $344,960.00. Following the completion of the sale, the general counsel now directly owns 325,474 shares in the company, valued at approximately $14,034,438.88. The disclosure for this sale can be found here. Insiders have sold a total of 100,090 shares of company stock worth $4,445,659 over the last ninety days.

Institutional Investors Weigh In On Astera Labs

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Sycomore Asset Management acquired a new stake in shares of Astera Labs during the 2nd quarter worth approximately $2,038,000. Truist Financial Corp bought a new stake in shares of Astera Labs in the second quarter worth $353,000. The Manufacturers Life Insurance Company bought a new position in shares of Astera Labs during the second quarter worth about $341,000. Millennium Management LLC boosted its position in Astera Labs by 136.4% during the second quarter. Millennium Management LLC now owns 278,051 shares of the company’s stock valued at $16,825,000 after acquiring an additional 160,417 shares during the last quarter. Finally, Marshall Wace LLP acquired a new stake in Astera Labs during the second quarter worth approximately $2,351,000.

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.