Astera Labs (NASDAQ:ALAB) Stock Price Down 3.1%

Astera Labs, Inc. (NASDAQ:ALAB)’s share price dropped 3.1% on Monday . The stock traded as low as $38.66 and last traded at $38.76. Approximately 249,450 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 2,432,792 shares. The stock had previously closed at $40.00.

Analyst Upgrades and Downgrades

A number of research firms have commented on ALAB. Roth Mkm reduced their target price on Astera Labs from $85.00 to $60.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft 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. Morgan Stanley raised shares of Astera Labs from an “equal weight” rating to an “overweight” rating and set a $55.00 price target on the stock in a research note on Wednesday, September 4th. Craig Hallum lowered their price objective on shares of Astera Labs from $90.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. cut their target price on Astera Labs from $95.00 to $70.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $71.36.

Astera Labs Price Performance

The stock’s fifty day simple moving average is $46.25.

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

Insiders Place Their Bets

In other news, CFO Michael Truett Tate sold 50,000 shares of the business’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $47.98, for a total value of $2,399,000.00. Following the completion of the sale, the chief financial officer now directly owns 829,108 shares of the company’s stock, valued at approximately $39,780,601.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Michael Truett Tate sold 50,000 shares of the stock in a transaction 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 completion of the sale, the chief financial officer now owns 829,108 shares in the company, valued at approximately $39,780,601.84. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel Philip Mazzara sold 8,000 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $43.12, for a total transaction of $344,960.00. Following the transaction, the general counsel now directly owns 325,474 shares in the company, valued at $14,034,438.88. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 100,090 shares of company stock valued at $4,445,659.

Institutional Trading of Astera Labs

A number of hedge funds have recently added to or reduced their stakes in ALAB. Vanguard Group Inc. acquired a new position in shares of Astera Labs during the first quarter worth about $127,268,000. Capital World Investors purchased a new stake in Astera Labs in the 1st quarter valued at approximately $44,514,000. Price T Rowe Associates Inc. MD acquired a new position in Astera Labs during the 1st quarter worth approximately $44,514,000. Bamco Inc. NY acquired a new position in Astera Labs during the 1st quarter worth approximately $37,095,000. Finally, Lord Abbett & CO. LLC purchased a new position in shares of Astera Labs during the 1st quarter worth approximately $33,141,000.

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.