Astera Labs (NASDAQ:ALAB) Shares Down 5.2% – Here’s What Happened

Shares of Astera Labs, Inc. (NASDAQ:ALAB) were down 5.2% during trading on Wednesday . The stock traded as low as $68.06 and last traded at $68.44. Approximately 572,943 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 3,659,110 shares. The stock had previously closed at $72.19.

Wall Street Analyst Weigh In

Several analysts recently weighed in on ALAB shares. Craig Hallum lifted their target price on shares of Astera Labs from $105.00 to $125.00 and gave the company a “buy” rating in a report on Tuesday, February 11th. Barclays lifted their price objective on Astera Labs from $87.00 to $135.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Needham & Company LLC reissued a “buy” rating and set a $140.00 target price on shares of Astera Labs in a research note on Tuesday, February 11th. Morgan Stanley lowered their target price on Astera Labs from $142.00 to $114.00 and set an “equal weight” rating for the company in a report on Tuesday, January 28th. Finally, Raymond James started coverage on shares of Astera Labs in a research note on Friday, March 14th. They set an “outperform” rating and a $82.00 price target on the stock. One analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Astera Labs has a consensus rating of “Buy” and a consensus price target of $112.77.

Astera Labs Price Performance

The stock’s 50 day moving average is $89.05 and its two-hundred day moving average is $90.03. The stock has a market capitalization of $10.94 billion and a PE ratio of -39.18.

Astera Labs (NASDAQ:ALAB) last posted its quarterly earnings results on Monday, February 10th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.16). Astera Labs had a negative return on equity of 10.40% and a negative net margin of 21.05%. On average, equities analysts predict that Astera Labs, Inc. will post 0.34 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Jitendra Mohan sold 350,680 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $89.51, for a total value of $31,389,366.80. Following the completion of the transaction, the chief executive officer now owns 2,353,655 shares in the company, valued at approximately $210,675,659.05. This represents a 12.97 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Michael Truett Tate sold 125,800 shares of the stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $82.53, for a total transaction of $10,382,274.00. Following the completion of the transaction, the chief financial officer now directly owns 244,242 shares in the company, valued at $20,157,292.26. This trade represents a 34.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 570,990 shares of company stock worth $50,242,702.

Hedge Funds Weigh In On Astera Labs

Several large investors have recently bought and sold shares of the stock. Tidal Investments LLC increased its position in shares of Astera Labs by 81.8% during the third quarter. Tidal Investments LLC now owns 45,298 shares of the company’s stock worth $2,373,000 after purchasing an additional 20,388 shares in the last quarter. Proficio Capital Partners LLC grew its stake in Astera Labs by 1.8% during the 4th quarter. Proficio Capital Partners LLC now owns 21,626 shares of the company’s stock worth $2,864,000 after buying an additional 390 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in Astera Labs during the 3rd quarter worth approximately $530,000. Maverick Capital Ltd. increased its position in Astera Labs by 16.0% during the third quarter. Maverick Capital Ltd. now owns 1,156,230 shares of the company’s stock worth $60,575,000 after buying an additional 159,480 shares during the period. Finally, State Street Corp lifted its stake in Astera Labs by 173.1% in the third quarter. State Street Corp now owns 698,467 shares of the company’s stock valued at $36,593,000 after buying an additional 442,698 shares during the last quarter. Institutional investors and hedge funds own 60.47% of the company’s stock.

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.