Astera Labs (NASDAQ:ALAB) Shares Down 5.2% - Here's Why

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

Wall Street Analysts Forecast Growth

Several brokerages have commented on ALAB. Needham & Company LLC reaffirmed a "buy" rating and set a $140.00 target price on shares of Astera Labs in a report on Tuesday, February 11th. Barclays raised their price objective on Astera Labs from $87.00 to $135.00 and gave the stock an "overweight" rating in a research report on Friday, January 17th. Craig Hallum upped their target price on Astera Labs from $105.00 to $125.00 and gave the company a "buy" rating in a report on Tuesday, February 11th. Raymond James began coverage on shares of Astera Labs in a research note on Friday, March 14th. They set an "outperform" rating and a $82.00 target price for the company. Finally, Northland Capmk raised shares of Astera Labs from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 28th. One investment analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $112.77.

Astera Labs Price Performance

The stock has a market cap of $9.86 billion and a P/E ratio of -35.13. The company has a fifty day moving average price of $85.00 and a 200 day moving average price of $90.20.

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Astera Labs (NASDAQ:ALAB - Get Free Report) last posted its earnings results on Monday, February 10th. The company reported $0.10 earnings per share for the quarter, missing analysts' consensus estimates 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%. As a group, sell-side analysts expect that Astera Labs, Inc. will post 0.34 earnings per share for the current fiscal year.

Insider Activity at Astera Labs

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Tidal Investments LLC raised its stake in Astera Labs by 81.8% in the 3rd quarter. Tidal Investments LLC now owns 45,298 shares of the company's stock valued at $2,373,000 after acquiring an additional 20,388 shares during the period. Proficio Capital Partners LLC raised its position in shares of Astera Labs by 1.8% in the fourth quarter. Proficio Capital Partners LLC now owns 21,626 shares of the company's stock valued at $2,864,000 after purchasing an additional 390 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Astera Labs during the 3rd quarter valued at approximately $530,000. Maverick Capital Ltd. lifted its stake in shares of Astera Labs by 16.0% during the 3rd quarter. Maverick Capital Ltd. now owns 1,156,230 shares of the company's stock valued at $60,575,000 after buying an additional 159,480 shares in the last quarter. Finally, State Street Corp boosted its holdings in Astera Labs by 173.1% in the 3rd quarter. State Street Corp now owns 698,467 shares of the company's stock worth $36,593,000 after buying an additional 442,698 shares during the period. Hedge funds and other institutional investors 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.