Astera Labs (NASDAQ:ALAB) Shares Gap Down - Here's What Happened

Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report)'s stock price gapped down before the market opened on Thursday . The stock had previously closed at $68.57, but opened at $64.34. Astera Labs shares last traded at $65.11, with a volume of 788,125 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ALAB. Northland Securities raised shares of Astera Labs from a "market perform" rating to an "outperform" rating and set a $120.00 target price on the stock in a research note on Tuesday, January 28th. Stifel Nicolaus boosted their price objective on shares of Astera Labs from $100.00 to $150.00 and gave the company a "buy" rating in a research report on Monday, January 6th. Needham & Company LLC reiterated 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 target price on Astera Labs from $87.00 to $135.00 and gave the stock an "overweight" rating in a research note on Friday, January 17th. Finally, Morgan Stanley lowered their price target on Astera Labs from $142.00 to $114.00 and set an "equal weight" rating for the company in a research report on Tuesday, January 28th. One investment analyst has rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $115.33.

Astera Labs Trading Up 5.4 %

The company has a market cap of $10.85 billion and a PE ratio of -38.68. The stock has a 50 day moving average price of $104.47 and a 200 day moving average price of $87.77.

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Astera Labs (NASDAQ:ALAB - Get Free Report) last posted its quarterly earnings data on Monday, February 10th. The company reported $0.10 earnings per share (EPS) 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%. Equities analysts expect that Astera Labs, Inc. will post 0.34 EPS for the current fiscal year.

Insider Activity at Astera Labs

In related news, CFO Michael Truett Tate sold 125,800 shares of the company's stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $82.53, for a total value of $10,382,274.00. Following the sale, the chief financial officer now owns 244,242 shares in the company, valued at $20,157,292.26. This represents a 34.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, General Counsel Philip Mazzara sold 7,536 shares of Astera Labs stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $92.07, for a total value of $693,839.52. Following the transaction, the general counsel now owns 241,209 shares of the company's stock, valued at $22,208,112.63. The trade was a 3.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 570,990 shares of company stock valued at $50,242,702 in the last three months.

Institutional Investors Weigh In On Astera Labs

A number of institutional investors have recently modified their holdings of ALAB. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Astera Labs in the 4th quarter worth about $18,209,000. Ameriflex Group Inc. purchased a new position in Astera Labs in the fourth quarter worth about $144,000. Warm Springs Advisors Inc. purchased a new position in Astera Labs in the fourth quarter worth about $3,311,000. GF Fund Management CO. LTD. bought a new position in shares of Astera Labs in the fourth quarter worth approximately $265,000. Finally, Public Employees Retirement System of Ohio grew its holdings in shares of Astera Labs by 364.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 37,145 shares of the company's stock valued at $4,920,000 after buying an additional 29,145 shares during the last quarter. 60.47% of the stock is owned by hedge funds and other institutional investors.

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.