Astera Labs (NASDAQ:ALAB) Stock Price Down 0.7% - Here's Why

Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report) shares traded down 0.7% on Thursday . The company traded as low as $119.02 and last traded at $121.64. 1,651,053 shares were traded during trading, a decline of 49% from the average session volume of 3,265,406 shares. The stock had previously closed at $122.47.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on ALAB shares. Morgan Stanley upped their price objective on Astera Labs from $74.00 to $94.00 and gave the company an "overweight" rating in a research note on Tuesday, November 5th. Craig Hallum lifted their price objective on Astera Labs from $75.00 to $105.00 and gave the company a "buy" rating in a report on Tuesday, November 5th. JPMorgan Chase & Co. upped their target price on shares of Astera Labs from $70.00 to $110.00 and gave the stock an "overweight" rating in a report on Tuesday, November 5th. Needham & Company LLC restated a "buy" rating and issued a $65.00 price target on shares of Astera Labs in a research report on Wednesday, October 9th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Astera Labs from $60.00 to $100.00 and gave the stock a "buy" rating in a report on Tuesday, November 5th. Twelve investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $94.67.

Astera Labs Stock Up 2.3 %

The firm's 50-day moving average is $94.10 and its two-hundred day moving average is $65.93.

Astera Labs (NASDAQ:ALAB - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.06. The business had revenue of $113.10 million for the quarter, compared to analyst estimates of $97.50 million. Astera Labs had a negative return on equity of 15.57% and a negative net margin of 30.69%. The business's revenue for the quarter was up 47.1% compared to the same quarter last year. On average, analysts expect that Astera Labs, Inc. will post -0.45 earnings per share for the current fiscal year.

Insider Transactions at Astera Labs

In related news, Director Manuel Alba sold 63,000 shares of Astera Labs stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $50.00, for a total transaction of $3,150,000.00. Following the transaction, the director now owns 506,863 shares of the company's stock, valued at $25,343,150. This trade represents a 11.06 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jack R. Lazar sold 3,000 shares of the company's stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $61.69, for a total transaction of $185,070.00. Following the completion of the sale, the director now directly owns 137,000 shares of the company's stock, valued at $8,451,530. The trade was a 2.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,078,119 shares of company stock worth $191,630,349 in the last quarter.

Hedge Funds Weigh In On Astera Labs

Institutional investors and hedge funds have recently made changes to their positions in the company. Strategic Blueprint LLC grew its stake in Astera Labs by 3.6% in the third quarter. Strategic Blueprint LLC now owns 5,684 shares of the company's stock valued at $298,000 after acquiring an additional 195 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Astera Labs by 5.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,284 shares of the company's stock valued at $277,000 after purchasing an additional 284 shares during the period. Hollencrest Capital Management bought a new stake in Astera Labs during the 3rd quarter worth approximately $26,000. Venturi Wealth Management LLC raised its holdings in Astera Labs by 26.3% during the 3rd quarter. Venturi Wealth Management LLC now owns 2,400 shares of the company's stock worth $126,000 after buying an additional 500 shares during the period. Finally, US Bancorp DE bought a new position in Astera Labs in the third quarter valued at approximately $46,000. 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.