Astera Labs (NASDAQ:ALAB) Shares Gap Up - Here's Why

Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report)'s share price gapped up before the market opened on Thursday . The stock had previously closed at $65.59, but opened at $67.96. Astera Labs shares last traded at $69.02, with a volume of 913,328 shares traded.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Stifel Nicolaus reduced their target price on Astera Labs from $87.00 to $80.00 and set a "buy" rating on the stock in a research note on Monday, August 5th. Barclays reduced their target price on shares of Astera Labs from $85.00 to $70.00 and set an "overweight" rating on the stock in a report on Wednesday, August 7th. JPMorgan Chase & Co. decreased their price target on shares of Astera Labs from $95.00 to $70.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 7th. Roth Mkm reduced their price objective on shares of Astera Labs from $85.00 to $60.00 and set a "buy" rating on the stock in a research note on Wednesday, August 7th. Finally, Evercore ISI reduced their price target on Astera Labs from $98.00 to $80.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 7th. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $73.09.

Astera Labs Stock Up 0.6 %

The firm's 50-day moving average price is $47.25 and its 200-day moving average price is $58.11.

Astera Labs (NASDAQ:ALAB - Get Free Report) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.02. The company had revenue of $76.90 million during the quarter, compared to analyst estimates of $72.41 million. The company's quarterly revenue was up 17.8% on a year-over-year basis. Research analysts forecast that Astera Labs, Inc. will post -0.54 EPS for the current fiscal year.

Insider Buying and Selling at Astera Labs

In other news, insider Sanjay Gajendra sold 76,701 shares of Astera Labs stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $45.32, for a total transaction of $3,476,089.32. Following the sale, the insider now directly owns 855,000 shares of the company's stock, valued at approximately $38,748,600. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, General Counsel Philip Mazzara sold 8,000 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $43.12, for a total transaction of $344,960.00. Following the transaction, the general counsel now owns 325,474 shares of the company's stock, valued at approximately $14,034,438.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Sanjay Gajendra sold 76,701 shares of Astera Labs stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $45.32, for a total value of $3,476,089.32. Following the completion of the transaction, the insider now owns 855,000 shares of the company's stock, valued at $38,748,600. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 564,458 shares of company stock valued at $31,970,841 in the last ninety days.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. bought a new position in Astera Labs during the first quarter worth $127,268,000. Capital World Investors acquired a new position in shares of Astera Labs in the 1st quarter valued at about $44,514,000. Price T Rowe Associates Inc. MD bought a new stake in shares of Astera Labs during the 1st quarter valued at about $44,514,000. Bamco Inc. NY acquired a new stake in Astera Labs during the first quarter worth about $37,095,000. Finally, Lord Abbett & CO. LLC bought a new position in Astera Labs in the first quarter worth about $33,141,000.

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.