Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report) gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $69.65, but opened at $86.35. Astera Labs shares last traded at $89.61, with a volume of 6,570,106 shares traded.
The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.17 by $0.06. The company had revenue of $113.10 million for the quarter, compared to analyst estimates of $97.50 million. Astera Labs's quarterly revenue was up 47.1% compared to the same quarter last year.
Wall Street Analyst Weigh In
A number of brokerages recently issued reports on ALAB. Roth Mkm increased their price objective on Astera Labs from $80.00 to $105.00 and gave the stock a "buy" rating in a research report on Tuesday. Craig Hallum upped their price objective on shares of Astera Labs from $75.00 to $105.00 and gave the company a "buy" rating in a research note on Tuesday. Needham & Company LLC reaffirmed a "buy" rating and issued a $65.00 target price on shares of Astera Labs in a research report on Wednesday, October 9th. Evercore ISI decreased their price objective on Astera Labs from $98.00 to $80.00 and set an "outperform" rating for the company in a report on Wednesday, August 7th. Finally, Barclays lifted their price objective on Astera Labs from $70.00 to $87.00 and gave the company an "overweight" rating in a research note on Tuesday. Eleven analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $92.36.
Check Out Our Latest Stock Report on Astera Labs
Insider Buying and Selling at Astera Labs
In other news, CEO Jitendra Mohan sold 47,667 shares of the business's stock in a transaction on Friday, October 11th. The stock was sold at an average price of $70.26, for a total transaction of $3,349,083.42. Following the completion of the sale, the chief executive officer now owns 728,420 shares in the company, valued at $51,178,789.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Astera Labs news, CFO Michael Truett Tate sold 50,000 shares of the firm's stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $47.98, for a total value of $2,399,000.00. Following the sale, the chief financial officer now owns 829,108 shares in the company, valued at $39,780,601.84. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jitendra Mohan sold 47,667 shares of the stock in a transaction on Friday, October 11th. The shares were sold at an average price of $70.26, for a total value of $3,349,083.42. Following the completion of the sale, the chief executive officer now owns 728,420 shares of the company's stock, valued at $51,178,789.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 564,458 shares of company stock worth $31,970,841 over the last three months.
Hedge Funds Weigh In On Astera Labs
A number of large investors have recently modified their holdings of the company. Hollencrest Capital Management bought a new position in Astera Labs in the 3rd quarter worth about $26,000. US Bancorp DE bought a new stake in shares of Astera Labs in the 3rd quarter worth approximately $46,000. Allworth Financial LP increased its position in shares of Astera Labs by 445.5% during the third quarter. Allworth Financial LP now owns 1,091 shares of the company's stock valued at $57,000 after buying an additional 891 shares during the period. Amalgamated Bank purchased a new position in Astera Labs during the second quarter valued at $74,000. Finally, Venturi Wealth Management LLC boosted its stake in Astera Labs by 26.3% during the third quarter. Venturi Wealth Management LLC now owns 2,400 shares of the company's stock worth $126,000 after acquiring an additional 500 shares in the last quarter.
Astera Labs Stock Up 37.7 %
The stock's fifty day simple moving average is $55.90 and its two-hundred day simple moving average is $58.11.
Astera Labs Company Profile
(
Get Free Report)
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.
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