Astera Labs (NASDAQ:ALAB) Stock Price Up 5.8% - Here's Why

Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report) was up 5.8% during trading on Friday . The company traded as high as $51.69 and last traded at $51.58. Approximately 1,263,697 shares traded hands during trading, a decline of 50% from the average daily volume of 2,536,638 shares. The stock had previously closed at $48.76.

Analysts Set New Price Targets

Several brokerages recently weighed in on ALAB. Roth Mkm reduced their price target on shares of Astera Labs from $85.00 to $60.00 and set a "buy" rating on the stock in a research report on Wednesday, August 7th. Craig Hallum reduced their target price on shares of Astera Labs from $90.00 to $75.00 and set a "buy" rating on the stock in a report on Wednesday, August 7th. Barclays lowered their price target on shares of Astera Labs from $85.00 to $70.00 and set an "overweight" rating for the company in a report on Wednesday, August 7th. Evercore ISI reduced their price objective 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. Finally, Stifel Nicolaus lowered their price objective on Astera Labs from $87.00 to $80.00 and set a "buy" rating for the company in a research note on Monday, August 5th. Eleven analysts have rated the stock with a buy rating, According to MarketBeat, Astera Labs has an average rating of "Buy" and an average target price of $71.36.

Astera Labs Stock Up 7.3 %

The firm has a fifty day moving average price of $44.15 and a two-hundred day moving average price of $58.79.

Astera Labs (NASDAQ:ALAB - Get Free Report) last released its earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.11 by $0.02. The business had revenue of $76.90 million during the quarter, compared to analysts' expectations of $72.41 million. The company's revenue for the quarter was up 17.8% compared to the same quarter last year. As a group, research analysts anticipate that Astera Labs, Inc. will post -0.54 EPS for the current year.

Insider Buying and Selling at Astera Labs

In other news, insider Sanjay Gajendra sold 76,701 shares of the firm's stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $45.32, for a total transaction of $3,476,089.32. Following the transaction, the insider now directly owns 855,000 shares of the company's stock, valued at approximately $38,748,600. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Sanjay Gajendra sold 76,701 shares of the stock in a transaction on 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 transaction, the insider now owns 855,000 shares of the company's stock, valued at approximately $38,748,600. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Philip Mazzara sold 42,090 shares of Astera Labs stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $40.43, for a total value of $1,701,698.70. Following the completion of the sale, the general counsel now owns 333,474 shares of the company's stock, valued at $13,482,353.82. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 276,791 shares of company stock valued at $12,933,588 in the last three months.

Institutional Investors Weigh In On Astera Labs

Hedge funds have recently modified their holdings of the business. SG Americas Securities LLC purchased a new position in Astera Labs during the third quarter valued at approximately $594,000. Newbridge Financial Services Group Inc. increased its holdings in shares of Astera Labs by 11,920.0% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 3,005 shares of the company's stock valued at $182,000 after acquiring an additional 2,980 shares during the period. Sycomore Asset Management bought a new position in shares of Astera Labs in the 2nd quarter worth $2,038,000. Truist Financial Corp bought a new stake in Astera Labs during the second quarter valued at about $353,000. Finally, The Manufacturers Life Insurance Company purchased a new position in Astera Labs in the second quarter valued at about $341,000.

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.