Astera Labs (NASDAQ:ALAB) Shares Up 6.2% – Here’s What Happened

Astera Labs, Inc. (NASDAQ:ALAB)’s share price was up 6.2% during trading on Friday . The company traded as high as $75.05 and last traded at $74.67. Approximately 3,073,193 shares were traded during mid-day trading, an increase of 12% from the average daily volume of 2,735,549 shares. The stock had previously closed at $70.30.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Needham & Company LLC reissued a “buy” rating and issued a $65.00 price objective on shares of Astera Labs in a research note on Wednesday, October 9th. Craig Hallum dropped their price objective on shares of Astera Labs from $90.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Evercore ISI decreased their target price on shares of Astera Labs from $98.00 to $80.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft dropped 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. Finally, Stifel Nicolaus decreased their price objective on Astera Labs from $87.00 to $80.00 and set a “buy” rating for the company in a report on Monday, August 5th. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat, Astera Labs has a consensus rating of “Buy” and a consensus price target of $73.09.

Astera Labs Price Performance

The company has a 50-day simple moving average of $49.95 and a two-hundred day simple moving average of $57.99.

Astera Labs (NASDAQ:ALAB) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.02. The company had revenue of $76.90 million for the quarter, compared to the consensus estimate of $72.41 million. The business’s quarterly revenue was up 17.8% compared to the same quarter last year. As a group, equities analysts expect that Astera Labs, Inc. will post -0.54 EPS for the current year.

Insider Activity at Astera Labs

In other Astera Labs news, insider Sanjay Gajendra sold 76,701 shares of the business’s stock in a transaction on 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 sale, the insider now directly owns 855,000 shares in the company, valued at $38,748,600. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Sanjay Gajendra sold 76,701 shares of the business’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 value of $3,476,089.32. Following the sale, the insider now owns 855,000 shares of the company’s stock, valued at $38,748,600. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel Philip Mazzara sold 42,090 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $40.43, for a total transaction of $1,701,698.70. Following the sale, the general counsel now owns 333,474 shares in the company, 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. Over the last quarter, insiders have sold 564,458 shares of company stock worth $31,970,841.

Hedge Funds Weigh In On Astera Labs

Hedge funds have recently made changes to their positions in the stock. Strategic Blueprint LLC increased its position in shares of Astera Labs by 3.6% during the third quarter. Strategic Blueprint LLC now owns 5,684 shares of the company’s stock valued at $298,000 after buying an additional 195 shares during the period. Allworth Financial LP increased its holdings in Astera Labs by 445.5% during the 3rd quarter. Allworth Financial LP now owns 1,091 shares of the company’s stock worth $57,000 after acquiring an additional 891 shares during the period. Amalgamated Bank purchased a new stake in Astera Labs in the 2nd quarter worth approximately $74,000. Massachusetts Financial Services Co. MA lifted its stake in Astera Labs by 2.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 91,408 shares of the company’s stock worth $5,531,000 after purchasing an additional 2,343 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. boosted its holdings in 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 purchasing an additional 2,980 shares during the period.

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.