Astera Labs (NASDAQ:ALAB) Shares Down 5.4% – Here’s What Happened

Shares of Astera Labs, Inc. (NASDAQ:ALAB) traded down 5.4% on Friday . The stock traded as low as $40.70 and last traded at $40.97. 1,109,768 shares traded hands during mid-day trading, a decline of 51% from the average session volume of 2,242,609 shares. The stock had previously closed at $43.30.

Wall Street Analyst Weigh In

ALAB has been the topic of a number of research analyst reports. Barclays cut their price target on Astera Labs from $85.00 to $70.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Craig Hallum cut their target price 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. Needham & Company LLC reiterated a “buy” rating and set a $65.00 price objective on shares of Astera Labs in a report on Wednesday, October 9th. Evercore ISI cut their price objective on shares of Astera Labs from $98.00 to $80.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Finally, Morgan Stanley boosted their target price on Astera Labs from $55.00 to $74.00 and gave the company an “overweight” rating in a research report on Wednesday, October 9th. Eleven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $73.09.

Astera Labs Stock Performance

The business has a 50 day simple moving average of $54.35 and a 200-day simple moving average of $57.90.

Astera Labs (NASDAQ:ALAB) last announced its 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 for the quarter, compared to analysts’ expectations of $72.41 million. The firm’s revenue for the quarter was up 17.8% compared to the same quarter last year. Equities research analysts expect that Astera Labs, Inc. will post -0.54 earnings per share for the current fiscal year.

Insider Transactions at Astera Labs

In other Astera Labs news, Director Jack R. Lazar sold 2,000 shares of Astera Labs stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $69.95, for a total transaction of $139,900.00. Following the transaction, the director now owns 135,000 shares of the company’s stock, valued at $9,443,250. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Jack R. Lazar sold 2,000 shares of the firm’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $69.95, for a total transaction of $139,900.00. Following the completion of the sale, the director now directly owns 135,000 shares of the company’s stock, valued at $9,443,250. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jack R. Lazar sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $61.69, for a total transaction of $185,070.00. Following the sale, the director now owns 137,000 shares of the company’s stock, valued at $8,451,530. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 564,458 shares of company stock worth $31,970,841 in the last quarter.

Institutional Investors Weigh In On Astera Labs

Hedge funds have recently modified their holdings of the stock. Strategic Blueprint LLC lifted its holdings in 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 purchasing an additional 195 shares during the last quarter. Hollencrest Capital Management purchased a new stake in shares of Astera Labs during the 3rd quarter valued at approximately $26,000. US Bancorp DE purchased a new stake in shares of Astera Labs during the 3rd quarter valued at approximately $46,000. Allworth Financial LP boosted its holdings in Astera Labs by 445.5% in the 3rd quarter. Allworth Financial LP now owns 1,091 shares of the company’s stock worth $57,000 after buying an additional 891 shares during the period. Finally, Amalgamated Bank purchased a new position in Astera Labs in the 2nd quarter valued at approximately $74,000.

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.