Astera Labs (NASDAQ:ALAB) Stock Price Down 7.9% Following Insider Selling

Astera Labs, Inc. (NASDAQ:ALAB)’s stock price dropped 7.9% during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $90.56 and last traded at $91.47. Approximately 2,768,253 shares changed hands during mid-day trading, a decline of 8% from the average daily volume of 2,996,240 shares. The stock had previously closed at $99.30.

Specifically, Director Stefan A. Dyckerhoff sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $89.70, for a total value of $4,485,000.00. Following the sale, the director now owns 129,617 shares in the company, valued at approximately $11,626,644.90. 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 can be accessed through the SEC website.

Wall Street Analyst Weigh In

ALAB has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Astera Labs from $60.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Morgan Stanley raised their price objective on Astera Labs from $74.00 to $94.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. Craig Hallum increased their price target on Astera Labs from $75.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. Needham & Company LLC reissued a “buy” rating and issued a $65.00 price target on shares of Astera Labs in a research report on Wednesday, October 9th. Finally, Barclays lifted their price objective on shares of Astera Labs from $70.00 to $87.00 and gave the company an “overweight” rating in a report on Tuesday, November 5th. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $92.36.

Astera Labs Stock Performance

The business has a 50-day moving average price of $59.05 and a 200 day moving average price of $58.70.

Astera Labs (NASDAQ:ALAB) last posted its earnings results on Monday, November 4th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.06. Astera Labs had a negative net margin of 30.69% and a negative return on equity of 15.57%. The business had revenue of $113.10 million for the quarter, compared to analyst estimates of $97.50 million. The firm’s revenue was up 47.1% on a year-over-year basis. As a group, sell-side analysts forecast that Astera Labs, Inc. will post -0.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Strategic Blueprint LLC increased its stake in Astera Labs by 3.6% in the 3rd quarter. Strategic Blueprint LLC now owns 5,684 shares of the company’s stock worth $298,000 after buying an additional 195 shares during the period. Hollencrest Capital Management bought a new position in Astera Labs in the 3rd quarter valued at $26,000. Venturi Wealth Management LLC increased its position 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 buying an additional 500 shares during the last quarter. US Bancorp DE acquired a new stake in Astera Labs during the 3rd quarter worth about $46,000. Finally, Allworth Financial LP grew its stake in shares of Astera Labs by 445.5% in the 3rd 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.

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.