Astera Labs (NASDAQ:ALAB) Shares Gap Down – What’s Next?

Astera Labs, Inc. (NASDAQ:ALAB)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $68.57, but opened at $64.34. Astera Labs shares last traded at $65.11, with a volume of 788,125 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Craig Hallum upped their price objective on shares of Astera Labs from $105.00 to $125.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. Morgan Stanley reduced their price target on Astera Labs from $142.00 to $114.00 and set an “equal weight” rating for the company in a report on Tuesday, January 28th. Barclays raised their price target on Astera Labs from $87.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Needham & Company LLC reissued a “buy” rating and set a $140.00 price target on shares of Astera Labs in a research report on Tuesday, February 11th. Finally, Citigroup started coverage on Astera Labs in a research note on Monday, November 18th. They set a “buy” rating and a $120.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $115.33.

Astera Labs Trading Up 5.4 %

The company’s 50 day moving average is $104.47 and its 200-day moving average is $87.11. The stock has a market cap of $10.85 billion and a PE ratio of -38.68.

Astera Labs (NASDAQ:ALAB) last issued its quarterly earnings results on Monday, February 10th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.16). Astera Labs had a negative net margin of 21.05% and a negative return on equity of 10.40%. As a group, analysts forecast that Astera Labs, Inc. will post 0.34 EPS for the current year.

Insider Activity at Astera Labs

In other news, CEO Jitendra Mohan sold 350,680 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $89.51, for a total transaction of $31,389,366.80. Following the completion of the transaction, the chief executive officer now owns 2,353,655 shares of the company’s stock, valued at approximately $210,675,659.05. The trade was a 12.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Philip Mazzara sold 50,000 shares of the stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $87.46, for a total transaction of $4,373,000.00. Following the completion of the sale, the general counsel now directly owns 191,209 shares in the company, valued at approximately $16,723,139.14. This trade represents a 20.73 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 570,990 shares of company stock valued at $50,242,702.

Hedge Funds Weigh In On Astera Labs

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Astera Labs by 354.9% in the fourth quarter. Vanguard Group Inc. now owns 9,211,630 shares of the company’s stock worth $1,220,080,000 after acquiring an additional 7,186,582 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of Astera Labs by 2,328.5% in the 4th quarter. Alliancebernstein L.P. now owns 3,922,278 shares of the company’s stock valued at $519,506,000 after acquiring an additional 3,760,765 shares in the last quarter. Fred Alger Management LLC raised its stake in Astera Labs by 1,361.0% during the 3rd quarter. Fred Alger Management LLC now owns 2,821,921 shares of the company’s stock valued at $147,840,000 after purchasing an additional 2,628,765 shares during the period. Jennison Associates LLC purchased a new stake in Astera Labs in the 4th quarter worth about $229,991,000. Finally, Lord Abbett & CO. LLC boosted its stake in shares of Astera Labs by 318.9% during the 4th quarter. Lord Abbett & CO. LLC now owns 1,818,600 shares of the company’s stock valued at $240,873,000 after buying an additional 1,384,498 shares during the period. 60.47% of the stock is owned by institutional investors.

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.