Insider Selling: Astera Labs, Inc. (NASDAQ:ALAB) Insider Sells 165,000 Shares of Stock

Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report) insider Sanjay Gajendra sold 165,000 shares of Astera Labs stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $71.76, for a total value of $11,840,400.00. Following the sale, the insider now directly owns 755,000 shares in the company, valued at $54,178,800. The trade was a 17.93% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Astera Labs Price Performance

Shares of Astera Labs stock traded up $2.27 during trading hours on Thursday, hitting $92.93. The company's stock had a trading volume of 2,198,634 shares, compared to its average volume of 3,899,652. Astera Labs, Inc. has a 12 month low of $36.22 and a 12 month high of $147.39. The stock has a 50 day moving average of $65.52 and a 200 day moving average of $91.75. The company has a market capitalization of $15.33 billion, a PE ratio of -53.78, a price-to-earnings-growth ratio of 6.18 and a beta of 0.33.

Astera Labs (NASDAQ:ALAB - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.05. Astera Labs had a negative return on equity of 10.40% and a negative net margin of 21.05%. The company had revenue of $159.44 million during the quarter, compared to the consensus estimate of $151.55 million. During the same period in the prior year, the company earned $0.10 earnings per share. The company's revenue for the quarter was up 144.1% compared to the same quarter last year. Equities analysts expect that Astera Labs, Inc. will post 0.34 EPS for the current year.

Wall Street Analyst Weigh In

ALAB has been the topic of several recent analyst reports. Needham & Company LLC decreased their price target on Astera Labs from $140.00 to $100.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Citigroup reduced their price objective on Astera Labs from $120.00 to $100.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Northland Capmk raised Astera Labs from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 28th. Barclays boosted their price objective on Astera Labs from $70.00 to $75.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. Finally, Northland Securities raised Astera Labs from a "market perform" rating to an "outperform" rating and set a $120.00 price objective on the stock in a research note on Tuesday, January 28th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $99.69.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Proficio Capital Partners LLC boosted its position in shares of Astera Labs by 1.8% during the fourth quarter. Proficio Capital Partners LLC now owns 21,626 shares of the company's stock worth $2,864,000 after buying an additional 390 shares during the period. Peregrine Investment Management Inc. acquired a new position in shares of Astera Labs during the fourth quarter worth about $10,701,000. Elemental Capital Partners LLC acquired a new position in Astera Labs during the fourth quarter valued at approximately $1,346,000. Renaissance Capital LLC increased its position in shares of Astera Labs by 381.0% during the 4th quarter. Renaissance Capital LLC now owns 114,276 shares of the company's stock worth $15,136,000 after purchasing an additional 90,516 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Astera Labs by 50.5% during the 4th quarter. JPMorgan Chase & Co. now owns 2,360,467 shares of the company's stock worth $312,644,000 after purchasing an additional 792,153 shares during the last quarter. 60.47% of the stock is owned by institutional investors and hedge funds.

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.