Astera Labs (NASDAQ:ALAB) Shares Down 5.9% - Time to Sell?

Shares of Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report) traded down 5.9% during trading on Thursday . The stock traded as low as $93.12 and last traded at $93.97. 3,630,451 shares traded hands during mid-day trading, a decline of 16% from the average session volume of 4,334,192 shares. The stock had previously closed at $99.86.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Raymond James Financial assumed coverage on shares of Astera Labs in a report on Friday, March 14th. They issued an "outperform" rating and a $82.00 price objective on the stock. Susquehanna assumed coverage on shares of Astera Labs in a report on Friday, May 16th. They issued a "neutral" rating and a $80.00 price objective on the stock. Stifel Nicolaus decreased their price objective on shares of Astera Labs from $150.00 to $100.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Roth Capital set a $100.00 price objective on shares of Astera Labs and gave the stock a "buy" rating in a report on Wednesday, May 7th. Finally, William Blair assumed coverage on shares of Astera Labs in a report on Thursday, May 22nd. They issued an "outperform" rating on the stock. One equities research analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $100.00.

Astera Labs Trading Down 2.8%

The stock's fifty day moving average price is $89.98 and its two-hundred day moving average price is $88.83. The firm has a market capitalization of $16.00 billion, a price-to-earnings ratio of 441.02, a price-to-earnings-growth ratio of 4.69 and a beta of 1.18.

Astera Labs (NASDAQ:ALAB - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.33 earnings per share for the quarter, beating analysts' consensus estimates of $0.28 by $0.05. Astera Labs had a net margin of 8.44% and a return on equity of 2.57%. The business had revenue of $159.44 million for the quarter, compared to analyst estimates of $151.55 million. During the same period last year, the business earned $0.10 EPS. The company's revenue was up 144.1% on a year-over-year basis. Analysts anticipate that Astera Labs, Inc. will post 0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Manuel Alba sold 30,991 shares of the stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $91.13, for a total value of $2,824,209.83. Following the transaction, the director directly owned 418,863 shares of the company's stock, valued at $38,170,985.19. This trade represents a 6.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Jitendra Mohan sold 52,743 shares of the stock in a transaction on Friday, June 20th. The shares were sold at an average price of $100.86, for a total transaction of $5,319,658.98. Following the completion of the transaction, the chief executive officer directly owned 512,218 shares in the company, valued at $51,662,307.48. This trade represents a 9.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,782,720 shares of company stock worth $160,506,999.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Astera Labs in the 4th quarter valued at $25,000. Steward Partners Investment Advisory LLC grew its position in shares of Astera Labs by 99.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 199 shares of the company's stock valued at $26,000 after buying an additional 99 shares during the last quarter. Oliver Lagore Vanvalin Investment Group purchased a new position in shares of Astera Labs in the 2nd quarter valued at $29,000. Murphy & Mullick Capital Management Corp purchased a new position in Astera Labs during the 4th quarter worth $43,000. Finally, NewEdge Advisors LLC purchased a new position in Astera Labs during the 4th quarter worth $63,000. 60.47% of the stock is owned by hedge funds and other institutional investors.

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.