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

Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report) shares traded down 5.9% 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.

Analyst Ratings Changes

Several analysts have recently issued reports on ALAB shares. Citigroup lowered their price objective on shares of Astera Labs from $120.00 to $100.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Susquehanna started coverage on shares of Astera Labs in a research note on Friday, May 16th. They set a "neutral" rating and a $80.00 price objective for the company. Raymond James Financial started coverage on shares of Astera Labs in a research note on Friday, March 14th. They set an "outperform" rating and a $82.00 price objective for the company. Roth Capital set a $100.00 price objective on shares of Astera Labs and gave the company a "buy" rating in a research note on Wednesday, May 7th. Finally, Wall Street Zen raised shares of Astera Labs from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. One research analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $100.00.

Astera Labs Stock Down 1.2%

The stock has a market cap of $15.82 billion, a price-to-earnings ratio of 435.93, a PEG ratio of 4.69 and a beta of 1.18. The company has a 50 day simple moving average of $89.98 and a 200-day simple moving average of $88.83.

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

Insider Activity at Astera Labs

In related news, CEO Jitendra Mohan sold 52,743 shares of the firm's stock in a transaction that occurred 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 transaction, the chief executive officer 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Sanjay Gajendra sold 76,373 shares of the firm's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $98.39, for a total transaction of $7,514,339.47. Following the completion of the transaction, the chief operating officer directly owned 715,000 shares of the company's stock, valued at $70,348,850. This represents a 9.65% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,782,720 shares of company stock valued at $160,506,999.

Institutional Investors Weigh In On Astera Labs

Institutional investors have recently modified their holdings of the stock. Steward Partners Investment Advisory LLC lifted its stake 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 purchasing an additional 99 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Astera Labs by 12.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 132,472 shares of the company's stock valued at $17,546,000 after purchasing an additional 15,008 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Astera Labs by 13.6% during the 4th quarter. Victory Capital Management Inc. now owns 15,216 shares of the company's stock worth $2,015,000 after purchasing an additional 1,826 shares during the period. Atria Investments Inc bought a new position in shares of Astera Labs during the 4th quarter worth about $303,000. Finally, Proficio Capital Partners LLC increased its holdings in shares of Astera Labs by 1.8% during the 4th quarter. Proficio Capital Partners LLC now owns 21,626 shares of the company's stock worth $2,864,000 after purchasing an additional 390 shares during the period. Institutional investors and hedge funds own 60.47% of the company's stock.

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.