Astera Labs (NASDAQ:ALAB) Trading Down 4.7% After Insider Selling

Shares of Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report) dropped 4.7% during trading on Friday after an insider sold shares in the company. The stock traded as low as $92.71 and last traded at $93.39. Approximately 1,229,088 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 4,654,406 shares. The stock had previously closed at $97.96.

Specifically, Director Bethany Mayer sold 686 shares of the firm's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $87.47, for a total value of $60,004.42. Following the transaction, the director directly owned 6,238 shares of the company's stock, valued at approximately $545,637.86. This trade represents a 9.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Manuel Alba sold 20,150 shares of the stock in a transaction on Friday, June 20th. The shares were sold at an average price of $100.84, for a total value of $2,031,926.00. Following the completion of the sale, the director directly owned 432,854 shares of the company's stock, valued at $43,648,997.36. The trade was a 4.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Astera Labs news, CEO Jitendra Mohan sold 52,743 shares of the company's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $100.86, for a total value of $5,319,658.98. Following the completion of the transaction, the chief executive officer owned 512,218 shares in the company, valued at $51,662,307.48. This represents a 9.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Analyst Upgrades and Downgrades

ALAB has been the topic of a number of research reports. Stifel Nicolaus lowered their price target 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. Wall Street Zen upgraded shares of Astera Labs from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Raymond James Financial initiated coverage on shares of Astera Labs in a research note on Friday, March 14th. They issued an "outperform" rating and a $82.00 price target for the company. Morgan Stanley upgraded shares of Astera Labs from an "equal weight" rating to an "overweight" rating and set a $99.00 target price for the company in a research report on Monday, May 12th. Finally, Evercore ISI lifted their price target on Astera Labs from $87.00 to $104.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 21st. One investment analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $100.00.

Astera Labs Price Performance

The company has a market capitalization of $14.91 billion, a P/E ratio of 411.02, a price-to-earnings-growth ratio of 4.28 and a beta of 1.39. The firm's 50-day moving average is $84.75 and its 200-day moving average is $90.62.

Astera Labs (NASDAQ:ALAB - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.33 earnings per share for the quarter, topping analysts' consensus estimates of $0.28 by $0.05. The business had revenue of $159.44 million during 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%. The company's revenue was up 144.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.10 earnings per share. As a group, analysts forecast that Astera Labs, Inc. will post 0.34 EPS for the current fiscal year.

Institutional Investors Weigh In On Astera Labs

Several institutional investors and hedge funds have recently modified their holdings of the stock. Whittier Trust Co. of Nevada Inc. bought a new stake in Astera Labs in the 4th quarter worth approximately $25,000. Steward Partners Investment Advisory LLC raised its stake in Astera Labs by 99.0% during the fourth 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 in the last quarter. Global Retirement Partners LLC raised its stake in Astera Labs by 3,155.6% during the fourth quarter. Global Retirement Partners LLC now owns 293 shares of the company's stock valued at $39,000 after purchasing an additional 284 shares in the last quarter. Murphy & Mullick Capital Management Corp bought a new position in Astera Labs during the fourth quarter valued at $43,000. Finally, NewEdge Advisors LLC purchased a new position in shares of Astera Labs in the 4th quarter worth $63,000. Institutional investors 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.