Astera Labs (NASDAQ:ALAB) Stock Price Up 9.1% - What's Next?

Shares of Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report) shot up 9.1% on Monday . The company traded as high as $97.34 and last traded at $97.93. 676,692 shares changed hands during trading, a decline of 84% from the average session volume of 4,104,393 shares. The stock had previously closed at $89.73.

Analysts Set New Price Targets

A number of research firms recently weighed in on ALAB. Raymond James began coverage on Astera Labs in a report on Friday, March 14th. They set an "outperform" rating and a $82.00 target price on the stock. Susquehanna began coverage on Astera Labs in a report on Friday, May 16th. They set a "neutral" rating and a $80.00 target price on the stock. Citigroup decreased their target price on Astera Labs from $120.00 to $100.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Needham & Company LLC decreased their target price on Astera Labs from $140.00 to $100.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Finally, Barclays boosted their target price on Astera Labs from $70.00 to $75.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. One research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Astera Labs presently has an average rating of "Buy" and an average target price of $100.00.

Astera Labs Price Performance

The firm has a market capitalization of $15.76 billion, a P/E ratio of -55.24, a price-to-earnings-growth ratio of 6.18 and a beta of 1.39. The stock has a fifty day moving average of $78.06 and a 200 day moving average of $92.20.

Astera Labs (NASDAQ:ALAB - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $0.33 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 business had revenue of $159.44 million during the quarter, compared to analysts' expectations of $151.55 million. During the same period in the previous year, the business earned $0.10 earnings per share. The firm's revenue was up 144.1% on a year-over-year basis. Equities analysts forecast that Astera Labs, Inc. will post 0.34 EPS for the current fiscal year.

Insider Activity

In other Astera Labs news, COO Sanjay Gajendra sold 88,627 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $98.11, for a total transaction of $8,695,194.97. Following the completion of the transaction, the chief operating officer now owns 724,257 shares of the company's stock, valued at $71,056,854.27. This represents a 10.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Michael Truett Tate sold 500,000 shares of the company's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $90.23, for a total value of $45,115,000.00. Following the transaction, the chief financial officer now directly owns 618,996 shares of the company's stock, valued at $55,852,009.08. The trade was a 44.68% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,495,267 shares of company stock valued at $131,012,865.

Institutional Trading of Astera Labs

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Steward Partners Investment Advisory LLC raised its holdings in Astera Labs by 99.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 199 shares of the company's stock worth $26,000 after purchasing an additional 99 shares during the period. Whittier Trust Co. of Nevada Inc. purchased a new position in Astera Labs in the fourth quarter worth about $25,000. Hoey Investments Inc. grew its position in Astera Labs by 4.2% in the first quarter. Hoey Investments Inc. now owns 5,000 shares of the company's stock worth $298,000 after acquiring an additional 200 shares in the last quarter. Sound Income Strategies LLC grew its position in Astera Labs by 34.7% in the first quarter. Sound Income Strategies LLC now owns 792 shares of the company's stock worth $47,000 after acquiring an additional 204 shares in the last quarter. Finally, Kestra Investment Management LLC purchased a new position in Astera Labs in the fourth quarter worth about $28,000. Hedge funds and other institutional investors own 60.47% of the company's stock.

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.

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