Astera Labs (NASDAQ:ALAB) Stock Price Up 9.1% - Here's Why

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

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Raymond James Financial started coverage on shares of Astera Labs in a research report on Friday, March 14th. They issued an "outperform" rating and a $82.00 price target for the company. Evercore ISI raised their price objective on shares of Astera Labs from $87.00 to $104.00 and gave the company an "outperform" rating in a research report on Wednesday, May 21st. Roth Capital set a $100.00 price objective on shares of Astera Labs and gave the company a "buy" rating in a research report on Wednesday, May 7th. Barclays raised their price objective on shares of Astera Labs from $70.00 to $75.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Finally, Citigroup cut their price objective on shares of Astera Labs from $120.00 to $100.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $100.00.

Astera Labs Price Performance

The firm has a fifty day simple moving average of $80.98 and a 200 day simple moving average of $92.18. The company has a market cap of $16.41 billion, a price-to-earnings ratio of 452.43, a P/E/G ratio of 4.68 and a beta of 1.39.

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

Insider Buying and Selling at Astera Labs

In other news, Director Manuel Alba sold 63,000 shares of the firm's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $63.37, for a total value of $3,992,310.00. Following the sale, the director now owns 444,863 shares in the company, valued at approximately $28,190,968.31. This trade represents a 12.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Jitendra Mohan sold 75,000 shares of the firm's stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $71.05, for a total transaction of $5,328,750.00. Following the completion of the sale, the chief executive officer now owns 575,000 shares in the company, valued at approximately $40,853,750. The trade was a 11.54% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,601,777 shares of company stock worth $141,082,321 over the last 90 days.

Institutional Investors Weigh In On Astera Labs

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Rhumbline Advisers lifted its position in Astera Labs by 4.4% in the first quarter. Rhumbline Advisers now owns 104,345 shares of the company's stock worth $6,226,000 after purchasing an additional 4,396 shares during the period. Geneos Wealth Management Inc. lifted its position in Astera Labs by 1,382.7% in the first quarter. Geneos Wealth Management Inc. now owns 4,033 shares of the company's stock worth $241,000 after purchasing an additional 3,761 shares during the period. Focus Partners Wealth lifted its position in Astera Labs by 0.8% in the first quarter. Focus Partners Wealth now owns 432,806 shares of the company's stock worth $25,826,000 after purchasing an additional 3,464 shares during the period. Optimize Financial Inc bought a new position in Astera Labs in the first quarter worth $1,718,000. Finally, Empowered Funds LLC lifted its position in Astera Labs by 917.3% in the first quarter. Empowered Funds LLC now owns 4,639 shares of the company's stock worth $277,000 after purchasing an additional 4,183 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.