Astera Labs (NASDAQ:ALAB) Trading 7.6% Higher - Here's What Happened

Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report) shares shot up 7.6% during trading on Thursday . The stock traded as high as $96.21 and last traded at $96.43. 1,755,254 shares traded hands during mid-day trading, a decline of 58% from the average session volume of 4,204,922 shares. The stock had previously closed at $89.63.

Wall Street Analyst Weigh In

Several brokerages have commented on ALAB. Needham & Company LLC dropped their price objective on Astera Labs from $140.00 to $100.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Barclays raised their price objective on Astera Labs from $70.00 to $75.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Citigroup dropped their price objective on Astera Labs from $120.00 to $100.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Susquehanna initiated coverage on Astera Labs in a research report on Friday, May 16th. They issued a "neutral" rating and a $80.00 target price on the stock. Finally, Stifel Nicolaus decreased their target price on Astera Labs from $150.00 to $100.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. One analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $100.00.

Astera Labs Stock Up 9.3%

The stock has a market cap of $16.16 billion, a PE ratio of 445.29, a P/E/G ratio of 4.21 and a beta of 1.39. The stock has a 50-day moving average of $83.33 and a 200 day moving average of $91.41.

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

Insider Buying and Selling at Astera Labs

In other Astera Labs news, CEO Jitendra Mohan sold 52,743 shares of Astera Labs 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 sale, the chief executive officer now owns 512,218 shares in the company, valued at $51,662,307.48. The trade was a 9.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Bethany Mayer sold 686 shares of Astera Labs 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 completion of the sale, the director now owns 6,238 shares in the company, valued at $545,637.86. This represents a 9.91% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,751,729 shares of company stock worth $156,008,250 over the last quarter.

Institutional Investors Weigh In On Astera Labs

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Astera Labs by 0.9% in the first quarter. Vanguard Group Inc. now owns 9,297,476 shares of the company's stock valued at $554,780,000 after buying an additional 85,846 shares in the last quarter. Alliancebernstein L.P. grew its stake in shares of Astera Labs by 114.2% in the first quarter. Alliancebernstein L.P. now owns 8,401,019 shares of the company's stock valued at $501,289,000 after buying an additional 4,478,741 shares in the last quarter. Atreides Management LP grew its stake in shares of Astera Labs by 153.3% in the first quarter. Atreides Management LP now owns 4,652,264 shares of the company's stock valued at $277,601,000 after buying an additional 2,815,614 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Astera Labs by 50.5% in the fourth quarter. JPMorgan Chase & Co. now owns 2,360,467 shares of the company's stock valued at $312,644,000 after buying an additional 792,153 shares in the last quarter. Finally, Lord Abbett & CO. LLC grew its stake in shares of Astera Labs by 318.9% in the fourth quarter. Lord Abbett & CO. LLC now owns 1,818,600 shares of the company's stock valued at $240,873,000 after buying an additional 1,384,498 shares in the last quarter. 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.