Astera Labs (NASDAQ:ALAB) Shares Down 1.4% - Here's Why

Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report) shares fell 1.4% during trading on Wednesday . The stock traded as low as $89.61 and last traded at $91.07. 919,724 shares were traded during mid-day trading, a decline of 79% from the average session volume of 4,372,568 shares. The stock had previously closed at $92.36.

Analyst Upgrades and Downgrades

ALAB has been the subject of a number of research analyst reports. Barclays boosted their target price on shares of Astera Labs from $70.00 to $75.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Citigroup decreased their target price on Astera Labs from $120.00 to $100.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Needham & Company LLC lowered 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. William Blair initiated coverage on Astera Labs in a report on Thursday, May 22nd. They set an "outperform" rating for the company. Finally, Susquehanna began coverage on Astera Labs in a research report on Friday, May 16th. They issued a "neutral" rating and a $80.00 price objective for the company. Two research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $100.00.

Astera Labs Trading Up 6.5%

The stock's 50 day moving average is $91.66 and its two-hundred day moving average is $87.45. The stock has a market capitalization of $16.15 billion, a price-to-earnings ratio of 445.25, a price-to-earnings-growth ratio of 4.34 and a beta of 1.18.

Astera Labs (NASDAQ:ALAB - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.33 earnings per share 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 during the quarter, compared to analysts' expectations of $151.55 million. During the same quarter last year, the company earned $0.10 EPS. Astera Labs's revenue for the quarter was up 144.1% compared to the same quarter last year. On average, research analysts anticipate that Astera Labs, Inc. will post 0.34 earnings per share for the current year.

Insiders Place Their Bets

In other Astera Labs news, Director Manuel Alba sold 30,991 shares of the stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $91.13, for a total value of $2,824,209.83. Following the transaction, the director directly owned 418,863 shares of the company's stock, valued at $38,170,985.19. This represents a 6.89% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Bethany Mayer sold 686 shares of the firm's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $87.47, for a total transaction of $60,004.42. Following the sale, the director owned 6,238 shares of the company's stock, valued at $545,637.86. This trade represents a 9.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,965,984 shares of company stock worth $178,631,873.

Hedge Funds Weigh In On Astera Labs

Large investors have recently made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. acquired a new position in Astera Labs in the 4th quarter valued at $25,000. Steward Partners Investment Advisory LLC grew its stake in shares of Astera Labs by 99.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 199 shares of the company's stock valued at $26,000 after acquiring an additional 99 shares in the last quarter. Oliver Lagore Vanvalin Investment Group bought a new position in Astera Labs during the second quarter worth about $29,000. Murphy & Mullick Capital Management Corp acquired a new stake in Astera Labs in the 4th quarter worth about $43,000. Finally, Sound Income Strategies LLC boosted its holdings in Astera Labs by 34.7% in the 1st quarter. Sound Income Strategies LLC now owns 792 shares of the company's stock valued at $47,000 after purchasing an additional 204 shares during the period. 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.