Astera Labs (NASDAQ:ALAB) Stock Price Down 6.4% After Insider Selling

Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report)'s share price dropped 6.4% during trading on Friday following insider selling activity. The company traded as low as $91.50 and last traded at $90.38. Approximately 509,220 shares traded hands during trading, a decline of 87% from the average daily volume of 3,989,125 shares. The stock had previously closed at $96.61.

Specifically, COO Sanjay Gajendra sold 165,000 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $98.25, for a total transaction of $16,211,250.00. Following the transaction, the chief operating officer now directly owns 735,000 shares of the company's stock, valued at approximately $72,213,750. This represents a 18.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Susquehanna assumed coverage on Astera Labs in a research note on Friday, May 16th. They issued a "neutral" rating and a $80.00 price objective for the company. William Blair assumed coverage on Astera Labs in a research note on Thursday, May 22nd. They issued an "outperform" rating for the company. Needham & Company LLC lowered their price objective on Astera Labs from $140.00 to $100.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Citigroup lowered their price objective 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. Finally, Craig Hallum increased their price objective on Astera Labs from $105.00 to $125.00 and gave the stock a "buy" rating in a research note on Tuesday, February 11th. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Astera Labs 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 $14.81 billion, a P/E ratio of -51.90, a price-to-earnings-growth ratio of 6.18 and a beta of 0.33. The firm has a fifty day moving average price of $71.39 and a 200-day moving average price of $92.60.

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 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 analyst estimates of $151.55 million. During the same period in the prior year, the company earned $0.10 earnings per share. Astera Labs's revenue was up 144.1% compared to the same quarter last year. On average, research analysts forecast that Astera Labs, Inc. will post 0.34 EPS for the current year.

Hedge Funds Weigh In On Astera Labs

Several institutional investors and hedge funds have recently bought and sold shares of the company. Steward Partners Investment Advisory LLC grew its holdings 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 during the period. Whittier Trust Co. of Nevada Inc. bought a new position in Astera Labs during the fourth quarter valued at $25,000. Hoey Investments Inc. grew its holdings in Astera Labs by 4.2% during the first quarter. Hoey Investments Inc. now owns 5,000 shares of the company's stock valued at $298,000 after purchasing an additional 200 shares during the period. Sound Income Strategies LLC grew its holdings in Astera Labs by 34.7% during the first 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. Finally, Kestra Investment Management LLC bought a new position in Astera Labs during the fourth quarter valued at $28,000. 60.47% of the stock is owned by institutional investors.

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.