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

Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report)'s stock price fell 6.4% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $107.64 and last traded at $114.06. 3,931,055 shares traded hands during mid-day trading, a decline of 12% from the average session volume of 4,479,364 shares. The stock had previously closed at $121.89.

Specifically, CEO Jitendra Mohan sold 45,755 shares of the business's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $100.25, for a total transaction of $4,586,938.75. Following the completion of the sale, the chief executive officer directly owned 488,131 shares in the company, valued at approximately $48,935,132.75. The trade was a 8.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jitendra Mohan sold 80,503 shares of the company's stock in a transaction on Thursday, July 17th. The shares were sold at an average price of $94.37, for a total value of $7,597,068.11. Following the completion of the sale, the chief executive officer owned 495,757 shares of the company's stock, valued at approximately $46,784,588.09. The trade was a 13.97% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ALAB. Stifel Nicolaus upped their target price on Astera Labs from $100.00 to $110.00 and gave the company a "buy" rating in a report on Friday, July 18th. Needham & Company LLC reduced their price target on Astera Labs from $140.00 to $100.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Morgan Stanley upgraded Astera Labs from an "equal weight" rating to an "overweight" rating and set a $99.00 price objective on the stock in a report on Monday, May 12th. Northland Capmk downgraded Astera Labs from a "strong-buy" rating to a "hold" rating in a report on Tuesday. Finally, 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. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $102.67.

Astera Labs Stock Up 1.8%

The stock has a market capitalization of $20.07 billion, a price-to-earnings ratio of 553.12, a P/E/G ratio of 5.49 and a beta of 1.18. The company has a fifty day moving average of $94.80 and a two-hundred day moving average of $86.64.

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

Hedge Funds Weigh In On Astera Labs

A number of large investors have recently modified their holdings of ALAB. Vanguard Group Inc. grew its stake in shares of Astera Labs by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 9,297,476 shares of the company's stock worth $554,780,000 after purchasing an additional 85,846 shares during the period. Alliancebernstein L.P. increased its stake in Astera Labs by 114.2% in the 1st quarter. Alliancebernstein L.P. now owns 8,401,019 shares of the company's stock valued at $501,289,000 after purchasing an additional 4,478,741 shares in the last quarter. Atreides Management LP increased its stake in Astera Labs by 153.3% in the 1st quarter. Atreides Management LP now owns 4,652,264 shares of the company's stock valued at $277,601,000 after purchasing an additional 2,815,614 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Astera Labs by 50.5% in the 4th quarter. JPMorgan Chase & Co. now owns 2,360,467 shares of the company's stock valued at $312,644,000 after purchasing an additional 792,153 shares in the last quarter. Finally, Lord Abbett & CO. LLC increased its stake in Astera Labs by 318.9% in the 4th quarter. Lord Abbett & CO. LLC now owns 1,818,600 shares of the company's stock valued at $240,873,000 after purchasing an additional 1,384,498 shares in the last quarter. 60.47% of the stock is owned by hedge funds and other institutional investors.

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.