Astera Labs (NASDAQ:ALAB) Shares Gap Down to $76.19

Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $76.19, but opened at $71.06. Astera Labs shares last traded at $73.17, with a volume of 2,088,466 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ALAB. Evercore ISI started coverage on Astera Labs in a research report on Tuesday, April 16th. They set an "outperform" rating and a $100.00 price objective on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Astera Labs in a research note on Monday, April 15th. They issued a "buy" rating and a $85.00 target price on the stock. Roth Mkm initiated coverage on shares of Astera Labs in a research note on Monday, April 15th. They set a "buy" rating and a $85.00 price target for the company. Craig Hallum began coverage on Astera Labs in a report on Monday, April 15th. They issued a "buy" rating and a $90.00 target price for the company. Finally, Jefferies Financial Group started coverage on Astera Labs in a research note on Monday, April 15th. They issued a "buy" rating and a $85.00 price target on the stock. Eleven analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $86.09.

Astera Labs Price Performance

Insiders Place Their Bets

In related news, Director Jack R. Lazar purchased 10,000 shares of Astera Labs stock in a transaction dated Friday, March 22nd. The shares were acquired at an average cost of $36.00 per share, for a total transaction of $360,000.00. Following the transaction, the director now directly owns 165,000 shares of the company's stock, valued at $5,940,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Sei Investments Co. bought a new stake in Astera Labs in the 1st quarter valued at $952,000. Central Pacific Bank Trust Division bought a new stake in shares of Astera Labs in the first quarter valued at about $402,000. Peregrine Asset Advisers Inc. acquired a new position in shares of Astera Labs during the first quarter worth about $2,515,000. Jennison Associates LLC bought a new position in shares of Astera Labs during the first quarter worth about $11,283,000. Finally, Capstone Investment Advisors LLC acquired a new stake in Astera Labs in the 1st quarter valued at approximately $4,629,000.

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.