Astera Labs (NASDAQ:ALAB) Trading Down 6.8%

Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report) was down 6.8% on Wednesday . The stock traded as low as $78.03 and last traded at $78.96. Approximately 594,650 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 2,896,261 shares. The stock had previously closed at $84.76.

Wall Street Analysts Forecast Growth

ALAB has been the topic of several research analyst reports. Evercore ISI initiated coverage on Astera Labs in a research note on Tuesday, April 16th. They set an "outperform" rating and a $100.00 target price on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Astera Labs in a report on Monday, April 15th. They issued a "buy" rating and a $85.00 price objective for the company. Stifel Nicolaus started coverage on shares of Astera Labs in a research note on Monday, April 15th. They set a "buy" rating and a $81.00 target price on the stock. Barclays started coverage on shares of Astera Labs in a research note on Monday, April 15th. They issued an "overweight" rating and a $85.00 price target for the company. Finally, Roth Mkm began coverage on Astera Labs in a research report on Monday, April 15th. They set a "buy" rating and a $85.00 price objective on the stock. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Astera Labs currently has an average rating of "Buy" and an average target price of $86.09.

Astera Labs Stock Performance

Insider Transactions at Astera Labs

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

Institutional Trading of Astera Labs

A number of institutional investors have recently made changes to their positions in ALAB. Allspring Global Investments Holdings LLC bought a new position in Astera Labs during the first quarter valued at approximately $18,666,000. Amazon Com Inc. purchased a new stake in Astera Labs during the 1st quarter valued at $20,608,000. Value Aligned Research Advisors LLC bought a new position in shares of Astera Labs during the 1st quarter valued at $1,886,000. Finally, Seven Grand Managers LLC purchased a new position in shares of Astera Labs in the 1st quarter worth $3,710,000.

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.