Astera Labs (NASDAQ:ALAB) Shares Gap Up – Here’s Why

Astera Labs, Inc. (NASDAQ:ALAB) shares gapped up before the market opened on Thursday . The stock had previously closed at $65.59, but opened at $67.96. Astera Labs shares last traded at $69.02, with a volume of 913,328 shares.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ALAB. Morgan Stanley increased their target price on shares of Astera Labs from $55.00 to $74.00 and gave the company an “overweight” rating in a research report on Wednesday, October 9th. Roth Mkm cut their price objective on shares of Astera Labs from $85.00 to $60.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft lowered their target price on Astera Labs from $85.00 to $60.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Barclays cut their price target on Astera Labs from $85.00 to $70.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. lowered their price objective on Astera Labs from $95.00 to $70.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. Eleven analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $73.09.

Astera Labs Trading Up 1.3 %

The business has a fifty day moving average price of $48.27 and a two-hundred day moving average price of $58.13.

Astera Labs (NASDAQ:ALAB) last posted its earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.02. The company had revenue of $76.90 million during the quarter, compared to analyst estimates of $72.41 million. The company’s revenue was up 17.8% on a year-over-year basis. As a group, research analysts predict that Astera Labs, Inc. will post -0.54 earnings per share for the current year.

Insider Activity at Astera Labs

In other Astera Labs news, General Counsel Philip Mazzara sold 42,090 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $40.43, for a total transaction of $1,701,698.70. Following the sale, the general counsel now directly owns 333,474 shares in the company, valued at $13,482,353.82. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Jitendra Mohan sold 47,667 shares of Astera Labs stock in a transaction on Friday, October 11th. The stock was sold at an average price of $70.26, for a total value of $3,349,083.42. Following the completion of the transaction, the chief executive officer now directly owns 728,420 shares in the company, valued at approximately $51,178,789.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Philip Mazzara sold 42,090 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $40.43, for a total value of $1,701,698.70. Following the sale, the general counsel now owns 333,474 shares in the company, valued at approximately $13,482,353.82. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 564,458 shares of company stock worth $31,970,841 in the last three months.

Hedge Funds Weigh In On Astera Labs

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Amalgamated Bank acquired a new stake in Astera Labs in the second quarter valued at approximately $74,000. Newbridge Financial Services Group Inc. raised its holdings in shares of Astera Labs by 11,920.0% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 3,005 shares of the company’s stock valued at $182,000 after purchasing an additional 2,980 shares in the last quarter. Legato Capital Management LLC purchased a new stake in shares of Astera Labs during the 2nd quarter worth $207,000. Alpine Global Management LLC acquired a new position in shares of Astera Labs during the first quarter worth $272,000. Finally, Strategic Blueprint LLC purchased a new position in Astera Labs in the second quarter valued at $332,000.

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.