Astera Labs (NASDAQ:ALAB) Trading 9.1% Higher – Here’s What Happened

Astera Labs, Inc. (NASDAQ:ALAB)’s stock price shot up 9.1% during trading on Monday . The company traded as high as $97.34 and last traded at $97.93. 676,692 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 4,104,393 shares. The stock had previously closed at $89.73.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Citigroup cut their price target on shares of Astera Labs from $120.00 to $100.00 and set a “buy” rating for the company in a report on Monday, April 14th. William Blair began coverage on shares of Astera Labs in a research report on Thursday, May 22nd. They issued an “outperform” rating for the company. Morgan Stanley raised shares of Astera Labs from an “equal weight” rating to an “overweight” rating and set a $99.00 target price for the company in a research note on Monday, May 12th. Stifel Nicolaus dropped their target price on shares of Astera Labs from $150.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, April 17th. Finally, Evercore ISI boosted their price target on shares of Astera Labs from $87.00 to $104.00 and gave the company an “outperform” rating in a report on Wednesday, May 21st. One research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Astera Labs presently has a consensus rating of “Buy” and an average price target of $100.00.

Astera Labs Trading Down 2.5%

The business’s 50 day moving average price is $79.46 and its two-hundred day moving average price is $92.15. The company has a market capitalization of $15.32 billion, a price-to-earnings ratio of 422.34, a P/E/G ratio of 4.48 and a beta of 1.39.

Astera Labs (NASDAQ:ALAB) last posted its earnings results on Tuesday, May 6th. The company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.28 by $0.05. Astera Labs had a net margin of 8.44% and a return on equity of 2.57%. The business had revenue of $159.44 million for the quarter, compared to the consensus estimate of $151.55 million. During the same period last year, the company earned $0.10 EPS. The firm’s revenue was up 144.1% compared to the same quarter last year. Analysts expect that Astera Labs, Inc. will post 0.34 EPS for the current year.

Insiders Place Their Bets

In other news, Director Manuel Alba sold 63,000 shares of the stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $63.37, for a total value of $3,992,310.00. Following the completion of the sale, the director now owns 444,863 shares in the company, valued at $28,190,968.31. This represents a 12.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Sanjay Gajendra sold 88,627 shares of the stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $98.11, for a total transaction of $8,695,194.97. Following the transaction, the chief operating officer now owns 724,257 shares of the company’s stock, valued at approximately $71,056,854.27. The trade was a 10.90% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,495,267 shares of company stock worth $131,012,865.

Hedge Funds Weigh In On Astera Labs

Several large investors have recently modified their holdings of ALAB. Proficio Capital Partners LLC raised its stake in Astera Labs by 1.8% in the fourth quarter. Proficio Capital Partners LLC now owns 21,626 shares of the company’s stock valued at $2,864,000 after purchasing an additional 390 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Astera Labs by 2,824.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 154,524 shares of the company’s stock valued at $20,467,000 after acquiring an additional 149,240 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Astera Labs by 50.5% during the 4th quarter. JPMorgan Chase & Co. now owns 2,360,467 shares of the company’s stock valued at $312,644,000 after buying an additional 792,153 shares in the last quarter. Aigen Investment Management LP bought a new stake in shares of Astera Labs during the 4th quarter valued at $1,573,000. Finally, Oppenheimer & Co. Inc. bought a new stake in shares of Astera Labs during the 4th quarter valued at $3,476,000. Hedge funds and other institutional investors own 60.47% of the company’s stock.

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.