Astera Labs (NASDAQ:ALAB) Stock Price Down 3.6% – Here’s Why

Shares of Astera Labs, Inc. (NASDAQ:ALAB) dropped 3.6% on Monday . The company traded as low as $67.56 and last traded at $70.00. Approximately 1,476,689 shares traded hands during trading, a decline of 46% from the average daily volume of 2,725,333 shares. The stock had previously closed at $72.65.

Analyst Ratings Changes

ALAB has been the topic of a number of research reports. Stifel Nicolaus cut their target price on shares of Astera Labs from $87.00 to $80.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Barclays decreased their target price on Astera Labs from $85.00 to $70.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Roth Mkm dropped 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. Deutsche Bank Aktiengesellschaft decreased their price target on Astera Labs from $85.00 to $60.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Astera Labs from $95.00 to $70.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat.com, Astera Labs currently has an average rating of “Buy” and an average target price of $73.09.

Astera Labs Price Performance

The stock’s 50 day moving average price is $54.35 and its two-hundred day moving average price is $57.90.

Astera Labs (NASDAQ:ALAB) last announced its earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The firm had revenue of $76.90 million for the quarter, compared to analyst estimates of $72.41 million. The company’s quarterly revenue was up 17.8% on a year-over-year basis. Research analysts anticipate that Astera Labs, Inc. will post -0.54 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Sanjay Gajendra sold 76,701 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $45.32, for a total value of $3,476,089.32. Following the completion of the sale, the insider now directly owns 855,000 shares in the company, valued at approximately $38,748,600. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other Astera Labs news, insider Sanjay Gajendra sold 76,701 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $45.32, for a total value of $3,476,089.32. Following the sale, the insider now owns 855,000 shares in the company, valued at approximately $38,748,600. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Jitendra Mohan sold 47,667 shares of the stock in a transaction on Friday, October 11th. The stock was sold at an average price of $70.26, for a total transaction of $3,349,083.42. Following the transaction, the chief executive officer now owns 728,420 shares of the company’s stock, valued at $51,178,789.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 564,458 shares of company stock worth $31,970,841 in the last three months.

Hedge Funds Weigh In On Astera Labs

Several hedge funds and other institutional investors have recently made changes to their positions in ALAB. Vanguard Group Inc. bought a new position in Astera Labs during the first quarter worth about $127,268,000. Capital World Investors bought a new position in shares of Astera Labs during the 1st quarter worth approximately $44,514,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Astera Labs during the 1st quarter worth approximately $44,514,000. Bamco Inc. NY acquired a new stake in Astera Labs during the 1st quarter valued at $37,095,000. Finally, Lord Abbett & CO. LLC bought a new position in shares of Astera Labs in the first quarter valued at about $33,141,000.

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.