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

Astera Labs, Inc. (NASDAQ:ALAB)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $66.05, but opened at $69.91. Astera Labs shares last traded at $70.20, with a volume of 942,913 shares changing hands.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Craig Hallum upped their price target on shares of Astera Labs from $105.00 to $125.00 and gave the stock a “buy” rating in a report on Tuesday, February 11th. Needham & Company LLC restated a “buy” rating and issued a $140.00 target price on shares of Astera Labs in a research note on Tuesday, February 11th. Morgan Stanley dropped their price target on Astera Labs from $142.00 to $114.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 28th. Northland Securities upgraded shares of Astera Labs from a “market perform” rating to an “outperform” rating and set a $120.00 price objective on the stock in a research report on Tuesday, January 28th. Finally, Stifel Nicolaus raised their target price on shares of Astera Labs from $100.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, January 6th. One analyst has rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $115.33.

Astera Labs Trading Up 5.6 %

The company has a market cap of $11.31 billion and a P/E ratio of -40.36. The company’s fifty day moving average is $101.65 and its 200 day moving average is $88.10.

Astera Labs (NASDAQ:ALAB) last announced its quarterly earnings data on Monday, February 10th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.16). Astera Labs had a negative net margin of 21.05% and a negative return on equity of 10.40%. Analysts anticipate that Astera Labs, Inc. will post 0.34 EPS for the current year.

Insider Buying and Selling at Astera Labs

In related news, Director Michael E. Hurlston sold 2,500 shares of Astera Labs stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $92.08, for a total value of $230,200.00. Following the transaction, the director now directly owns 91,794 shares of the company’s stock, valued at $8,452,391.52. The trade was a 2.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Jitendra Mohan sold 350,680 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $89.51, for a total transaction of $31,389,366.80. Following the sale, the chief executive officer now owns 2,353,655 shares of the company’s stock, valued at $210,675,659.05. This represents a 12.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 570,990 shares of company stock worth $50,242,702.

Institutional Trading of Astera Labs

Several large investors have recently modified their holdings of ALAB. US Bancorp DE purchased a new stake in Astera Labs in the 3rd quarter worth approximately $46,000. Van ECK Associates Corp bought a new position in shares of Astera Labs during the third quarter valued at approximately $462,000. Venturi Wealth Management LLC lifted its stake in Astera Labs by 26.3% in the third quarter. Venturi Wealth Management LLC now owns 2,400 shares of the company’s stock worth $126,000 after acquiring an additional 500 shares during the period. Rakuten Securities Inc. bought a new stake in Astera Labs in the third quarter valued at $291,000. Finally, Oppenheimer Asset Management Inc. purchased a new position in Astera Labs during the 3rd quarter valued at $751,000. 60.47% of the stock is owned by institutional investors.

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.