Astera Labs (NASDAQ:ALAB) Shares Gap Down to $76.19

Astera Labs, Inc. (NASDAQ:ALAB) gapped down before the market opened on Wednesday . The stock had previously closed at $76.19, but opened at $71.06. Astera Labs shares last traded at $73.17, with a volume of 2,088,466 shares trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ALAB. Jefferies Financial Group started coverage on Astera Labs in a research note on Monday, April 15th. They set a “buy” rating and a $85.00 price target for the company. Northland Securities initiated coverage on shares of Astera Labs in a research report on Monday, March 25th. They issued an “outperform” rating and a $85.00 price target on the stock. Craig Hallum began coverage on shares of Astera Labs in a research report on Monday, April 15th. They set a “buy” rating and a $90.00 price objective for the company. Morgan Stanley started coverage on shares of Astera Labs in a report on Monday, April 15th. They issued an “overweight” rating and a $81.00 target price on the stock. Finally, JPMorgan Chase & Co. started coverage on shares of Astera Labs in a report on Monday, April 15th. They set an “overweight” rating and a $85.00 target price for the company. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $86.09.

Astera Labs Price Performance

Insider Buying and Selling

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Lord Abbett & CO. LLC acquired a new position in Astera Labs during the first quarter worth $33,141,000. Amazon Com Inc. acquired a new stake in shares of Astera Labs in the first quarter worth $20,608,000. Allspring Global Investments Holdings LLC bought a new position in Astera Labs during the first quarter worth $18,666,000. Jennison Associates LLC acquired a new position in Astera Labs during the 1st quarter valued at $11,283,000. Finally, Capstone Investment Advisors LLC acquired a new stake in Astera Labs in the 1st quarter worth $4,629,000.

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.