Astera Labs (NASDAQ:ALAB) Shares Up 9.1% – What’s Next?

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

Analyst Ratings Changes

ALAB has been the subject of a number of analyst reports. Barclays upped their target price on Astera Labs from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, May 7th. Susquehanna began coverage on Astera Labs in a report on Friday, May 16th. They set a “neutral” rating and a $80.00 target price on the stock. William Blair started coverage on Astera Labs in a report on Thursday, May 22nd. They set an “outperform” rating on the stock. Evercore ISI raised their price objective on Astera Labs from $87.00 to $104.00 and gave the company an “outperform” rating in a report on Wednesday, May 21st. Finally, Citigroup lowered their price target on Astera Labs from $120.00 to $100.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Astera Labs presently has an average rating of “Buy” and a consensus price target of $100.00.

Astera Labs Stock Performance

The stock has a market capitalization of $15.76 billion, a price-to-earnings ratio of -55.24, a PEG ratio of 6.18 and a beta of 1.39. The business has a 50-day moving average of $78.06 and a 200-day moving average of $92.20.

Astera Labs (NASDAQ:ALAB) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.05. The company had revenue of $159.44 million during the quarter, compared to analysts’ expectations of $151.55 million. Astera Labs had a negative return on equity of 10.40% and a negative net margin of 21.05%. The firm’s revenue for the quarter was up 144.1% on a year-over-year basis. During the same period last year, the firm earned $0.10 EPS. On average, research analysts predict that Astera Labs, Inc. will post 0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Jitendra Mohan sold 75,000 shares of the business’s stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $71.05, for a total value of $5,328,750.00. Following the completion of the sale, the chief executive officer now directly owns 575,000 shares of the company’s stock, valued at $40,853,750. The trade was a 11.54% 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, COO Sanjay Gajendra sold 88,627 shares of the business’s stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $98.11, for a total value 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. This represents a 10.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,495,267 shares of company stock valued at $131,012,865.

Institutional Investors Weigh In On Astera Labs

A number of institutional investors have recently added to or reduced their stakes in ALAB. Rhumbline Advisers lifted its position in shares of Astera Labs by 4.4% during the 1st quarter. Rhumbline Advisers now owns 104,345 shares of the company’s stock valued at $6,226,000 after acquiring an additional 4,396 shares during the last quarter. Geneos Wealth Management Inc. increased its stake in shares of Astera Labs by 1,382.7% in the first quarter. Geneos Wealth Management Inc. now owns 4,033 shares of the company’s stock worth $241,000 after acquiring an additional 3,761 shares during the last quarter. Focus Partners Wealth increased its stake in shares of Astera Labs by 0.8% in the first quarter. Focus Partners Wealth now owns 432,806 shares of the company’s stock worth $25,826,000 after acquiring an additional 3,464 shares during the last quarter. Optimize Financial Inc acquired a new position in Astera Labs during the first quarter worth $1,718,000. Finally, Empowered Funds LLC increased its position in Astera Labs by 917.3% during the first quarter. Empowered Funds LLC now owns 4,639 shares of the company’s stock worth $277,000 after buying an additional 4,183 shares during the last quarter. 60.47% of the stock is currently owned by institutional investors and hedge funds.

Astera Labs Company Profile

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.