Astera Labs (NASDAQ:ALAB) Trading Up 5.8% – Still a Buy?

Astera Labs, Inc. (NASDAQ:ALAB)’s stock price traded up 5.8% during mid-day trading on Friday . The stock traded as high as $51.69 and last traded at $51.58. 1,263,697 shares were traded during trading, a decline of 50% from the average session volume of 2,536,638 shares. The stock had previously closed at $48.76.

Wall Street Analysts Forecast Growth

ALAB has been the topic of a number of research analyst reports. Craig Hallum lowered their price target on Astera Labs from $90.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Evercore ISI dropped their target price on shares of Astera Labs from $98.00 to $80.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Morgan Stanley upgraded shares of Astera Labs from an “equal weight” rating to an “overweight” rating and set a $55.00 price target on the stock in a report on Wednesday, September 4th. Needham & Company LLC dropped their price objective on shares of Astera Labs from $85.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Finally, Barclays reduced their target price on Astera Labs from $85.00 to $70.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Eleven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $71.36.

Astera Labs Price Performance

The company has a 50-day moving average of $44.15 and a 200 day moving average of $58.79.

Astera Labs (NASDAQ:ALAB) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.02. The company had revenue of $76.90 million for the quarter, compared to the consensus estimate of $72.41 million. Astera Labs’s quarterly revenue was up 17.8% compared to the same quarter last year. As a group, analysts expect that Astera Labs, Inc. will post -0.54 EPS for the current year.

Insiders Place Their Bets

In other Astera Labs news, General Counsel Philip Mazzara sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $43.12, for a total transaction of $344,960.00. Following the sale, the general counsel now directly owns 325,474 shares of the company’s stock, valued at $14,034,438.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CFO Michael Truett Tate sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $47.98, for a total transaction of $2,399,000.00. Following the transaction, the chief financial officer now owns 829,108 shares of the company’s stock, valued at approximately $39,780,601.84. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Philip Mazzara sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $43.12, for a total value of $344,960.00. Following the transaction, the general counsel now directly owns 325,474 shares in the company, valued at approximately $14,034,438.88. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 276,791 shares of company stock valued at $12,933,588 over the last ninety days.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ALAB. Amalgamated Bank bought a new position in shares of Astera Labs during the second quarter valued at approximately $74,000. Newbridge Financial Services Group Inc. grew its stake in shares of Astera Labs by 11,920.0% during the second quarter. Newbridge Financial Services Group Inc. now owns 3,005 shares of the company’s stock valued at $182,000 after buying an additional 2,980 shares during the last quarter. Legato Capital Management LLC bought a new position in shares of Astera Labs during the second quarter valued at approximately $207,000. Alpine Global Management LLC bought a new position in shares of Astera Labs during the first quarter valued at approximately $272,000. Finally, Strategic Blueprint LLC bought a new position in shares of Astera Labs during the second quarter valued at approximately $332,000.

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.