Astera Labs (NASDAQ:ALAB) Stock Price Up 8.7%

Astera Labs, Inc. (NASDAQ:ALAB)’s stock price rose 8.7% during mid-day trading on Friday . The company traded as high as $78.49 and last traded at $77.80. Approximately 1,056,562 shares traded hands during trading, a decline of 64% from the average daily volume of 2,920,008 shares. The stock had previously closed at $71.59.

Wall Street Analysts Forecast Growth

ALAB has been the topic of a number of analyst reports. Jefferies Financial Group initiated coverage on Astera Labs in a research note on Monday, April 15th. They issued a “buy” rating and a $85.00 price target on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on Astera Labs in a research report on Monday, April 15th. They set a “buy” rating and a $85.00 price objective for the company. JPMorgan Chase & Co. initiated coverage on Astera Labs in a research report on Monday, April 15th. They set an “overweight” rating and a $85.00 price objective for the company. Roth Mkm initiated coverage on Astera Labs in a research report on Monday, April 15th. They set a “buy” rating and a $85.00 price objective for the company. Finally, Barclays started coverage on Astera Labs in a research report on Monday, April 15th. They set an “overweight” rating and a $85.00 price objective for the company. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $86.09.

Astera Labs Price Performance

Insider Buying and Selling at Astera Labs

In other Astera Labs news, Director Jack R. Lazar purchased 10,000 shares of the stock in a transaction on Friday, March 22nd. The stock was bought at an average cost of $36.00 per share, for a total transaction of $360,000.00. Following the completion of the acquisition, the director now directly owns 165,000 shares of the company’s stock, valued at $5,940,000. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ALAB. Allspring Global Investments Holdings LLC acquired a new position in Astera Labs during the first quarter valued at approximately $18,666,000. Seven Grand Managers LLC bought a new position in Astera Labs during the 1st quarter worth $3,710,000. Finally, Value Aligned Research Advisors LLC bought a new position in Astera Labs during the 1st quarter worth $1,886,000.

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.