Astera Labs (NASDAQ:ALAB) Sees Strong Trading Volume

Astera Labs, Inc. (NASDAQ:ALAB) saw an uptick in trading volume on Thursday . 1,696,240 shares were traded during trading, a decline of 26% from the previous session’s volume of 2,305,218 shares.The stock last traded at $47.30 and had previously closed at $43.52.

Analyst Ratings Changes

A number of brokerages have issued reports on ALAB. Evercore ISI decreased their price target on Astera Labs from $98.00 to $80.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Craig Hallum lowered their target price on shares of Astera Labs from $90.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Astera Labs from $85.00 to $60.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. JPMorgan Chase & Co. lowered their price objective on shares of Astera Labs from $95.00 to $70.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Finally, Stifel Nicolaus cut their target price on Astera Labs from $87.00 to $80.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $71.36.

Astera Labs Price Performance

The business’s 50-day moving average price is $49.88.

Astera Labs (NASDAQ:ALAB) last announced its earnings results on Tuesday, August 6th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.11 by $0.02. The company had revenue of $76.90 million for the quarter, compared to analysts’ expectations of $72.41 million. The company’s quarterly revenue was up 17.8% on a year-over-year basis. On average, analysts anticipate that Astera Labs, Inc. will post -0.56 EPS for the current fiscal year.

Insider Activity

In related news, General Counsel Philip Mazzara sold 42,090 shares of Astera Labs stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $40.43, for a total transaction of $1,701,698.70. Following the sale, the general counsel now owns 333,474 shares of the company’s stock, valued at approximately $13,482,353.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ALAB. Sycomore Asset Management acquired a new stake in Astera Labs in the second quarter valued at $2,038,000. Truist Financial Corp bought a new stake in shares of Astera Labs in the 2nd quarter worth about $353,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Astera Labs in the 2nd quarter valued at about $341,000. Millennium Management LLC raised its stake in shares of Astera Labs by 136.4% in the 2nd quarter. Millennium Management LLC now owns 278,051 shares of the company’s stock valued at $16,825,000 after purchasing an additional 160,417 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Astera Labs during the second quarter worth about $2,351,000.

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.