Astera Labs (NASDAQ:ALAB) Shares Down 3.9% – Time to Sell?

Astera Labs, Inc. (NASDAQ:ALAB) dropped 3.9% during trading on Thursday . The stock traded as low as $123.60 and last traded at $126.60. Approximately 1,817,632 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 3,066,135 shares. The stock had previously closed at $131.77.

Wall Street Analyst Weigh In

ALAB has been the subject of a number of research analyst reports. JPMorgan Chase & Co. upped their price target on Astera Labs from $70.00 to $110.00 and gave the stock an “overweight” rating in a report on Tuesday, November 5th. Barclays upped their target price on shares of Astera Labs from $70.00 to $87.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Roth Mkm boosted their price objective on shares of Astera Labs from $80.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Craig Hallum upped their price objective on shares of Astera Labs from $75.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on Astera Labs from $60.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $105.75.

Astera Labs Stock Down 3.1 %

The stock has a fifty day moving average price of $117.53 and a 200-day moving average price of $75.25.

Astera Labs (NASDAQ:ALAB) last issued its earnings results on Monday, November 4th. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.17 by $0.06. Astera Labs had a negative net margin of 30.69% and a negative return on equity of 15.57%. The company had revenue of $113.10 million for the quarter, compared to the consensus estimate of $97.50 million. The company’s quarterly revenue was up 47.1% compared to the same quarter last year. Research analysts predict that Astera Labs, Inc. will post -0.45 earnings per share for the current year.

Insider Activity at Astera Labs

In other Astera Labs news, CFO Michael Truett Tate sold 16,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $117.84, for a total value of $1,885,440.00. Following the completion of the sale, the chief financial officer now owns 1,412,888 shares of the company’s stock, valued at approximately $166,494,721.92. This represents a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sanjay Gajendra sold 740,000 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $96.59, for a total transaction of $71,476,600.00. Following the completion of the sale, the insider now owns 775,000 shares in the company, valued at approximately $74,857,250. This trade represents a 48.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,690,452 shares of company stock worth $167,581,256.

Hedge Funds Weigh In On Astera Labs

Several institutional investors and hedge funds have recently made changes to their positions in ALAB. Fred Alger Management LLC grew its position in shares of Astera Labs by 1,361.0% in the 3rd quarter. Fred Alger Management LLC now owns 2,821,921 shares of the company’s stock valued at $147,840,000 after purchasing an additional 2,628,765 shares during the period. Westfield Capital Management Co. LP bought a new stake in shares of Astera Labs during the third quarter worth $52,049,000. The Manufacturers Life Insurance Company raised its holdings in shares of Astera Labs by 15,477.8% during the third quarter. The Manufacturers Life Insurance Company now owns 879,055 shares of the company’s stock worth $46,054,000 after acquiring an additional 873,412 shares during the period. Spyglass Capital Management LLC bought a new stake in Astera Labs in the 3rd quarter valued at $38,565,000. Finally, State Street Corp lifted its position in Astera Labs by 173.1% in the 3rd quarter. State Street Corp now owns 698,467 shares of the company’s stock valued at $36,593,000 after acquiring an additional 442,698 shares in the last quarter. Institutional investors and hedge funds own 60.47% of the company’s stock.

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.