Sanjay Gajendra Sells 76,701 Shares of Astera Labs, Inc. (NASDAQ:ALAB) Stock

Astera Labs, Inc. (NASDAQ:ALAB) insider Sanjay Gajendra sold 76,701 shares of Astera Labs stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $45.32, for a total transaction of $3,476,089.32. Following the sale, the insider now directly owns 855,000 shares of the company’s stock, valued at approximately $38,748,600. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Astera Labs Stock Up 7.2 %

ALAB stock opened at $50.51 on Friday. Astera Labs, Inc. has a fifty-two week low of $36.22 and a fifty-two week high of $95.21. The stock’s 50-day moving average price is $44.25.

Astera Labs (NASDAQ:ALAB) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The firm had revenue of $76.90 million for the quarter, compared to analyst estimates of $72.41 million. The firm’s quarterly revenue was up 17.8% on a year-over-year basis. As a group, equities research analysts anticipate that Astera Labs, Inc. will post -0.54 EPS for the current fiscal year.

Institutional Investors Weigh In On Astera Labs

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ALAB. Vanguard Group Inc. acquired a new position in shares of Astera Labs during the 1st quarter worth about $127,268,000. Capital World Investors bought a new position in Astera Labs in the first quarter valued at approximately $44,514,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Astera Labs during the 1st quarter worth approximately $44,514,000. Bamco Inc. NY bought a new stake in shares of Astera Labs during the 1st quarter worth approximately $37,095,000. Finally, Lord Abbett & CO. LLC acquired a new stake in shares of Astera Labs in the 1st quarter valued at approximately $33,141,000.

Wall Street Analyst Weigh In

ALAB has been the subject of a number of recent analyst reports. Morgan Stanley upgraded Astera Labs from an “equal weight” rating to an “overweight” rating and set a $55.00 price objective for the company in a report on Wednesday, September 4th. Evercore ISI cut their price target on shares of Astera Labs from $98.00 to $80.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Stifel Nicolaus decreased their price objective on shares of Astera Labs from $87.00 to $80.00 and set a “buy” rating for the company in a report on Monday, August 5th. Craig Hallum cut their target price on shares of Astera Labs from $90.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of Astera Labs from $85.00 to $60.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Astera Labs currently has an average rating of “Buy” and an average target price of $71.36.

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.