Astera Labs (NASDAQ:ALAB) Shares Gap Up Following Better-Than-Expected Earnings

Astera Labs, Inc. (NASDAQ:ALAB)’s share price gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $69.65, but opened at $86.35. Astera Labs shares last traded at $89.61, with a volume of 6,570,106 shares changing hands.

The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.06. The company had revenue of $113.10 million for the quarter, compared to analyst estimates of $97.50 million. The firm’s quarterly revenue was up 47.1% on a year-over-year basis.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on ALAB shares. Morgan Stanley lifted their price target on Astera Labs from $55.00 to $74.00 and gave the stock an “overweight” rating in a report on Wednesday, October 9th. Evercore ISI reduced their target price on Astera Labs from $98.00 to $80.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. JPMorgan Chase & Co. lowered their price target on Astera Labs from $95.00 to $70.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Astera Labs from $60.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Craig Hallum lifted their price objective on shares of Astera Labs from $75.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat, Astera Labs currently has an average rating of “Buy” and an average price target of $81.00.

Insider Transactions at Astera Labs

In related news, insider Sanjay Gajendra sold 110,000 shares of the stock in a transaction on Friday, October 11th. The stock was sold at an average price of $69.47, for a total value of $7,641,700.00. Following the completion of the sale, the insider now directly owns 835,000 shares in the company, valued at approximately $58,007,450. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Jack R. Lazar sold 3,000 shares of the company’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $61.69, for a total transaction of $185,070.00. Following the completion of the transaction, the director now directly owns 137,000 shares in the company, valued at $8,451,530. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Sanjay Gajendra sold 110,000 shares of the firm’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $69.47, for a total value of $7,641,700.00. Following the completion of the sale, the insider now owns 835,000 shares in the company, valued at $58,007,450. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 564,458 shares of company stock valued at $31,970,841 over the last 90 days.

Institutional Trading of Astera Labs

Several hedge funds have recently bought and sold shares of ALAB. Jennison Associates LLC bought a new stake in Astera Labs during the first quarter worth approximately $11,283,000. Central Pacific Bank Trust Division acquired a new stake in shares of Astera Labs during the first quarter valued at approximately $402,000. Sei Investments Co. purchased a new stake in shares of Astera Labs in the 1st quarter valued at approximately $952,000. Lord Abbett & CO. LLC acquired a new position in Astera Labs in the 1st quarter worth approximately $33,141,000. Finally, Forge First Asset Management Inc. purchased a new position in Astera Labs during the 1st quarter worth approximately $1,143,000.

Astera Labs Stock Performance

The firm’s 50 day simple moving average is $54.88 and its 200-day simple moving average is $57.89.

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.