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

Astera Labs, Inc. (NASDAQ:ALAB)’s stock 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 trading hands.

The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.06. The company had revenue of $113.10 million during the quarter, compared to analysts’ expectations of $97.50 million. The firm’s revenue was up 47.1% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Barclays raised their target price on shares of Astera Labs from $70.00 to $87.00 and gave the stock an “overweight” rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft lifted their price objective on Astera Labs from $60.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday. 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. Craig Hallum raised their price target on Astera Labs from $75.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Morgan Stanley upped their price objective on shares of Astera Labs from $74.00 to $94.00 and gave the company an “overweight” rating in a research note on Tuesday. Eleven analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $92.36.

Insider Transactions at Astera Labs

In related news, General Counsel Philip Mazzara sold 42,090 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $40.43, for a total transaction of $1,701,698.70. Following the sale, the general counsel now directly owns 333,474 shares in the company, valued at approximately $13,482,353.82. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Astera Labs news, General Counsel Philip Mazzara sold 42,090 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $40.43, for a total value of $1,701,698.70. Following the transaction, the general counsel now owns 333,474 shares in the company, valued at $13,482,353.82. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jack R. Lazar sold 2,000 shares of the firm’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $69.95, for a total value of $139,900.00. Following the sale, the director now owns 135,000 shares of the company’s stock, valued at $9,443,250. This represents 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 quarter.

Hedge Funds Weigh In On Astera Labs

A number of institutional investors have recently made changes to their positions in the business. Strategic Blueprint LLC grew its position in shares of Astera Labs by 3.6% during the third quarter. Strategic Blueprint LLC now owns 5,684 shares of the company’s stock worth $298,000 after buying an additional 195 shares in the last quarter. Hollencrest Capital Management bought a new position in Astera Labs during the 3rd quarter valued at $26,000. Venturi Wealth Management LLC boosted its stake in Astera Labs by 26.3% during the 3rd quarter. Venturi Wealth Management LLC now owns 2,400 shares of the company’s stock valued at $126,000 after acquiring an additional 500 shares during the last quarter. US Bancorp DE acquired a new position in Astera Labs during the 3rd quarter worth $46,000. Finally, Allworth Financial LP increased its position in shares of Astera Labs by 445.5% in the 3rd quarter. Allworth Financial LP now owns 1,091 shares of the company’s stock worth $57,000 after purchasing an additional 891 shares during the last quarter.

Astera Labs Price Performance

The business’s 50 day moving average price is $55.90 and its 200-day moving average price is $58.11.

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.