Astera Labs (NASDAQ:ALAB) Shares Gap Down to $43.30

Astera Labs, Inc. (NASDAQ:ALAB) shares gapped down prior to trading on Friday . The stock had previously closed at $43.30, but opened at $41.78. Astera Labs shares last traded at $41.22, with a volume of 575,996 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ALAB shares. Morgan Stanley cut their target price on shares of Astera Labs from $85.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 7th. JPMorgan Chase & Co. dropped their price objective on shares of Astera Labs from $95.00 to $70.00 and set an “overweight” 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 research report on Monday, August 5th. Evercore ISI cut 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. Finally, Barclays decreased their target price on Astera Labs from $85.00 to $70.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $71.36.

Astera Labs Stock Down 6.0 %

The business has a 50-day moving average price of $53.60.

Astera Labs (NASDAQ:ALAB) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.02. The business had revenue of $76.90 million during the quarter, compared to analyst estimates of $72.41 million. The company’s revenue was up 17.8% on a year-over-year basis. As a group, analysts expect that Astera Labs, Inc. will post -0.56 earnings per share for the current year.

Hedge Funds Weigh In On Astera Labs

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. purchased a new stake in Astera Labs during the first quarter worth approximately $127,268,000. Capital World Investors purchased a new position in Astera Labs in the first quarter valued at about $44,514,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Astera Labs during the first quarter worth about $44,514,000. Bamco Inc. NY purchased a new stake in shares of Astera Labs in the first quarter worth about $37,095,000. Finally, Lord Abbett & CO. LLC acquired a new stake in shares of Astera Labs in the first quarter valued at about $33,141,000.

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.