Astera Labs, Inc. (NASDAQ:ALAB – Get Free Report) shares were down 8.9% during trading on Wednesday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $85.00 to $60.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. Astera Labs traded as low as $37.15 and last traded at $38.68. Approximately 2,026,456 shares changed hands during trading, a decline of 6% from the average daily volume of 2,161,995 shares. The stock had previously closed at $42.48.
A number of other research analysts have also commented on the company. Craig Hallum lowered their price target on Astera Labs from $90.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday. Barclays lowered their target price on Astera Labs from $85.00 to $70.00 and set an “overweight” rating on the stock in a report on Wednesday. Needham & Company LLC lowered their target price on Astera Labs from $85.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday. Roth Mkm lowered their target price on Astera Labs from $85.00 to $60.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Evercore ISI lowered their target price on Astera Labs from $98.00 to $80.00 and set an “outperform” rating on the stock in a report on Wednesday. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $71.36.
Institutional Trading of Astera Labs
Hedge funds have recently bought and sold shares of the company. Sei Investments Co. purchased a new stake in Astera Labs during the first quarter valued at about $952,000. Vanguard Group Inc. purchased a new stake in Astera Labs during the first quarter valued at about $127,268,000. Forge First Asset Management Inc. purchased a new stake in Astera Labs during the first quarter valued at about $1,143,000. Price T Rowe Associates Inc. MD purchased a new stake in Astera Labs during the first quarter valued at about $44,514,000. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of Astera Labs in the first quarter worth approximately $18,666,000.
Astera Labs Trading Down 14.4 %
The company has a 50-day moving average of $56.94.
Astera Labs (NASDAQ:ALAB – Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The company had revenue of $76.90 million during the quarter, compared to analysts’ expectations of $72.41 million. Astera Labs’s revenue for the quarter was up 17.8% compared to the same quarter last year. Sell-side analysts anticipate that Astera Labs, Inc. will post -0.56 EPS for the current fiscal year.
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.