Astera Labs (NASDAQ:ALAB) Shares Gap Down to $70.92

Shares of Astera Labs, Inc. (NASDAQ:ALAB) gapped down before the market opened on Friday . The stock had previously closed at $70.92, but opened at $69.08. Astera Labs shares last traded at $67.61, with a volume of 213,297 shares traded.

Wall Street Analyst Weigh In

ALAB has been the topic of several recent research reports. JPMorgan Chase & Co. initiated coverage on Astera Labs in a research report on Monday. They set an “overweight” rating and a $85.00 price objective on the stock. Craig Hallum initiated coverage on Astera Labs in a research report on Monday. They set a “buy” rating and a $90.00 price objective on the stock. Needham & Company LLC initiated coverage on Astera Labs in a research report on Monday. They set a “buy” rating and a $85.00 price objective on the stock. Stifel Nicolaus initiated coverage on Astera Labs in a research report on Monday. They set a “buy” rating and a $81.00 price objective on the stock. Finally, Jefferies Financial Group initiated coverage on Astera Labs in a research report on Monday. They set a “buy” rating and a $85.00 price objective on the stock. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $86.09.

Astera Labs Stock Performance

Insider Activity at Astera Labs

In other Astera Labs news, Director Jack R. Lazar acquired 10,000 shares of Astera Labs stock in a transaction that occurred on Friday, March 22nd. The shares were acquired at an average cost of $36.00 per share, with a total value of $360,000.00. Following the completion of the purchase, the director now directly owns 165,000 shares of the company’s stock, valued at approximately $5,940,000. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Institutional Trading of Astera Labs

An institutional investor recently bought a new position in Astera Labs stock. Allspring Global Investments Holdings LLC purchased a new stake in shares of Astera Labs, Inc. (NASDAQ:ALAB) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 251,596 shares of the company’s stock, valued at approximately $18,666,000. Allspring Global Investments Holdings LLC owned approximately 0.16% of Astera Labs at the end of the most recent quarter.

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.