Astera Labs (NASDAQ:ALAB) Shares Gap Down to $76.19

Astera Labs, Inc. (NASDAQ:ALAB) shares gapped down before the market opened on Wednesday . The stock had previously closed at $76.19, but opened at $71.06. Astera Labs shares last traded at $73.17, with a volume of 2,088,466 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ALAB. Craig Hallum started coverage on shares of Astera Labs in a research report on Monday, April 15th. They issued a “buy” rating and a $90.00 price objective on the stock. Barclays started coverage on shares of Astera Labs in a report on Monday, April 15th. They issued an “overweight” rating and a $85.00 price target on the stock. Roth Mkm started coverage on Astera Labs in a report on Monday, April 15th. They set a “buy” rating and a $85.00 price objective for the company. Stifel Nicolaus started coverage on Astera Labs in a research note on Monday, April 15th. They issued a “buy” rating and a $81.00 target price on the stock. Finally, Jefferies Financial Group began coverage on Astera Labs in a research report on Monday, April 15th. They set a “buy” rating and a $85.00 price target on the stock. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Astera Labs presently has an average rating of “Buy” and a consensus price target of $86.09.

Astera Labs Price Performance

Insider Buying and Selling at Astera Labs

In other news, Director Jack R. Lazar purchased 10,000 shares of the stock in a transaction dated Friday, March 22nd. The shares were purchased at an average cost of $36.00 per share, with a total value of $360,000.00. Following the completion of the acquisition, the director now owns 165,000 shares in the company, valued at approximately $5,940,000. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Institutional Trading of Astera Labs

A number of hedge funds and other institutional investors have recently bought and sold shares of ALAB. Amazon Com Inc. bought a new position in Astera Labs in the 1st quarter valued at $20,608,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Astera Labs in the first quarter worth $18,666,000. Jennison Associates LLC bought a new stake in Astera Labs during the first quarter valued at $11,283,000. Capstone Investment Advisors LLC purchased a new position in Astera Labs during the first quarter worth about $4,629,000. Finally, Seven Grand Managers LLC bought a new position in Astera Labs in the 1st quarter worth about $3,710,000.

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.