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 trading hands.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. JPMorgan Chase & Co. assumed coverage on shares of Astera Labs in a research note on Monday. They issued an “overweight” rating and a $85.00 target price on the stock. Northland Securities began coverage on shares of Astera Labs in a report on Monday, March 25th. They set an “outperform” rating and a $85.00 target price on the stock. Craig Hallum began coverage on shares of Astera Labs in a report on Monday. They set a “buy” rating and a $90.00 target price on the stock. Barclays began coverage on shares of Astera Labs in a report on Monday. They set an “overweight” rating and a $85.00 target price on the stock. Finally, Jefferies Financial Group began coverage on shares of Astera Labs in a report on Monday. They set a “buy” rating and a $85.00 target price on the stock. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $86.09.

Astera Labs Trading Down 9.7 %

Insiders Place Their Bets

In related news, Director Jack R. Lazar bought 10,000 shares of the company’s stock in a transaction dated Friday, March 22nd. The stock was purchased at an average cost of $36.00 per share, with a total value of $360,000.00. Following the transaction, the director now owns 165,000 shares in the company, valued at approximately $5,940,000. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Institutional Investors Weigh In On 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) in the first quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 251,596 shares of the company’s stock, valued at approximately $18,666,000. Allspring Global Investments Holdings LLC owned 0.16% of Astera Labs at the end of the most recent reporting period.

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.