Short Interest in Astera Labs, Inc. (NASDAQ:ALAB) Declines By 14.4%

Astera Labs, Inc. (NASDAQ:ALAB) was the target of a significant decrease in short interest during the month of September. As of September 15th, there was short interest totalling 9,840,000 shares, a decrease of 14.4% from the August 31st total of 11,490,000 shares. Based on an average daily volume of 2,660,000 shares, the days-to-cover ratio is currently 3.7 days. Currently, 8.9% of the shares of the stock are short sold.

Insider Activity

In other news, insider Sanjay Gajendra sold 76,701 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $45.32, for a total value of $3,476,089.32. Following the sale, the insider now directly owns 855,000 shares in the company, valued at $38,748,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Sanjay Gajendra sold 76,701 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $45.32, for a total transaction of $3,476,089.32. Following the transaction, the insider now owns 855,000 shares of the company’s stock, valued at $38,748,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Philip Mazzara sold 42,090 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $40.43, for a total transaction of $1,701,698.70. Following the transaction, the general counsel now directly owns 333,474 shares in the company, valued at approximately $13,482,353.82. The disclosure for this sale can be found here. Insiders have sold 276,791 shares of company stock worth $12,933,588 over the last ninety days.

Institutional Investors Weigh In On Astera Labs

Large investors have recently added to or reduced their stakes in the company. Sei Investments Co. acquired a new stake in Astera Labs during the 1st quarter valued at $952,000. Vanguard Group Inc. acquired a new position in Astera Labs during the 1st quarter worth $127,268,000. Forge First Asset Management Inc. acquired a new position in Astera Labs during the 1st quarter worth $1,143,000. Price T Rowe Associates Inc. MD acquired a new position in Astera Labs during the 1st quarter worth $44,514,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in Astera Labs during the 1st quarter worth $18,666,000.

Astera Labs Stock Down 2.2 %

ALAB opened at $53.52 on Monday. The company’s fifty day moving average price is $43.99. Astera Labs has a twelve month low of $36.22 and a twelve month high of $95.21.

Astera Labs (NASDAQ:ALAB) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The firm had revenue of $76.90 million for the quarter, compared to analyst estimates of $72.41 million. The firm’s revenue for the quarter was up 17.8% on a year-over-year basis. Equities analysts forecast that Astera Labs will post -0.54 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ALAB shares. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Astera Labs from $85.00 to $60.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Morgan Stanley raised shares of Astera Labs from an “equal weight” rating to an “overweight” rating and set a $55.00 price target on the stock in a research note on Wednesday, September 4th. Roth Mkm cut their price target on shares of Astera Labs from $85.00 to $60.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Barclays cut their target price on shares of Astera Labs from $85.00 to $70.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. Finally, Stifel Nicolaus cut their target price on shares of Astera Labs from $87.00 to $80.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $71.36.

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.