Astera Labs (NASDAQ:ALAB) Shares Up 8.7%

Astera Labs, Inc. (NASDAQ:ALAB)’s stock price shot up 8.7% during trading on Friday . The stock traded as high as $78.49 and last traded at $77.80. 1,056,562 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 2,920,008 shares. The stock had previously closed at $71.59.

Wall Street Analysts Forecast Growth

ALAB has been the topic of a number of research analyst reports. Jefferies Financial Group initiated coverage on shares of Astera Labs in a research note on Monday, April 15th. They set a “buy” rating and a $85.00 price objective on the stock. JPMorgan Chase & Co. initiated coverage on shares of Astera Labs in a research note on Monday, April 15th. They set an “overweight” rating and a $85.00 price objective on the stock. Evercore ISI assumed coverage on shares of Astera Labs in a research note on Tuesday, April 16th. They set an “outperform” rating and a $100.00 price objective on the stock. Stifel Nicolaus assumed coverage on shares of Astera Labs in a research report on Monday, April 15th. They issued a “buy” rating and a $81.00 price target on the stock. Finally, Barclays assumed coverage on shares of Astera Labs in a research report on Monday, April 15th. They issued an “overweight” rating and a $85.00 price target on the stock. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat, Astera Labs currently has an average rating of “Buy” and a consensus target price of $86.09.

Astera Labs Price Performance

Insider Activity at Astera Labs

In other news, Director Jack R. Lazar bought 10,000 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The shares were purchased at an average price of $36.00 per share, for a total transaction of $360,000.00. Following the acquisition, the director now directly owns 165,000 shares of the company’s stock, valued at approximately $5,940,000. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ALAB. Value Aligned Research Advisors LLC bought a new position in Astera Labs in the 1st quarter worth $1,886,000. Seven Grand Managers LLC bought a new position in Astera Labs in the 1st quarter worth $3,710,000. Finally, Allspring Global Investments Holdings LLC bought a new position in Astera Labs in the 1st quarter worth $18,666,000.

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.