Astera Labs (NASDAQ:ALAB) Shares Up 1%

Shares of Astera Labs, Inc. (NASDAQ:ALAB) rose 1% on Friday . The stock traded as high as $40.52 and last traded at $40.16. Approximately 361,872 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 2,262,351 shares. The stock had previously closed at $39.78.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on ALAB shares. Craig Hallum reduced their price objective on Astera Labs from $90.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. JPMorgan Chase & Co. lowered their price objective on shares of Astera Labs from $95.00 to $70.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Evercore ISI cut their target price on shares of Astera Labs from $98.00 to $80.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Stifel Nicolaus dropped their price target on Astera Labs from $87.00 to $80.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Finally, Morgan Stanley lowered their target price on Astera Labs from $85.00 to $55.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 7th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $71.36.

Astera Labs Stock Performance

The business has a fifty day moving average of $50.76.

Astera Labs (NASDAQ:ALAB) last released its earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.02. The firm had revenue of $76.90 million during the quarter, compared to analysts’ expectations of $72.41 million. Astera Labs’s revenue for the quarter was up 17.8% on a year-over-year basis. On average, analysts anticipate that Astera Labs, Inc. will post -0.56 EPS for the current year.

Institutional Investors Weigh In On Astera Labs

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. purchased a new position in shares of Astera Labs in the first quarter worth $127,268,000. Capital World Investors purchased a new stake in Astera Labs in the 1st quarter worth $44,514,000. Price T Rowe Associates Inc. MD purchased a new stake in Astera Labs in the 1st quarter worth $44,514,000. Bamco Inc. NY bought a new position in shares of Astera Labs during the 1st quarter valued at about $37,095,000. Finally, Lord Abbett & CO. LLC purchased a new position in shares of Astera Labs during the first quarter valued at about $33,141,000.

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.