Astera Labs (NASDAQ:ALAB) PT Raised to $74.00

Astera Labs (NASDAQ:ALAB) had its target price increased by analysts at Morgan Stanley from $55.00 to $74.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price objective indicates a potential upside of 11.93% from the company’s current price.

ALAB has been the subject of a number of other reports. Barclays lowered their price target on Astera Labs from $85.00 to $70.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. JPMorgan Chase & Co. dropped their target price on Astera Labs from $95.00 to $70.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Needham & Company LLC cut their price target on shares of Astera Labs from $85.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Evercore ISI cut their target price on Astera Labs from $98.00 to $80.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on Astera Labs from $85.00 to $60.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat.com, Astera Labs currently has a consensus rating of “Buy” and an average target price of $73.09.

Astera Labs Stock Performance

Shares of ALAB opened at $66.11 on Wednesday. The company’s 50-day moving average price is $44.84 and its 200 day moving average price is $58.60. Astera Labs has a 12-month low of $36.22 and a 12-month high of $95.21.

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

Insiders Place Their Bets

In other news, General Counsel Philip Mazzara sold 42,090 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $40.43, for a total value of $1,701,698.70. Following the sale, the general counsel now directly owns 333,474 shares in the company, valued at $13,482,353.82. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Astera Labs news, Director Manuel Alba sold 37,000 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $50.32, for a total value of $1,861,840.00. Following the transaction, the director now directly owns 498,863 shares in the company, valued at approximately $25,102,786.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Philip Mazzara sold 42,090 shares of Astera Labs stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $40.43, for a total transaction of $1,701,698.70. Following the sale, the general counsel now owns 333,474 shares of the company’s stock, valued at approximately $13,482,353.82. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 276,791 shares of company stock worth $12,933,588.

Institutional Trading of Astera Labs

A number of hedge funds have recently bought and sold shares of ALAB. Amalgamated Bank purchased a new position in shares of Astera Labs during the 2nd quarter worth $74,000. Newbridge Financial Services Group Inc. boosted its stake in Astera Labs by 11,920.0% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 3,005 shares of the company’s stock worth $182,000 after buying an additional 2,980 shares during the last quarter. Legato Capital Management LLC purchased a new stake in Astera Labs in the 2nd quarter valued at about $207,000. Alpine Global Management LLC acquired a new position in shares of Astera Labs during the 1st quarter valued at about $272,000. Finally, Strategic Blueprint LLC purchased a new position in shares of Astera Labs during the 2nd quarter worth about $332,000.

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.