Astera Labs (NASDAQ:ALAB) Stock Rating Reaffirmed by Needham & Company LLC

Astera Labs (NASDAQ:ALAB)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday, Benzinga reports. They presently have a $65.00 price target on the stock. Needham & Company LLC’s price target would suggest a potential downside of 1.68% from the company’s previous close.

ALAB has been the topic of several other research reports. Morgan Stanley raised their target price on shares of Astera Labs from $55.00 to $74.00 and gave the company an “overweight” rating in a research note on Wednesday. JPMorgan Chase & Co. lowered their target price on shares of Astera Labs from $95.00 to $70.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. Roth Mkm cut 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. Evercore ISI dropped their price objective on Astera Labs from $98.00 to $80.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Finally, Stifel Nicolaus reduced their target price on Astera Labs from $87.00 to $80.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Astera Labs has a consensus rating of “Buy” and an average target price of $73.09.

Astera Labs Price Performance

Shares of Astera Labs stock opened at $66.11 on Wednesday. The firm has a 50 day simple moving average of $44.84 and a 200 day simple moving average of $58.60. Astera Labs has a fifty-two week low of $36.22 and a fifty-two week high of $95.21.

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

Insider Buying and Selling

In other Astera Labs news, Director Manuel Alba sold 37,000 shares of Astera Labs stock in a transaction that occurred on 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 owns 498,863 shares of the company’s stock, valued at approximately $25,102,786.16. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Astera Labs news, Director Manuel Alba sold 37,000 shares of Astera Labs stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $50.32, for a total value of $1,861,840.00. Following the sale, the director now owns 498,863 shares of the company’s stock, valued at $25,102,786.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Sanjay Gajendra sold 76,701 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $45.32, for a total value of $3,476,089.32. Following the transaction, the insider now directly owns 855,000 shares of the company’s stock, valued at $38,748,600. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 276,791 shares of company stock valued at $12,933,588.

Institutional Trading of Astera Labs

A number of institutional investors have recently made changes to their positions in the business. Amalgamated Bank bought a new position in Astera Labs in the second quarter valued at $74,000. Newbridge Financial Services Group Inc. boosted its stake in shares of Astera Labs by 11,920.0% during 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 bought a new position in shares of Astera Labs in the 2nd quarter valued at about $207,000. Alpine Global Management LLC acquired a new stake in shares of Astera Labs in the first quarter valued at about $272,000. Finally, Strategic Blueprint LLC bought a new stake in Astera Labs during the second 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.