Astera Labs (NASDAQ:ALAB) Trading 2.5% Higher on Analyst Upgrade

Astera Labs, Inc. (NASDAQ:ALAB) was up 2.5% during mid-day trading on Friday after Morgan Stanley raised their price target on the stock from $94.00 to $142.00. Morgan Stanley currently has an overweight rating on the stock. Astera Labs traded as high as $128.97 and last traded at $128.45. Approximately 851,412 shares were traded during trading, a decline of 74% from the average daily volume of 3,277,587 shares. The stock had previously closed at $125.28.

Several other brokerages also recently issued reports on ALAB. Deutsche Bank Aktiengesellschaft raised their price target on Astera Labs from $60.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Craig Hallum upped their price target on shares of Astera Labs from $75.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Barclays upped their price objective on Astera Labs from $70.00 to $87.00 and gave the company an “overweight” rating in a report on Tuesday, November 5th. Roth Mkm raised their target price on shares of Astera Labs from $80.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Finally, Citigroup assumed coverage on Astera Labs in a research report on Monday, November 18th. They issued a “buy” rating and a $120.00 price target for the company. Twelve analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $98.67.

Insider Activity at Astera Labs

In other Astera Labs news, CFO Michael Truett Tate sold 16,000 shares of the business’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $117.84, for a total transaction of $1,885,440.00. Following the completion of the transaction, the chief financial officer now owns 1,412,888 shares of the company’s stock, valued at $166,494,721.92. The trade was a 1.12 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sanjay Gajendra sold 740,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $96.59, for a total value of $71,476,600.00. Following the transaction, the insider now directly owns 775,000 shares of the company’s stock, valued at $74,857,250. This represents a 48.84 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,015,119 shares of company stock valued at $188,480,349.

Institutional Investors Weigh In On Astera Labs

Hedge funds have recently modified their holdings of the business. Tidal Investments LLC raised its position in shares of Astera Labs by 81.8% during the third quarter. Tidal Investments LLC now owns 45,298 shares of the company’s stock valued at $2,373,000 after buying an additional 20,388 shares during the last quarter. Sanctuary Advisors LLC bought a new position in shares of Astera Labs during the 3rd quarter worth approximately $203,000. Geode Capital Management LLC boosted its stake in shares of Astera Labs by 0.8% in the 3rd quarter. Geode Capital Management LLC now owns 444,887 shares of the company’s stock valued at $23,312,000 after purchasing an additional 3,628 shares in the last quarter. M&T Bank Corp bought a new stake in Astera Labs during the third quarter worth about $322,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in Astera Labs during the 3rd quarter worth approximately $3,425,000. 60.47% of the stock is owned by institutional investors.

Astera Labs Stock Up 5.5 %

The stock has a 50 day moving average price of $95.41 and a two-hundred day moving average price of $66.41.

Astera Labs (NASDAQ:ALAB) last released its earnings results on Monday, November 4th. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.17 by $0.06. The company had revenue of $113.10 million during the quarter, compared to analysts’ expectations of $97.50 million. Astera Labs had a negative return on equity of 15.57% and a negative net margin of 30.69%. The firm’s revenue for the quarter was up 47.1% compared to the same quarter last year. Sell-side analysts predict that Astera Labs, Inc. will post -0.45 EPS for the current year.

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.