Astera Labs (NASDAQ:ALAB) Shares Gap Up Following Analyst Upgrade

Astera Labs, Inc. (NASDAQ:ALAB)’s stock price gapped up before the market opened on Wednesday after Morgan Stanley raised their price target on the stock from $55.00 to $74.00. The stock had previously closed at $52.96, but opened at $61.16. Morgan Stanley currently has an overweight rating on the stock. Astera Labs shares last traded at $61.08, with a volume of 4,814,848 shares.

Several other research firms have also recently weighed in on ALAB. Roth Mkm decreased their target price on Astera Labs from $85.00 to $60.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Stifel Nicolaus reduced their price objective on shares of Astera Labs from $87.00 to $80.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Evercore ISI dropped their target price on shares of Astera Labs from $98.00 to $80.00 and set an “outperform” rating on the stock in a research 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 on the stock in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Astera Labs from $95.00 to $70.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Eleven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Astera Labs has a consensus rating of “Buy” and a consensus price target of $73.09.

Insiders Place Their Bets

In related news, CFO Michael Truett Tate sold 50,000 shares of the business’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $47.98, for a total value of $2,399,000.00. Following the transaction, the chief financial officer now owns 829,108 shares in the company, valued at $39,780,601.84. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CFO Michael Truett Tate sold 50,000 shares of the stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $47.98, for a total transaction of $2,399,000.00. Following the completion of the sale, the chief financial officer now directly owns 829,108 shares of the company’s stock, valued at $39,780,601.84. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Philip Mazzara sold 42,090 shares of Astera Labs stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $40.43, for a total transaction of $1,701,698.70. Following the completion of the transaction, the general counsel now owns 333,474 shares in the company, 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. In the last three months, insiders have sold 276,791 shares of company stock valued at $12,933,588.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Amalgamated Bank acquired a new stake in Astera Labs in the second quarter valued at about $74,000. Newbridge Financial Services Group Inc. lifted its holdings in shares of 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 valued at $182,000 after buying an additional 2,980 shares during the period. Legato Capital Management LLC purchased a new stake in shares of Astera Labs in the second quarter valued at approximately $207,000. Alpine Global Management LLC acquired a new position in Astera Labs during the first quarter worth $272,000. Finally, Strategic Blueprint LLC purchased a new position in Astera Labs in the second quarter worth $332,000.

Astera Labs Price Performance

The company has a 50-day simple moving average of $44.84 and a 200-day simple moving average of $58.60.

Astera Labs (NASDAQ:ALAB) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The company had revenue of $76.90 million during the quarter, compared to analysts’ expectations of $72.41 million. The company’s revenue was up 17.8% on a year-over-year basis. As a group, equities analysts expect that Astera Labs, Inc. will post -0.54 EPS for the current fiscal year.

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.