Astera Labs (NASDAQ:ALAB) Shares Gap Up – Still a Buy?

Astera Labs, Inc. (NASDAQ:ALAB)’s share price gapped up before the market opened on Friday . The stock had previously closed at $122.45, but opened at $126.80. Astera Labs shares last traded at $125.96, with a volume of 542,834 shares.

Analysts Set New Price Targets

Several research firms have issued reports on ALAB. Roth Mkm upped their price target on shares of Astera Labs from $80.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Barclays upped their target price on shares of Astera Labs from $70.00 to $87.00 and gave the company an “overweight” rating in a report on Tuesday, November 5th. Stifel Nicolaus raised their target price on shares of Astera Labs from $80.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Citigroup assumed coverage on Astera Labs in a research report on Monday, November 18th. They set a “buy” rating and a $120.00 price target on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $65.00 price objective on shares of Astera Labs in a research report on Wednesday, October 9th. Twelve equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $94.67.

Astera Labs Stock Performance

The company has a fifty day moving average of $88.64 and a two-hundred day moving average of $64.23.

Astera Labs (NASDAQ:ALAB) last released its quarterly 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. Astera Labs had a negative net margin of 30.69% and a negative return on equity of 15.57%. The business had revenue of $113.10 million for the quarter, compared to the consensus estimate of $97.50 million. Astera Labs’s revenue for the quarter was up 47.1% compared to the same quarter last year. Analysts predict that Astera Labs, Inc. will post -0.45 earnings per share for the current year.

Insider Activity at Astera Labs

In other Astera Labs news, Director Manuel Alba sold 11,000 shares of the business’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $117.50, for a total transaction of $1,292,500.00. Following the completion of the transaction, the director now owns 456,863 shares of the company’s stock, valued at approximately $53,681,402.50. The trade was a 2.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michael Truett Tate sold 16,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $117.84, for a total transaction of $1,885,440.00. Following the transaction, the chief financial officer now owns 1,412,888 shares of the company’s stock, valued at approximately $166,494,721.92. This represents a 1.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,154,820 shares of company stock valued at $195,106,438 over the last quarter.

Institutional Trading of Astera Labs

A number of hedge funds have recently made changes to their positions in ALAB. FMR LLC increased its holdings in Astera Labs by 0.7% in the third quarter. FMR LLC now owns 23,504,038 shares of the company’s stock valued at $1,231,377,000 after purchasing an additional 153,491 shares during the period. Fred Alger Management LLC lifted its holdings in Astera Labs by 1,361.0% during the 3rd quarter. Fred Alger Management LLC now owns 2,821,921 shares of the company’s stock worth $147,840,000 after buying an additional 2,628,765 shares during the period. Maverick Capital Ltd. grew its position in shares of Astera Labs by 16.0% in the 3rd quarter. Maverick Capital Ltd. now owns 1,156,230 shares of the company’s stock valued at $60,575,000 after buying an additional 159,480 shares during the last quarter. Westfield Capital Management Co. LP acquired a new stake in shares of Astera Labs in the third quarter valued at about $52,049,000. Finally, The Manufacturers Life Insurance Company raised its position in shares of Astera Labs by 15,477.8% during the third quarter. The Manufacturers Life Insurance Company now owns 879,055 shares of the company’s stock worth $46,054,000 after acquiring an additional 873,412 shares during the last quarter. 60.47% of the stock is owned by institutional investors and hedge funds.

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.