Astera Labs (NASDAQ:ALAB) Sets New 52-Week High After Analyst Upgrade

Shares of Astera Labs, Inc. (NASDAQ:ALAB) hit a new 52-week high during mid-day trading on Monday 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 $136.69 and last traded at $136.40, with a volume of 1303768 shares trading hands. The stock had previously closed at $132.17.

A number of other equities analysts also recently weighed in on the stock. JPMorgan Chase & Co. lifted their target price on shares of Astera Labs from $70.00 to $110.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 5th. Citigroup started coverage on Astera Labs in a research note on Monday, November 18th. They issued a “buy” rating and a $120.00 target price for the company. Roth Mkm upped their price objective on Astera Labs from $80.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Needham & Company LLC reiterated a “buy” rating and issued a $65.00 price objective on shares of Astera Labs in a report on Wednesday, October 9th. Finally, Stifel Nicolaus increased their price target on shares of Astera Labs from $80.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Twelve analysts have rated the stock with a buy rating, According to MarketBeat.com, Astera Labs has an average rating of “Buy” and an average price target of $98.67.

Insider Activity at Astera Labs

In related news, Director Jack R. Lazar sold 3,000 shares of Astera Labs stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $61.69, for a total value of $185,070.00. Following the completion of the sale, the director now owns 137,000 shares of the company’s stock, valued at approximately $8,451,530. The trade was a 2.14 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jitendra Mohan sold 47,667 shares of the company’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $70.26, for a total transaction of $3,349,083.42. Following the completion of the sale, the chief executive officer now directly owns 728,420 shares in the company, valued at approximately $51,178,789.20. The trade was a 6.14 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,978,119 shares of company stock valued at $186,618,509.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Strategic Blueprint LLC raised its position in Astera Labs by 3.6% during the third quarter. Strategic Blueprint LLC now owns 5,684 shares of the company’s stock valued at $298,000 after purchasing an additional 195 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Astera Labs by 5.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,284 shares of the company’s stock worth $277,000 after purchasing an additional 284 shares during the last quarter. Hollencrest Capital Management bought a new position in Astera Labs in the 3rd quarter worth about $26,000. Venturi Wealth Management LLC lifted its holdings in shares of Astera Labs by 26.3% during the 3rd quarter. Venturi Wealth Management LLC now owns 2,400 shares of the company’s stock worth $126,000 after acquiring an additional 500 shares during the last quarter. Finally, US Bancorp DE bought a new stake in shares of Astera Labs in the 3rd quarter valued at about $46,000. 60.47% of the stock is currently owned by institutional investors.

Astera Labs Stock Performance

The business has a fifty day moving average of $96.82 and a 200 day moving average of $66.98.

Astera Labs (NASDAQ:ALAB) last posted its earnings results on Monday, November 4th. The company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.06. The business had revenue of $113.10 million during the quarter, compared to the consensus estimate of $97.50 million. Astera Labs had a negative net margin of 30.69% and a negative return on equity of 15.57%. The company’s revenue for the quarter was up 47.1% on a year-over-year basis. On average, research analysts expect that Astera Labs, Inc. will post -0.45 EPS for the current 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.