Astera Labs (NASDAQ:ALAB) Coverage Initiated at Citigroup

Equities research analysts at Citigroup assumed coverage on shares of Astera Labs (NASDAQ:ALAB) in a research note issued to investors on Monday, Marketbeat.com reports. The firm set a “buy” rating and a $120.00 price target on the stock. Citigroup’s price objective suggests a potential upside of 38.81% from the stock’s current price.

ALAB has been the subject of a number of other research reports. Deutsche Bank Aktiengesellschaft boosted their price target on Astera Labs from $60.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Stifel Nicolaus boosted their price objective on Astera Labs from $80.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. JPMorgan Chase & Co. boosted their price objective on Astera Labs from $70.00 to $110.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 5th. Craig Hallum boosted their price objective on Astera Labs from $75.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Finally, Evercore ISI lowered their price target on Astera Labs from $98.00 to $80.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Twelve equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $94.67.

Astera Labs Stock Down 2.3 %

Shares of NASDAQ:ALAB opened at $86.45 on Monday. Astera Labs has a fifty-two week low of $36.22 and a fifty-two week high of $100.09. The business has a 50-day moving average of $63.88 and a two-hundred day moving average of $59.02.

Astera Labs (NASDAQ:ALAB) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.06. Astera Labs had a negative return on equity of 15.57% and a negative net margin of 30.69%. The company had revenue of $113.10 million during the quarter, compared to analysts’ expectations of $97.50 million. The company’s quarterly revenue was up 47.1% compared to the same quarter last year. On average, equities analysts predict that Astera Labs will post -0.45 EPS for the current fiscal year.

Insider Activity

In related news, Director Jack R. Lazar sold 2,000 shares of the stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $69.95, for a total transaction of $139,900.00. Following the sale, the director now directly owns 135,000 shares in the company, valued at $9,443,250. This represents a 1.46 % 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 stock in a transaction that occurred on 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 sale, the insider now owns 775,000 shares in the company, valued at approximately $74,857,250. This trade represents a 48.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,408,458 shares of company stock worth $113,124,841.

Institutional Investors Weigh In On Astera Labs

Large investors have recently bought and sold shares of the business. Hollencrest Capital Management bought a new stake in Astera Labs during the 3rd quarter worth approximately $26,000. US Bancorp DE acquired a new position in Astera Labs during the 3rd quarter worth $46,000. First Horizon Advisors Inc. acquired a new position in Astera Labs during the 3rd quarter worth $49,000. Allworth Financial LP lifted its holdings in Astera Labs by 445.5% during the 3rd quarter. Allworth Financial LP now owns 1,091 shares of the company’s stock worth $57,000 after buying an additional 891 shares in the last quarter. Finally, Amalgamated Bank acquired a new position in Astera Labs during the 2nd quarter worth $74,000.

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.