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

Astera Labs, Inc. (NASDAQ:ALAB)’s stock price traded up 2.5% during 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. 851,412 shares were traded during mid-day trading, a decline of 74% from the average session volume of 3,277,587 shares. The stock had previously closed at $125.28.

Other equities analysts also recently issued research reports about the company. Craig Hallum boosted their target price on Astera Labs from $75.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. JPMorgan Chase & Co. boosted their price objective on shares of Astera Labs from $70.00 to $110.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. Citigroup initiated coverage on Astera Labs in a research note on Monday, November 18th. They set a “buy” rating and a $120.00 price target for the company. Roth Mkm upped their price objective on Astera Labs from $80.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. Finally, Stifel Nicolaus upped their price target on shares of Astera Labs from $80.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $98.67.

Insider Buying and Selling at Astera Labs

In other Astera Labs news, Director Jack R. Lazar sold 2,000 shares of the business’s 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 completion of the sale, the director now directly owns 135,000 shares in the company, valued at approximately $9,443,250. The trade was a 1.46 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Manuel Alba sold 37,000 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $50.32, for a total value of $1,861,840.00. Following the transaction, the director now directly owns 498,863 shares of the company’s stock, valued at $25,102,786.16. The trade was a 6.90 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,015,119 shares of company stock valued at $188,480,349.

Hedge Funds Weigh In On Astera Labs

A number of institutional investors and hedge funds have recently bought and sold shares of ALAB. Fred Alger Management LLC increased its holdings in shares of Astera Labs by 1,361.0% in the third quarter. Fred Alger Management LLC now owns 2,821,921 shares of the company’s stock valued at $147,840,000 after purchasing an additional 2,628,765 shares during the last quarter. Westfield Capital Management Co. LP purchased a new stake in shares of Astera Labs in the third quarter valued at about $52,049,000. The Manufacturers Life Insurance Company increased its position in 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 purchasing an additional 873,412 shares during the last quarter. Spyglass Capital Management LLC purchased a new position in Astera Labs during the third quarter worth about $38,565,000. Finally, State Street Corp raised its position in shares of Astera Labs by 173.1% during the 3rd quarter. State Street Corp now owns 698,467 shares of the company’s stock valued at $36,593,000 after buying an additional 442,698 shares during the period. 60.47% of the stock is currently owned by institutional investors and hedge funds.

Astera Labs Price Performance

The business has a fifty day moving average of $94.10 and a 200 day moving average of $65.93.

Astera Labs (NASDAQ:ALAB) last released its quarterly earnings results on Monday, November 4th. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.06. The business had revenue of $113.10 million for 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%. Astera Labs’s revenue for the quarter was up 47.1% compared to the same quarter last year. Equities analysts anticipate that Astera Labs, Inc. will post -0.45 EPS for the current fiscal 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.