Astera Labs (NASDAQ:ALAB) Hits New 52-Week High Following Analyst Upgrade

Astera Labs, Inc. (NASDAQ:ALAB)’s share price hit a new 52-week high during 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 changing hands. The stock had previously closed at $132.17.

Other equities research analysts have also issued reports about the company. Roth Mkm boosted their price objective on Astera Labs from $80.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Barclays lifted 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. Citigroup started coverage on shares of Astera Labs in a research report on Monday, November 18th. They issued a “buy” rating and a $120.00 price target for the company. Deutsche Bank Aktiengesellschaft raised their price target on Astera Labs from $60.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Finally, Craig Hallum lifted their price target on Astera Labs from $75.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Twelve investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $98.67.

Insider Buying and Selling

In other Astera Labs news, Director Jack R. Lazar sold 3,000 shares of the company’s stock in a transaction dated 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 directly owns 137,000 shares of the company’s stock, valued at approximately $8,451,530. This represents a 2.14 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Stefan A. Dyckerhoff sold 50,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $89.70, for a total transaction of $4,485,000.00. Following the completion of the transaction, the director now owns 129,617 shares in the company, valued at approximately $11,626,644.90. The trade was a 27.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,978,119 shares of company stock worth $186,618,509.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Tidal Investments LLC raised its position in shares of Astera Labs by 81.8% in the 3rd quarter. Tidal Investments LLC now owns 45,298 shares of the company’s stock worth $2,373,000 after purchasing an additional 20,388 shares during the last quarter. Sanctuary Advisors LLC purchased a new stake in Astera Labs in the 3rd quarter worth $203,000. Geode Capital Management LLC increased its holdings in shares of Astera Labs by 0.8% in the 3rd quarter. Geode Capital Management LLC now owns 444,887 shares of the company’s stock worth $23,312,000 after buying an additional 3,628 shares during the last quarter. M&T Bank Corp purchased a new position in shares of Astera Labs during the 3rd quarter worth about $322,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in Astera Labs during the 3rd quarter valued at about $3,425,000. 60.47% of the stock is owned by institutional investors.

Astera Labs Price Performance

The firm’s fifty day moving average price is $96.82 and its 200 day moving average price is $66.98.

Astera Labs (NASDAQ:ALAB) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $113.10 million during the quarter, compared to the consensus estimate of $97.50 million. The business’s quarterly revenue was up 47.1% on a year-over-year basis. On average, sell-side analysts expect that Astera Labs, Inc. will post -0.45 earnings per share 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.