Astera Labs (NASDAQ:ALAB) Sees Strong Trading Volume on Analyst Upgrade

Shares of Astera Labs, Inc. (NASDAQ:ALAB) saw an uptick in trading volume on Wednesday after Morgan Stanley raised their price target on the stock from $74.00 to $94.00. Morgan Stanley currently has an overweight rating on the stock. 3,102,016 shares were traded during trading, an increase of 7% from the previous session’s volume of 2,889,687 shares.The stock last traded at $89.15 and had previously closed at $95.91.

ALAB has been the topic of a number of other reports. Needham & Company LLC restated a “buy” rating and set a $65.00 price objective on shares of Astera Labs in a research note on Wednesday, October 9th. Barclays boosted their price target on shares of Astera Labs from $70.00 to $87.00 and gave the stock an “overweight” rating in a research report on Tuesday. Roth Mkm increased their price objective on shares of Astera Labs from $80.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday. Evercore ISI lowered their price objective on shares of Astera Labs from $98.00 to $80.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft increased 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. Eleven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Astera Labs presently has a consensus rating of “Buy” and an average target price of $92.36.

Insider Activity

In related news, General Counsel Philip Mazzara sold 42,090 shares of Astera Labs stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $40.43, for a total value of $1,701,698.70. Following the transaction, the general counsel now owns 333,474 shares of the company’s stock, valued at approximately $13,482,353.82. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CFO Michael Truett Tate sold 50,000 shares of the stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $47.98, for a total value of $2,399,000.00. Following the completion of the sale, the chief financial officer now owns 829,108 shares in the company, valued at $39,780,601.84. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Philip Mazzara sold 42,090 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $40.43, for a total value of $1,701,698.70. Following the completion of the sale, the general counsel now directly owns 333,474 shares of the company’s stock, valued at approximately $13,482,353.82. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 564,458 shares of company stock valued at $31,970,841 over the last three months.

Institutional Investors Weigh In On Astera Labs

Hedge funds have recently bought and sold shares of the business. Sei Investments Co. acquired a new position in shares of Astera Labs in the 1st quarter valued at about $952,000. Vanguard Group Inc. acquired a new position in Astera Labs in the 1st quarter valued at approximately $127,268,000. Forge First Asset Management Inc. purchased a new stake in Astera Labs in the 1st quarter worth approximately $1,143,000. Price T Rowe Associates Inc. MD acquired a new stake in shares of Astera Labs during the 1st quarter valued at $44,514,000. Finally, Janus Henderson Group PLC purchased a new position in shares of Astera Labs during the 1st quarter valued at $20,025,000.

Astera Labs Stock Up 2.4 %

The stock’s 50 day moving average price is $57.00 and its two-hundred day moving average price is $58.39.

Astera Labs (NASDAQ:ALAB) last posted 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. The firm had revenue of $113.10 million for the quarter, compared to analysts’ expectations of $97.50 million. The firm’s revenue was up 47.1% on a year-over-year basis. Research analysts predict that Astera Labs, Inc. will post -0.54 EPS for the current fiscal 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.