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

Astera Labs, Inc. (NASDAQ:ALAB) shares rose 2.5% during mid-day 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. Approximately 851,412 shares changed hands during trading, a decline of 74% from the average daily volume of 3,277,587 shares. The stock had previously closed at $125.28.

Several other analysts have also weighed in on ALAB. JPMorgan Chase & Co. increased their price target on Astera Labs from $70.00 to $110.00 and gave the company an “overweight” rating in a report on Tuesday, November 5th. 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 report on Tuesday, November 5th. Needham & Company LLC restated a “buy” rating and set a $65.00 price target on shares of Astera Labs in a report on Wednesday, October 9th. Barclays increased their price target on Astera Labs from $70.00 to $87.00 and gave the company an “overweight” rating in a report on Tuesday, November 5th. Finally, Craig Hallum increased their price target on Astera Labs from $75.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Twelve analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $98.67.

Insiders Place Their Bets

In other news, insider Sanjay Gajendra sold 110,000 shares of the stock in a transaction on Friday, October 11th. The stock was sold at an average price of $69.47, for a total transaction of $7,641,700.00. Following the transaction, the insider now owns 835,000 shares of the company’s stock, valued at approximately $58,007,450. This represents a 11.64 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Manuel Alba sold 11,000 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $117.50, for a total value of $1,292,500.00. Following the transaction, the director now directly owns 456,863 shares in the company, valued at $53,681,402.50. The trade was a 2.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,015,119 shares of company stock worth $188,480,349 over the last quarter.

Hedge Funds Weigh In On Astera Labs

Hedge funds and other institutional investors have recently made changes to their positions in the company. Tidal Investments LLC grew its position in shares of Astera Labs by 81.8% during the 3rd quarter. Tidal Investments LLC now owns 45,298 shares of the company’s stock worth $2,373,000 after buying an additional 20,388 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Astera Labs during the 3rd quarter worth $530,000. Avior Wealth Management LLC bought a new stake in Astera Labs during the third quarter valued at about $361,000. Maverick Capital Ltd. boosted its position in Astera Labs by 16.0% during the third quarter. Maverick Capital Ltd. now owns 1,156,230 shares of the company’s stock valued at $60,575,000 after purchasing an additional 159,480 shares in the last quarter. Finally, Meeder Asset Management Inc. bought a new stake in Astera Labs during the third quarter valued at about $1,141,000. Institutional investors own 60.47% of the company’s stock.

Astera Labs Stock Performance

The business has a 50-day moving average of $95.41 and a two-hundred day moving average of $66.44.

Astera Labs (NASDAQ:ALAB) last issued its quarterly earnings data on Monday, November 4th. The company reported $0.23 earnings per share for the quarter, beating 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 for the quarter, compared to the consensus estimate of $97.50 million. The company’s revenue was up 47.1% on a year-over-year basis. On average, equities 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.