Astera Labs (NASDAQ:ALAB) Cut to Market Perform at Northland Securities

Northland Securities lowered shares of Astera Labs (NASDAQ:ALAB) from an outperform rating to a market perform rating in a research note released on Thursday morning, MarketBeat Ratings reports. Northland Securities currently has $120.00 price target on the stock, up from their prior price target of $100.00.

A number of other equities research analysts have also recently issued reports on ALAB. Barclays raised their target price on Astera Labs from $70.00 to $87.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. JPMorgan Chase & Co. lifted 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. Stifel Nicolaus boosted their target price on shares of Astera Labs from $80.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Morgan Stanley raised their price target on shares of Astera Labs from $94.00 to $142.00 and gave the company an “overweight” rating in a research note on Friday, December 20th. Finally, 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 report on Tuesday, November 5th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $101.58.

Astera Labs Trading Up 1.6 %

ALAB opened at $134.63 on Thursday. The company’s 50-day moving average price is $108.26 and its 200 day moving average price is $71.06. Astera Labs has a fifty-two week low of $36.22 and a fifty-two week high of $147.36.

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. The business had revenue of $113.10 million for the quarter, compared to analysts’ expectations of $97.50 million. Astera Labs had a negative return on equity of 15.57% and a negative net margin of 30.69%. The firm’s revenue was up 47.1% compared to the same quarter last year. Equities analysts expect that Astera Labs will post -0.45 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Sanjay Gajendra sold 110,000 shares of Astera Labs stock in a transaction dated 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 directly owns 835,000 shares of the company’s stock, valued at $58,007,450. The trade was a 11.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Manuel Alba sold 11,000 shares of the business’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $117.50, for a total transaction of $1,292,500.00. Following the completion of the sale, the director now owns 456,863 shares in the company, valued at approximately $53,681,402.50. This trade represents a 2.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,978,119 shares of company stock worth $186,618,509 over the last ninety days.

Hedge Funds Weigh In On Astera Labs

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

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.