Astera Labs (NASDAQ:ALAB) Downgraded to Hold Rating by Northland Capmk

Northland Capmk cut shares of Astera Labs (NASDAQ:ALAB) from a strong-buy rating to a hold rating in a research report report published on Thursday,Zacks.com reports.

Several other equities analysts also recently issued reports on the company. Citigroup initiated coverage on Astera Labs in a research report on Monday, November 18th. They issued a “buy” rating and a $120.00 price objective for the company. Craig Hallum lifted 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. Morgan Stanley upped their price target on shares of Astera Labs from $94.00 to $142.00 and gave the stock an “overweight” rating in a research report on Friday, December 20th. JPMorgan Chase & Co. raised 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. Finally, Northland Securities downgraded shares of Astera Labs from an “outperform” rating to a “market perform” rating and boosted their target price for the stock from $100.00 to $120.00 in a research note on Thursday. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $101.58.

Astera Labs Stock Performance

Shares of NASDAQ:ALAB opened at $134.63 on Thursday. The company’s fifty day moving average is $108.26 and its 200-day moving average is $71.06. Astera Labs has a 52 week low of $36.22 and a 52 week high of $147.36.

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, topping the consensus estimate of $0.17 by $0.06. Astera Labs had a negative net margin of 30.69% and a negative return on equity of 15.57%. The firm had revenue of $113.10 million for the quarter, compared to analysts’ expectations of $97.50 million. The firm’s quarterly revenue was up 47.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Astera Labs will post -0.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Astera Labs

In other news, CEO Jitendra Mohan sold 47,667 shares of the company’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $70.26, for a total value of $3,349,083.42. Following the completion of the sale, the chief executive officer now directly owns 728,420 shares of the company’s stock, valued at $51,178,789.20. This represents a 6.14 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Michael Truett Tate sold 16,000 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $117.84, for a total transaction of $1,885,440.00. Following the completion of the sale, the chief financial officer now owns 1,412,888 shares in the company, valued at $166,494,721.92. This represents a 1.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,978,119 shares of company stock valued at $186,618,509.

Hedge Funds Weigh In On Astera Labs

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp bought a new position in shares of Astera Labs during the 2nd quarter valued at about $8,361,000. Rhumbline Advisers bought a new position in Astera Labs in the second quarter valued at approximately $1,009,000. Victory Capital Management Inc. acquired a new position in shares of Astera Labs in the second quarter valued at approximately $815,000. Ground Swell Capital LLC bought a new stake in shares of Astera Labs during the second quarter worth $524,000. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of Astera Labs by 2.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 91,408 shares of the company’s stock worth $5,531,000 after acquiring an additional 2,343 shares during the period. 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.