Astera Labs (NASDAQ:ALAB) Reaches New 1-Year High on Analyst Upgrade

Astera Labs, Inc. (NASDAQ:ALAB)’s stock price reached a new 52-week high during trading on Monday after Stifel Nicolaus raised their price target on the stock from $100.00 to $150.00. Stifel Nicolaus currently has a buy rating on the stock. Astera Labs traded as high as $147.39 and last traded at $146.44, with a volume of 680544 shares. The stock had previously closed at $140.93.

A number of other research analysts have also weighed in on the company. Northland Capmk lowered Astera Labs from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 2nd. Citigroup initiated coverage on shares of Astera Labs in a report on Monday, November 18th. They issued a “buy” rating and a $120.00 price target on the stock. Northland Securities cut shares of Astera Labs from an “outperform” rating to a “market perform” rating and lifted their price objective for the company from $100.00 to $120.00 in a research note on Thursday, January 2nd. JPMorgan Chase & Co. increased their price objective on shares of Astera Labs from $70.00 to $110.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 5th. Finally, Morgan Stanley boosted their target price on shares of Astera Labs from $94.00 to $142.00 and gave the company an “overweight” rating in a research report on Friday, December 20th. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $105.75.

Insiders Place Their Bets

In related news, CFO Michael Truett Tate sold 16,000 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $117.84, for a total value of $1,885,440.00. Following the completion of the transaction, the chief financial officer now directly owns 1,412,888 shares of the company’s stock, valued at approximately $166,494,721.92. This represents a 1.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Philip Mazzara sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $60.74, for a total transaction of $1,518,500.00. Following the completion of the transaction, the general counsel now directly owns 300,564 shares in the company, valued at approximately $18,256,257.36. This represents a 7.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,978,119 shares of company stock worth $186,618,509.

Institutional Investors Weigh In On Astera Labs

Hedge funds and other institutional investors have recently bought and sold shares of the company. Hollencrest Capital Management purchased a new position in Astera Labs in the third quarter worth approximately $26,000. US Bancorp DE acquired a new position in shares of Astera Labs in the 3rd quarter valued at $46,000. First Horizon Advisors Inc. purchased a new position in shares of Astera Labs during the 3rd quarter worth $49,000. Allworth Financial LP increased its position in shares of Astera Labs by 445.5% during the 3rd quarter. Allworth Financial LP now owns 1,091 shares of the company’s stock worth $57,000 after purchasing an additional 891 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in Astera Labs by 78.3% in the 4th quarter. GAMMA Investing LLC now owns 510 shares of the company’s stock valued at $68,000 after buying an additional 224 shares during the period. 60.47% of the stock is currently owned by institutional investors and hedge funds.

Astera Labs Price Performance

The stock’s 50-day simple moving average is $111.04 and its 200 day simple moving average is $72.22.

Astera Labs (NASDAQ:ALAB) last announced its earnings results on Monday, November 4th. The company reported $0.23 EPS 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 during the quarter, compared to analysts’ expectations of $97.50 million. Astera Labs’s revenue for the quarter was up 47.1% compared to the same quarter last year. Equities research analysts forecast that Astera Labs, Inc. will post -0.45 EPS for the current fiscal year.

Astera Labs Company Profile

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.