Astera Labs (NASDAQ:ALAB) Shares Gap Up Following Analyst Upgrade

Shares of Astera Labs, Inc. (NASDAQ:ALAB) gapped up prior to trading on Wednesday after Morgan Stanley raised their price target on the stock from $55.00 to $74.00. The stock had previously closed at $52.96, but opened at $61.16. Morgan Stanley currently has an overweight rating on the stock. Astera Labs shares last traded at $61.08, with a volume of 4,814,848 shares trading hands.

Other equities analysts have also issued research reports about the company. Roth Mkm cut their price target on Astera Labs from $85.00 to $60.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Stifel Nicolaus dropped their price target on Astera Labs from $87.00 to $80.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Barclays dropped their price target on Astera Labs from $85.00 to $70.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Needham & Company LLC decreased their price objective on Astera Labs from $85.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Finally, Evercore ISI decreased their price objective on Astera Labs from $98.00 to $80.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $73.09.

Insider Activity

In related news, General Counsel Philip Mazzara sold 8,000 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $43.12, for a total value of $344,960.00. Following the transaction, the general counsel now owns 325,474 shares of the company’s stock, valued at $14,034,438.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, General Counsel Philip Mazzara sold 8,000 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $43.12, for a total value of $344,960.00. Following the transaction, the general counsel now owns 325,474 shares of the company’s stock, valued at $14,034,438.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Manuel Alba sold 63,000 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $50.00, for a total value of $3,150,000.00. Following the transaction, the director now directly owns 506,863 shares in the company, valued at approximately $25,343,150. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 276,791 shares of company stock worth $12,933,588.

Institutional Investors Weigh In On Astera Labs

Several hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC acquired a new stake in shares of Astera Labs during the third quarter worth about $594,000. Newbridge Financial Services Group Inc. boosted its stake in shares of Astera Labs by 11,920.0% during the second quarter. Newbridge Financial Services Group Inc. now owns 3,005 shares of the company’s stock worth $182,000 after buying an additional 2,980 shares during the period. Sycomore Asset Management acquired a new stake in shares of Astera Labs during the second quarter worth about $2,038,000. Truist Financial Corp acquired a new stake in Astera Labs in the second quarter valued at about $353,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Astera Labs in the second quarter valued at about $341,000.

Astera Labs Price Performance

The stock’s 50-day moving average is $44.50 and its 200 day moving average is $58.59.

Astera Labs (NASDAQ:ALAB) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The company had revenue of $76.90 million for the quarter, compared to analyst estimates of $72.41 million. The company’s revenue for the quarter was up 17.8% on a year-over-year basis. Equities analysts forecast that Astera Labs, Inc. will post -0.54 EPS for the current 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.