Astera Labs (NASDAQ:ALAB) Stock Price Up 2.5% on Analyst Upgrade

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

ALAB has been the topic of several other research reports. Barclays boosted their price target on shares of Astera Labs from $70.00 to $87.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. Craig Hallum raised their price target on Astera Labs from $75.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Citigroup began coverage on shares of Astera Labs in a report on Monday, November 18th. They issued a “buy” rating and a $120.00 price objective for the company. Deutsche Bank Aktiengesellschaft upped their price target on Astera Labs from $60.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Finally, Roth Mkm increased their price objective on shares of Astera Labs from $80.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. Twelve analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $98.67.

Insider Activity

In other news, insider Sanjay Gajendra sold 740,000 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $96.59, for a total transaction of $71,476,600.00. Following the completion of the sale, the insider now owns 775,000 shares in the company, valued at $74,857,250. This represents a 48.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jack R. Lazar sold 2,000 shares of Astera Labs stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $69.95, for a total transaction of $139,900.00. Following the completion of the sale, the director now directly owns 135,000 shares in the company, valued at approximately $9,443,250. The trade was a 1.46 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,015,119 shares of company stock valued at $188,480,349.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ALAB. Tidal Investments LLC lifted its holdings in shares of Astera Labs by 81.8% in 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 in the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of Astera Labs during the 3rd quarter valued at $203,000. Geode Capital Management LLC grew its position in Astera Labs by 0.8% during the third quarter. Geode Capital Management LLC now owns 444,887 shares of the company’s stock valued at $23,312,000 after acquiring an additional 3,628 shares during the period. M&T Bank Corp purchased a new stake in shares of Astera Labs during the 3rd quarter worth about $322,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of Astera Labs in the third quarter worth $3,425,000. 60.47% of the stock is owned by hedge funds and other institutional investors.

Astera Labs Price Performance

The firm has a fifty day moving average of $95.41 and a 200-day moving average of $66.41.

Astera Labs (NASDAQ:ALAB) last released its quarterly earnings results on Monday, November 4th. The company reported $0.23 earnings per share (EPS) 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 the consensus estimate of $97.50 million. The company’s revenue for the quarter was up 47.1% compared to the same quarter last year. Equities analysts anticipate that Astera Labs, Inc. will post -0.45 earnings per share 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.