Astera Labs (NASDAQ:ALAB) Hits New 1-Year High Following Analyst Upgrade

Shares of Astera Labs, Inc. (NASDAQ:ALAB) hit a new 52-week high during mid-day trading on Monday 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 $136.69 and last traded at $136.40, with a volume of 1303768 shares traded. The stock had previously closed at $132.17.

A number of other brokerages also recently commented on ALAB. Barclays lifted their price target on Astera Labs from $70.00 to $87.00 and gave the stock an “overweight” rating in a report on Tuesday, November 5th. JPMorgan Chase & Co. raised their target price on Astera Labs from $70.00 to $110.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. Citigroup assumed 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. Stifel Nicolaus increased their price objective on Astera Labs from $80.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Finally, Roth Mkm lifted their target price on shares of Astera Labs from $80.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Twelve research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $98.67.

Insider Activity at Astera Labs

In related news, insider Sanjay Gajendra sold 740,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $96.59, for a total value of $71,476,600.00. Following the sale, the insider now directly owns 775,000 shares of the company’s stock, valued at $74,857,250. This trade represents a 48.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel Philip Mazzara sold 25,000 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $18,256,257.36. This represents a 7.68 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,978,119 shares of company stock valued at $186,618,509.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ALAB. Hollencrest Capital Management purchased a new position in shares of Astera Labs in the 3rd quarter worth about $26,000. US Bancorp DE bought a new stake in Astera Labs in the 3rd quarter worth approximately $46,000. First Horizon Advisors Inc. purchased a new stake in Astera Labs in the third quarter worth approximately $49,000. Allworth Financial LP boosted its stake in Astera Labs by 445.5% in the third quarter. Allworth Financial LP now owns 1,091 shares of the company’s stock worth $57,000 after buying an additional 891 shares in the last quarter. Finally, Amalgamated Bank bought a new position in Astera Labs during the second quarter valued at approximately $74,000. Institutional investors own 60.47% of the company’s stock.

Astera Labs Stock Performance

The firm’s 50 day simple moving average is $95.41 and its 200 day simple moving average is $66.47.

Astera Labs (NASDAQ:ALAB) last released its quarterly earnings data on Monday, November 4th. The company reported $0.23 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $113.10 million for the quarter, compared to the consensus estimate of $97.50 million. The company’s quarterly revenue was up 47.1% on a year-over-year basis. As a group, sell-side analysts predict 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.