Shares of Astera Labs, Inc. (NASDAQ:ALAB – Get Free Report) 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.
Read Our Latest Stock Analysis on ALAB
Insider Activity
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 – Get Free Report) 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.
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