Northland Capmk Upgrades Astera Labs (NASDAQ:ALAB) to Strong-Buy

Astera Labs (NASDAQ:ALAB) was upgraded by stock analysts at Northland Capmk from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Several other research firms have also recently issued reports on ALAB. Craig Hallum raised their price objective on Astera Labs from $75.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. JPMorgan Chase & Co. lifted their price target on Astera Labs from $70.00 to $110.00 and gave the company an “overweight” rating in a report on Tuesday, November 5th. Stifel Nicolaus upped their price objective on shares of Astera Labs from $100.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Needham & Company LLC reissued a “buy” rating and issued a $65.00 target price on shares of Astera Labs in a research report on Wednesday, October 9th. Finally, Morgan Stanley dropped their price target on shares of Astera Labs from $142.00 to $114.00 and set an “equal weight” rating for the company in a research report on Tuesday. One research analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Astera Labs currently has an average rating of “Buy” and a consensus price target of $107.42.

Astera Labs Stock Performance

NASDAQ:ALAB opened at $90.43 on Tuesday. Astera Labs has a 12-month low of $36.22 and a 12-month high of $147.39. The company’s 50-day moving average is $122.75 and its two-hundred day moving average is $79.52.

Astera Labs (NASDAQ:ALAB) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.23 earnings per share (EPS) for the quarter, beating 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 business had revenue of $113.10 million for the quarter, compared to the consensus estimate of $97.50 million. The business’s revenue was up 47.1% compared to the same quarter last year. Analysts forecast that Astera Labs will post -0.45 earnings per share for the current fiscal year.

Insider Transactions at Astera Labs

In other Astera Labs news, CEO Jitendra Mohan sold 171,064 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $103.53, for a total transaction of $17,710,255.92. Following the transaction, the chief executive officer now owns 628,895 shares in the company, valued at $65,109,499.35. The trade was a 21.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Sanjay Gajendra sold 740,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $96.59, for a total value of $71,476,600.00. Following the completion of the sale, the insider now directly owns 775,000 shares of the company’s stock, valued at $74,857,250. The trade was a 48.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,690,452 shares of company stock valued at $167,581,256 over the last 90 days.

Hedge Funds Weigh In On Astera Labs

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC acquired a new stake in Astera Labs in the second quarter valued at approximately $1,337,000. Amalgamated Bank purchased a new stake in Astera Labs during the 2nd quarter worth $74,000. Marshall Wace LLP acquired a new position in Astera Labs in the 2nd quarter worth $2,351,000. Millennium Management LLC lifted its holdings in Astera Labs by 136.4% in the 2nd quarter. Millennium Management LLC now owns 278,051 shares of the company’s stock worth $16,825,000 after buying an additional 160,417 shares in the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new position in Astera Labs in the 2nd quarter valued at about $341,000. 60.47% of the stock is owned by institutional investors and hedge funds.

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.