Citigroup Initiates Coverage on Astera Labs (NASDAQ:ALAB)

Equities researchers at Citigroup began coverage on shares of Astera Labs (NASDAQ:ALAB) in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. The firm set a “buy” rating and a $120.00 price target on the stock. Citigroup’s price objective indicates a potential upside of 38.81% from the stock’s previous close.

A number of other research firms have also recently commented on ALAB. JPMorgan Chase & Co. upped their price objective on shares of Astera Labs from $70.00 to $110.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. Needham & Company LLC restated a “buy” rating and issued a $65.00 price objective on shares of Astera Labs in a research report on Wednesday, October 9th. Barclays upped their price objective 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. Roth Mkm increased their target price on Astera Labs from $80.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Finally, Evercore ISI lowered their target price on Astera Labs from $98.00 to $80.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Twelve equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $94.67.

Astera Labs Price Performance

ALAB stock opened at $86.45 on Monday. The business’s fifty day moving average is $63.88 and its 200-day moving average is $59.02. Astera Labs has a twelve month low of $36.22 and a twelve month high of $100.09.

Astera Labs (NASDAQ:ALAB) last released its quarterly earnings data on Monday, November 4th. The company reported $0.23 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $97.50 million. The company’s quarterly revenue was up 47.1% on a year-over-year basis. On average, equities research analysts forecast that Astera Labs will post -0.45 EPS for the current year.

Insider Activity

In related news, CEO Jitendra Mohan sold 47,667 shares of the firm’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $70.26, for a total value of $3,349,083.42. Following the completion of the sale, the chief executive officer now directly owns 728,420 shares in the company, valued at approximately $51,178,789.20. This trade represents a 6.14 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jack R. Lazar sold 2,000 shares of the firm’s 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 owns 135,000 shares of the company’s stock, valued at $9,443,250. This trade represents a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,408,458 shares of company stock worth $113,124,841 in the last quarter.

Institutional Investors Weigh In On Astera Labs

Several hedge funds have recently bought and sold shares of the stock. Strategic Blueprint LLC lifted its position in Astera Labs by 3.6% during the third quarter. Strategic Blueprint LLC now owns 5,684 shares of the company’s stock worth $298,000 after acquiring an additional 195 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Astera Labs by 5.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,284 shares of the company’s stock worth $277,000 after acquiring an additional 284 shares during the last quarter. Hollencrest Capital Management acquired a new stake in Astera Labs during the third quarter worth approximately $26,000. Venturi Wealth Management LLC lifted its position in Astera Labs by 26.3% during the third quarter. Venturi Wealth Management LLC now owns 2,400 shares of the company’s stock worth $126,000 after acquiring an additional 500 shares during the last quarter. Finally, US Bancorp DE acquired a new stake in Astera Labs during the third quarter worth approximately $46,000.

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.