Astera Labs (NASDAQ:ALAB) Hits New 52-Week High Following Analyst Upgrade

Astera Labs, Inc. (NASDAQ:ALAB) reached 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 changing hands. The stock had previously closed at $132.17.

ALAB has been the topic of a number of other research reports. Citigroup initiated coverage on Astera Labs in a research report on Monday, November 18th. They issued a “buy” rating and a $120.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $65.00 price target on shares of Astera Labs in a research report on Wednesday, October 9th. Craig Hallum upped their price objective on Astera Labs from $75.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Barclays boosted their price objective on shares of Astera Labs from $70.00 to $87.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 5th. Finally, Roth Mkm lifted their price target on Astera Labs from $80.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Twelve investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $98.67.

Insider Buying and Selling at Astera Labs

In related news, insider Sanjay Gajendra sold 740,000 shares of the business’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 transaction, the insider now owns 775,000 shares of the company’s stock, valued at $74,857,250. The trade was 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, CFO Michael Truett Tate sold 16,000 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $117.84, for a total transaction of $1,885,440.00. Following the completion of the transaction, the chief financial officer now directly owns 1,412,888 shares in the company, valued at approximately $166,494,721.92. This represents a 1.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,978,119 shares of company stock valued at $186,618,509 in the last quarter.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Hollencrest Capital Management bought a new stake in shares of Astera Labs during the 3rd quarter valued at approximately $26,000. US Bancorp DE acquired a new position in shares of Astera Labs during the third quarter worth $46,000. First Horizon Advisors Inc. bought a new position in shares of Astera Labs in the 3rd quarter valued at $49,000. Allworth Financial LP grew its position in Astera Labs by 445.5% during the 3rd quarter. Allworth Financial LP now owns 1,091 shares of the company’s stock worth $57,000 after acquiring an additional 891 shares during the last quarter. Finally, Amalgamated Bank acquired a new stake in shares of Astera Labs during the second quarter valued at about $74,000. Institutional investors and hedge funds own 60.47% of the company’s stock.

Astera Labs Stock Performance

The company has a fifty day moving average price of $95.41 and a two-hundred day moving average price of $66.44.

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, 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 firm had revenue of $113.10 million during 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. On average, research analysts anticipate that Astera Labs, Inc. will post -0.45 EPS 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.