Astera Labs (NASDAQ:ALAB) Stock Price Up 4.7% – Still a Buy?

Astera Labs, Inc. (NASDAQ:ALAB) shares shot up 4.7% during mid-day trading on Tuesday . The company traded as high as $94.74 and last traded at $94.64. 865,538 shares traded hands during trading, a decline of 72% from the average session volume of 3,054,158 shares. The stock had previously closed at $90.38.

Analysts Set New Price Targets

ALAB has been the subject of a number of recent research reports. Barclays increased their price objective on shares of Astera Labs from $70.00 to $87.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Citigroup started coverage on Astera Labs in a report on Monday. They set a “buy” rating and a $120.00 price objective on the stock. Needham & Company LLC reissued a “buy” rating and issued a $65.00 target price on shares of Astera Labs in a report on Wednesday, October 9th. Craig Hallum boosted their price target on Astera Labs from $75.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Finally, Evercore ISI dropped their price objective on Astera Labs from $98.00 to $80.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $94.67.

Astera Labs Trading Up 5.9 %

The business’s 50-day simple moving average is $64.93 and its 200-day simple moving average is $59.10.

Astera Labs (NASDAQ:ALAB) last released its earnings results on Monday, November 4th. The company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.06. The firm had revenue of $113.10 million during the quarter, compared to analyst estimates of $97.50 million. Astera Labs had a negative net margin of 30.69% and a negative return on equity of 15.57%. The business’s quarterly revenue was up 47.1% compared to the same quarter last year. Equities research analysts anticipate that Astera Labs, Inc. will post -0.45 earnings per share for the current year.

Insider Buying and Selling at Astera Labs

In related news, insider Sanjay Gajendra sold 740,000 shares of Astera Labs stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $96.59, for a total transaction of $71,476,600.00. Following the transaction, the insider now owns 775,000 shares of the company’s stock, valued at $74,857,250. This trade represents a 48.84 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jitendra Mohan sold 47,667 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $70.26, for a total transaction of $3,349,083.42. Following the completion of the sale, the chief executive officer now directly owns 728,420 shares of the company’s stock, valued at $51,178,789.20. The trade was a 6.14 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,408,458 shares of company stock valued at $113,124,841.

Institutional Investors Weigh In On Astera Labs

Large investors have recently modified their holdings of the business. Strategic Blueprint LLC boosted its stake in Astera Labs by 3.6% in the 3rd quarter. Strategic Blueprint LLC now owns 5,684 shares of the company’s stock worth $298,000 after purchasing an additional 195 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Astera Labs by 5.7% in 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 valued at $277,000 after purchasing an additional 284 shares in the last quarter. Hollencrest Capital Management acquired a new position in shares of Astera Labs during the third quarter worth about $26,000. Venturi Wealth Management LLC grew its holdings in shares of 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 buying an additional 500 shares in the last quarter. Finally, US Bancorp DE acquired a new stake in Astera Labs in the 3rd quarter valued at approximately $46,000.

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.