Astera Labs (NASDAQ:ALAB) Trading 2.5% Higher Following Analyst Upgrade

Astera Labs, Inc. (NASDAQ:ALAB) shot up 2.5% during mid-day trading on Friday 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 $128.97 and last traded at $128.45. 851,412 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 3,277,587 shares. The stock had previously closed at $125.28.

A number of other brokerages also recently commented on ALAB. Citigroup started coverage on shares of Astera Labs in a research note on Monday, November 18th. They set a “buy” rating and a $120.00 target price on the stock. Stifel Nicolaus raised their target price on shares of Astera Labs from $80.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Astera Labs from $60.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Roth Mkm upped 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. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $65.00 price objective on shares of Astera Labs in a report on Wednesday, October 9th. Twelve analysts have rated the stock with a buy rating, According to MarketBeat.com, Astera Labs presently has a consensus rating of “Buy” and an average target price of $98.67.

Insider Activity at Astera Labs

In other Astera Labs news, CFO Michael Truett Tate sold 16,000 shares of the company’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $117.84, for a total transaction of $1,885,440.00. Following the completion of the sale, the chief financial officer now directly owns 1,412,888 shares in the company, valued at $166,494,721.92. This represents a 1.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Manuel Alba sold 37,000 shares of Astera Labs stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $50.32, for a total value of $1,861,840.00. Following the completion of the transaction, the director now directly owns 498,863 shares in the company, valued at $25,102,786.16. This represents a 6.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,015,119 shares of company stock worth $188,480,349.

Institutional Investors Weigh In On Astera Labs

A number of large investors have recently modified their holdings of ALAB. Hollencrest Capital Management purchased a new stake in Astera Labs during the 3rd quarter worth approximately $26,000. US Bancorp DE acquired a new position in Astera Labs in the third quarter worth about $46,000. First Horizon Advisors Inc. bought a new stake in Astera Labs in the third quarter valued at about $49,000. Allworth Financial LP raised its stake in Astera Labs by 445.5% during the third quarter. Allworth Financial LP now owns 1,091 shares of the company’s stock valued at $57,000 after buying an additional 891 shares in the last quarter. Finally, Amalgamated Bank bought a new position in Astera Labs during the 2nd quarter worth approximately $74,000. Institutional investors and hedge funds own 60.47% of the company’s stock.

Astera Labs Price Performance

The firm has a 50-day moving average price of $94.10 and a 200 day moving average price of $65.93.

Astera Labs (NASDAQ:ALAB) last issued its earnings results on Monday, November 4th. The company reported $0.23 earnings per share for the quarter, topping 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 company had revenue of $113.10 million for the quarter, compared to analysts’ expectations of $97.50 million. Astera Labs’s revenue for the quarter was up 47.1% compared to the same quarter last year. Research analysts expect that Astera Labs, Inc. will post -0.45 earnings per share 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.