Astera Labs, Inc. (NASDAQ:ALAB) Given Consensus Rating of "Buy" by Brokerages

Shares of Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report) have earned an average recommendation of "Buy" from the twelve research firms that are presently covering the stock, MarketBeat reports. Twelve analysts have rated the stock with a buy rating. The average twelve-month target price among analysts that have covered the stock in the last year is $94.67.

A number of equities analysts have recently commented on the stock. Barclays raised their target price on shares of Astera Labs from $70.00 to $87.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 5th. Morgan Stanley raised their price objective on Astera Labs from $74.00 to $94.00 and gave the stock an "overweight" rating in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft increased their price target on Astera Labs from $60.00 to $100.00 and gave the stock a "buy" rating in a research report on Tuesday, November 5th. Roth Mkm raised their price target on Astera Labs from $80.00 to $105.00 and gave the company a "buy" rating in a research note on Tuesday, November 5th. Finally, Citigroup started coverage on shares of Astera Labs in a research note on Monday, November 18th. They issued a "buy" rating and a $120.00 price objective for the company.

Astera Labs Price Performance

Shares of ALAB stock traded up $2.54 on Tuesday, reaching $109.85. 555,764 shares of the company's stock were exchanged, compared to its average volume of 3,155,244. The company's fifty day simple moving average is $70.87 and its 200 day simple moving average is $60.05. Astera Labs has a 52 week low of $36.22 and a 52 week high of $113.85.

Astera Labs (NASDAQ:ALAB - Get Free Report) last released its earnings results on Monday, November 4th. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.06. The business had revenue of $113.10 million during the quarter, compared to the consensus estimate of $97.50 million. Astera Labs had a negative return on equity of 15.57% and a negative net margin of 30.69%. The firm's revenue for the quarter was up 47.1% on a year-over-year basis. As a group, sell-side analysts predict that Astera Labs will post -0.45 earnings per share for the current year.

Insider Buying and Selling

In other Astera Labs news, insider Sanjay Gajendra sold 76,701 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $45.32, for a total value of $3,476,089.32. Following the completion of the sale, the insider now directly owns 855,000 shares in the company, valued at approximately $38,748,600. This trade represents a 8.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Michael Truett Tate sold 50,000 shares of the company's stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $47.98, for a total transaction of $2,399,000.00. Following the transaction, the chief financial officer now owns 829,108 shares in the company, valued at approximately $39,780,601.84. This trade represents a 5.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,736,640 shares of company stock worth $147,545,808 in the last 90 days.

Hedge Funds Weigh In On Astera Labs

Several institutional investors and hedge funds have recently modified their holdings of ALAB. Fred Alger Management LLC lifted its holdings in Astera Labs by 1,361.0% during the third quarter. Fred Alger Management LLC now owns 2,821,921 shares of the company's stock valued at $147,840,000 after purchasing an additional 2,628,765 shares in the last quarter. Vanguard Group Inc. acquired a new stake in Astera Labs in the 1st quarter worth about $127,268,000. Westfield Capital Management Co. LP purchased a new stake in Astera Labs during the 3rd quarter worth approximately $52,049,000. The Manufacturers Life Insurance Company increased its stake in Astera Labs by 15,477.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 879,055 shares of the company's stock worth $46,054,000 after buying an additional 873,412 shares in the last quarter. Finally, Spyglass Capital Management LLC acquired a new position in shares of Astera Labs during the third quarter valued at approximately $38,565,000.

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.