Citigroup Initiates Coverage on Astera Labs (NASDAQ:ALAB)

Investment analysts at Citigroup began coverage on shares of Astera Labs (NASDAQ:ALAB - Get Free Report) in a research note issued to investors on Monday, Marketbeat reports. The brokerage set a "buy" rating and a $120.00 price target on the stock. Citigroup's price objective would suggest a potential upside of 32.77% from the company's previous close.

Other equities analysts have also issued research reports about the stock. JPMorgan Chase & Co. increased their price target 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. Barclays upped their price target on shares of Astera Labs from $70.00 to $87.00 and gave the stock an "overweight" rating in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Astera Labs from $60.00 to $100.00 and gave the stock a "buy" rating in a research note on Tuesday, November 5th. Morgan Stanley boosted their target price on Astera Labs from $74.00 to $94.00 and gave the stock an "overweight" rating in a research 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 research note on Wednesday, October 9th. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Astera Labs has a consensus rating of "Buy" and a consensus target price of $94.67.

Astera Labs Price Performance

Shares of NASDAQ:ALAB traded up $3.93 during mid-day trading on Monday, reaching $90.38. 6,330,342 shares of the company's stock were exchanged, compared to its average volume of 3,067,101. Astera Labs has a twelve month low of $36.22 and a twelve month high of $100.09. The business's fifty day moving average price is $63.88 and its 200-day moving average price is $59.02.

Astera Labs (NASDAQ:ALAB - Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.23 earnings per share 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 firm's revenue for the quarter was up 47.1% on a year-over-year basis. Sell-side analysts predict that Astera Labs will post -0.45 earnings per share for the current year.

Insider Buying and Selling at Astera Labs

In other news, General Counsel Philip Mazzara sold 42,090 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $40.43, for a total transaction of $1,701,698.70. Following the transaction, the general counsel now directly owns 333,474 shares in the company, valued at approximately $13,482,353.82. This trade represents a 11.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jack R. Lazar sold 3,000 shares of the business's stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $61.69, for a total transaction of $185,070.00. Following the completion of the transaction, the director now owns 137,000 shares of the company's stock, valued at $8,451,530. This represents a 2.14 % 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 over the last 90 days.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ALAB. Sei Investments Co. acquired a new stake in Astera Labs in the first quarter valued at approximately $952,000. Vanguard Group Inc. purchased a new stake in Astera Labs in the first quarter valued at $127,268,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Astera Labs in the first quarter valued at about $1,484,000. Capital Research Global Investors purchased a new position in shares of Astera Labs during the 1st quarter worth approximately $22,257,000. Finally, Capital World Investors acquired a new stake in shares of Astera Labs in the first quarter valued at $44,514,000.

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.