Astera Labs (NASDAQ:ALAB) Sets New 52-Week High - Still a Buy?

Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report) shares hit a new 52-week high on Wednesday . The stock traded as high as $117.26 and last traded at $116.51, with a volume of 8290921 shares. The stock had previously closed at $103.39.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ALAB. Roth Mkm increased their target price on Astera Labs from $80.00 to $105.00 and gave the stock a "buy" rating in a research report on Tuesday, November 5th. Needham & Company LLC reaffirmed a "buy" rating and issued a $65.00 target price on shares of Astera Labs in a research report on Wednesday, October 9th. Morgan Stanley increased their price target on Astera Labs from $74.00 to $94.00 and gave the company an "overweight" rating in a report on Tuesday, November 5th. Barclays increased their price target on Astera Labs from $70.00 to $87.00 and gave the company an "overweight" rating in a report on Tuesday, November 5th. Finally, Stifel Nicolaus increased their price target on Astera Labs from $80.00 to $100.00 and gave the company a "buy" rating in a report on Tuesday, November 5th. Twelve analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $94.67.

Astera Labs Stock Down 1.1 %

The stock's fifty day simple moving average is $77.58 and its 200-day simple moving average is $61.40.

Astera Labs (NASDAQ:ALAB - Get Free Report) last issued its earnings results on Monday, November 4th. The company reported $0.23 earnings per share (EPS) 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 firm had revenue of $113.10 million for the quarter, compared to analysts' expectations of $97.50 million. The company's quarterly revenue was up 47.1% compared to the same quarter last year. On average, equities analysts expect that Astera Labs, Inc. will post -0.45 EPS for the current fiscal year.

Insider Activity

In other news, Director Stefan A. Dyckerhoff sold 50,000 shares of Astera Labs stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $89.70, for a total transaction of $4,485,000.00. Following the sale, the director now owns 129,617 shares of the company's stock, valued at approximately $11,626,644.90. The trade was a 27.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Sanjay Gajendra sold 740,000 shares of the firm's 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 in the company, valued at $74,857,250. This represents a 48.84 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,897,820 shares of company stock valued at $168,252,298.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ALAB. Hollencrest Capital Management acquired a new position in Astera Labs in the third quarter worth approximately $26,000. US Bancorp DE purchased a new position in Astera Labs during the 3rd quarter worth approximately $46,000. First Horizon Advisors Inc. purchased a new position in Astera Labs during the 3rd quarter worth approximately $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 purchasing an additional 891 shares in the last quarter. Finally, Amalgamated Bank purchased a new position in Astera Labs during the 2nd quarter worth approximately $74,000.

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.