Astera Labs (NASDAQ:ALAB) Sets New 12-Month High Following Analyst Upgrade

Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report) shares reached a new 52-week high during mid-day trading on Monday 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 $136.69 and last traded at $136.40, with a volume of 1303768 shares changing hands. The stock had previously closed at $132.17.

Several other research analysts have also weighed in on the company. Deutsche Bank Aktiengesellschaft lifted their price objective on Astera Labs from $60.00 to $100.00 and gave the stock a "buy" rating in a research report on Tuesday, November 5th. Barclays upped their price target on Astera Labs from $70.00 to $87.00 and gave the stock an "overweight" rating in a report on Tuesday, November 5th. JPMorgan Chase & Co. upped their target price on Astera Labs from $70.00 to $110.00 and gave the company an "overweight" rating in a report on Tuesday, November 5th. Roth Mkm raised their price target on shares of Astera Labs from $80.00 to $105.00 and gave the stock a "buy" rating in a research note on Tuesday, November 5th. Finally, Craig Hallum upped their price target on shares of Astera Labs from $75.00 to $105.00 and gave the company a "buy" rating in a research note on Tuesday, November 5th. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $98.67.

Insiders Place Their Bets

In related news, CEO Jitendra Mohan sold 47,667 shares of the firm'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 value of $3,349,083.42. Following the transaction, the chief executive officer now owns 728,420 shares of the company's stock, valued at approximately $51,178,789.20. This trade represents a 6.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Philip Mazzara sold 25,000 shares of Astera Labs stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $60.74, for a total transaction of $1,518,500.00. Following the transaction, the general counsel now directly owns 300,564 shares in the company, valued at $18,256,257.36. This represents a 7.68 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,978,119 shares of company stock worth $186,618,509.

Institutional Investors Weigh In On Astera Labs

A number of hedge funds have recently bought and sold shares of the business. Tidal Investments LLC raised its holdings in shares of Astera Labs by 81.8% in the third quarter. Tidal Investments LLC now owns 45,298 shares of the company's stock worth $2,373,000 after buying an additional 20,388 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Astera Labs in the third quarter worth about $530,000. Avior Wealth Management LLC purchased a new position in Astera Labs during the 3rd quarter valued at about $361,000. Maverick Capital Ltd. increased its position in Astera Labs by 16.0% during the 3rd quarter. Maverick Capital Ltd. now owns 1,156,230 shares of the company's stock valued at $60,575,000 after purchasing an additional 159,480 shares during the period. Finally, Meeder Asset Management Inc. bought a new stake in shares of Astera Labs in the 3rd quarter valued at about $1,141,000. Hedge funds and other institutional investors own 60.47% of the company's stock.

Astera Labs Price Performance

The firm's 50-day moving average price is $95.41 and its two-hundred day moving average price is $66.47.

Astera Labs (NASDAQ:ALAB - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The company reported $0.23 earnings per share (EPS) for the quarter, topping 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 business had revenue of $113.10 million for the quarter, compared to analyst estimates of $97.50 million. Astera Labs's quarterly revenue was up 47.1% compared to the same quarter last year. As a group, research analysts expect that Astera Labs, Inc. will post -0.45 earnings per share for the current fiscal year.

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.