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

Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report) traded up 2.5% 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 changed hands during trading, a decline of 74% from the average session volume of 3,277,587 shares. The stock had previously closed at $125.28.

Other analysts have also issued research reports about the company. Needham & Company LLC restated a "buy" rating and set a $65.00 price target on shares of Astera Labs in a report on Wednesday, October 9th. Stifel Nicolaus increased their target price on shares of Astera Labs from $80.00 to $100.00 and gave the company a "buy" rating in a research note on Tuesday, November 5th. Barclays lifted their price target on shares of Astera Labs from $70.00 to $87.00 and gave the stock an "overweight" rating in a research note on Tuesday, November 5th. Citigroup started coverage on shares of Astera Labs in a research report on Monday, November 18th. They issued a "buy" rating and a $120.00 price objective on the stock. Finally, Roth Mkm increased 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. Twelve investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Astera Labs presently has a consensus rating of "Buy" and a consensus target price of $98.67.

Insider Buying and Selling at Astera Labs

In other news, insider Sanjay Gajendra sold 110,000 shares of the business's stock in a transaction on Friday, October 11th. The stock was sold at an average price of $69.47, for a total value of $7,641,700.00. Following the completion of the transaction, the insider now directly owns 835,000 shares of the company's stock, valued at approximately $58,007,450. The trade was a 11.64 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Manuel Alba sold 37,000 shares of the company's stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $50.32, for a total value of $1,861,840.00. Following the sale, the director now owns 498,863 shares of the company's stock, valued at $25,102,786.16. This trade represents a 6.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,015,119 shares of company stock valued at $188,480,349 in the last ninety days.

Hedge Funds Weigh In On Astera Labs

Several institutional investors and hedge funds have recently added to or reduced their stakes in ALAB. Hollencrest Capital Management bought a new stake in shares of Astera Labs in the 3rd quarter valued at about $26,000. US Bancorp DE purchased a new stake in Astera Labs during the third quarter valued at approximately $46,000. First Horizon Advisors Inc. acquired a new stake in Astera Labs in the third quarter valued at approximately $49,000. Allworth Financial LP grew its holdings in Astera Labs by 445.5% in the third quarter. Allworth Financial LP now owns 1,091 shares of the company's stock worth $57,000 after purchasing an additional 891 shares during the last quarter. Finally, Amalgamated Bank acquired a new position in shares of Astera Labs during the second quarter worth $74,000. Hedge funds and other institutional investors own 60.47% of the company's stock.

Astera Labs Stock Up 5.5 %

The business has a 50 day simple moving average of $95.41 and a 200 day simple moving average of $66.41.

Astera Labs (NASDAQ:ALAB - Get Free Report) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.17 by $0.06. The firm had revenue of $113.10 million during the quarter, compared to analyst estimates of $97.50 million. Astera Labs had a negative net margin of 30.69% and a negative return on equity of 15.57%. Astera Labs's revenue was up 47.1% compared to the same quarter last year. As a group, equities research analysts predict that Astera Labs, Inc. will post -0.45 EPS for the current 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.