Astera Labs (NASDAQ:ALAB) Shares Gap Up After Analyst Upgrade

Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report)'s share price gapped up before the market opened on Wednesday after Morgan Stanley raised their price target on the stock from $55.00 to $74.00. The stock had previously closed at $52.96, but opened at $61.16. Morgan Stanley currently has an overweight rating on the stock. Astera Labs shares last traded at $61.08, with a volume of 4,814,848 shares traded.

Several other research analysts have also commented on ALAB. Barclays reduced their price target on Astera Labs from $85.00 to $70.00 and set an "overweight" rating on the stock in a report on Wednesday, August 7th. Craig Hallum decreased their target price on shares of Astera Labs from $90.00 to $75.00 and set a "buy" rating on the stock in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Astera Labs from $85.00 to $60.00 and set a "buy" rating for the company in a research note on Wednesday, August 7th. JPMorgan Chase & Co. reduced their price target on shares of Astera Labs from $95.00 to $70.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 7th. Finally, Stifel Nicolaus lowered their price objective on Astera Labs from $87.00 to $80.00 and set a "buy" rating for the company in a research report on Monday, August 5th. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $73.09.

Insider Activity at Astera Labs

In other Astera Labs news, CFO Michael Truett Tate sold 50,000 shares of the business's stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $47.98, for a total value of $2,399,000.00. Following the completion of the transaction, the chief financial officer now owns 829,108 shares in the company, valued at $39,780,601.84. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Sanjay Gajendra sold 76,701 shares of the company's stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $45.32, for a total transaction of $3,476,089.32. Following the sale, the insider now directly owns 855,000 shares in the company, valued at approximately $38,748,600. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Michael Truett Tate sold 50,000 shares of Astera Labs stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $47.98, for a total transaction of $2,399,000.00. Following the completion of the transaction, the chief financial officer now owns 829,108 shares of the company's stock, valued at $39,780,601.84. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 276,791 shares of company stock worth $12,933,588.

Institutional Investors Weigh In On Astera Labs

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Amalgamated Bank acquired a new stake in shares of Astera Labs during the 2nd quarter worth about $74,000. Newbridge Financial Services Group Inc. raised its holdings in Astera Labs by 11,920.0% during the second quarter. Newbridge Financial Services Group Inc. now owns 3,005 shares of the company's stock worth $182,000 after purchasing an additional 2,980 shares in the last quarter. Legato Capital Management LLC purchased a new stake in shares of Astera Labs during the 2nd quarter worth approximately $207,000. Alpine Global Management LLC purchased a new stake in shares of Astera Labs during the 1st quarter worth approximately $272,000. Finally, Strategic Blueprint LLC acquired a new position in shares of Astera Labs in the 2nd quarter valued at $332,000.

Astera Labs Price Performance

The stock's 50-day moving average is $44.50 and its 200 day moving average is $58.59.

Astera Labs (NASDAQ:ALAB - Get Free Report) last posted its earnings results on Tuesday, August 6th. The company reported $0.13 EPS for the quarter, topping analysts' consensus estimates of $0.11 by $0.02. The firm had revenue of $76.90 million for the quarter, compared to analyst estimates of $72.41 million. The company's quarterly revenue was up 17.8% compared to the same quarter last year. As a group, research analysts predict that Astera Labs, Inc. will post -0.54 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.