Morgan Stanley Trims Astera Labs (NASDAQ:ALAB) Target Price to $55.00

Astera Labs (NASDAQ:ALAB) had its price objective dropped by investment analysts at Morgan Stanley from $85.00 to $55.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 45.35% from the company’s previous close.

ALAB has been the topic of a number of other reports. Barclays dropped their target price on shares of Astera Labs from $85.00 to $70.00 and set an “overweight” rating on the stock in a research note on Wednesday. Evercore ISI dropped their target price on shares of Astera Labs from $98.00 to $80.00 and set an “outperform” rating on the stock in a research report on Wednesday. Jefferies Financial Group assumed coverage on shares of Astera Labs in a research note on Monday, April 15th. They issued a “buy” rating and a $85.00 price target on the stock. Roth Mkm decreased their price target on shares of Astera Labs from $85.00 to $60.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Astera Labs in a research note on Monday, April 15th. They issued a “buy” rating and a $85.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $75.00.

Astera Labs Stock Down 10.9 %

ALAB stock traded down $4.64 during mid-day trading on Wednesday, hitting $37.84. The company had a trading volume of 3,769,390 shares, compared to its average volume of 2,178,514. The firm’s 50-day moving average price is $56.94. Astera Labs has a 12-month low of $36.57 and a 12-month high of $95.21.

Astera Labs (NASDAQ:ALAB) last announced its earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.02. The business had revenue of $76.90 million for the quarter, compared to analysts’ expectations of $72.41 million. The business’s revenue for the quarter was up 17.8% on a year-over-year basis. On average, analysts anticipate that Astera Labs will post -0.56 EPS for the current fiscal year.

Hedge Funds Weigh In On Astera Labs

Institutional investors have recently bought and sold shares of the company. Legato Capital Management LLC purchased a new position in Astera Labs during the second quarter worth about $207,000. Alpine Global Management LLC acquired a new position in shares of Astera Labs in the first quarter valued at approximately $272,000. Strategic Blueprint LLC acquired a new position in shares of Astera Labs in the second quarter valued at approximately $332,000. Central Pacific Bank Trust Division acquired a new position in shares of Astera Labs in the first quarter valued at approximately $402,000. Finally, Great Valley Advisor Group Inc. acquired a new position in shares of Astera Labs in the second quarter valued at approximately $443,000.

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.