Astera Labs (NASDAQ:ALAB) Raised to “Overweight” at Morgan Stanley

Morgan Stanley upgraded shares of Astera Labs (NASDAQ:ALAB) from an equal weight rating to an overweight rating in a report released on Wednesday morning, Marketbeat reports. Morgan Stanley currently has $55.00 price target on the stock.

Several other research analysts have also commented on ALAB. JPMorgan Chase & Co. cut their price objective on Astera Labs from $95.00 to $70.00 and set an overweight rating on the stock in a research report on Wednesday, August 7th. Evercore ISI reduced their price target on Astera Labs from $98.00 to $80.00 and set an outperform rating on the stock in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Astera Labs from $85.00 to $60.00 and set a buy rating for the company in a research report on Wednesday, August 7th. Needham & Company LLC reduced their target price on shares of Astera Labs from $85.00 to $65.00 and set a buy rating on the stock in a research report on Wednesday, August 7th. Finally, Roth Mkm lowered their price target on shares of Astera Labs from $85.00 to $60.00 and set a buy rating for the company in a report on Wednesday, August 7th. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat, Astera Labs presently has a consensus rating of Buy and a consensus target price of $71.36.

Astera Labs Price Performance

Shares of NASDAQ:ALAB opened at $40.00 on Wednesday. The business’s 50-day moving average price is $47.08. Astera Labs has a 1 year low of $36.22 and a 1 year high of $95.21.

Astera Labs (NASDAQ:ALAB) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.13 earnings per share (EPS) for the quarter, topping 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 company’s quarterly revenue was up 17.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Astera Labs will post -0.54 EPS for the current year.

Insider Activity

In related news, General Counsel Philip Mazzara sold 42,090 shares of Astera Labs stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $40.43, for a total value of $1,701,698.70. Following the completion of the transaction, the general counsel now directly owns 333,474 shares in the company, valued at $13,482,353.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Michael Truett Tate sold 50,000 shares of the company’s 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 sale, the chief financial officer now directly owns 829,108 shares of the company’s stock, valued at approximately $39,780,601.84. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Philip Mazzara sold 42,090 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $40.43, for a total value of $1,701,698.70. Following the transaction, the general counsel now owns 333,474 shares in the company, valued at $13,482,353.82. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 100,090 shares of company stock worth $4,445,659.

Institutional Trading of Astera Labs

A number of institutional investors and hedge funds have recently modified their holdings of ALAB. Allspring Global Investments Holdings LLC acquired a new position in shares of Astera Labs in the 1st quarter valued at about $18,666,000. Value Aligned Research Advisors LLC bought a new position in Astera Labs in the first quarter worth about $1,886,000. Amazon Com Inc. acquired a new position in Astera Labs in the first quarter valued at approximately $20,608,000. Capstone Investment Advisors LLC bought a new position in shares of Astera Labs during the first quarter valued at approximately $4,629,000. Finally, Jennison Associates LLC acquired a new stake in shares of Astera Labs during the 1st quarter worth approximately $11,283,000.

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.