Astera Labs (NASDAQ:ALAB) Price Target Increased to $74.00 by Analysts at Morgan Stanley

Astera Labs (NASDAQ:ALAB) had its price target hoisted by Morgan Stanley from $55.00 to $74.00 in a report published on Wednesday morning, Benzinga reports. They currently have an overweight rating on the stock.

Several other research analysts also recently weighed in on ALAB. Needham & Company LLC cut their price target on Astera Labs from $85.00 to $65.00 and set a buy rating for the company in a report on Wednesday, August 7th. Evercore ISI reduced their target price 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. JPMorgan Chase & Co. lowered their price target on Astera Labs from $95.00 to $70.00 and set an overweight rating for the company in a report on Wednesday, August 7th. Barclays cut their price objective on shares of Astera Labs from $85.00 to $70.00 and set an overweight rating on the stock in a report on Wednesday, August 7th. Finally, Stifel Nicolaus lowered their target price on shares of Astera Labs from $87.00 to $80.00 and set a buy rating for the company in a report on Monday, August 5th. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Astera Labs has a consensus rating of Buy and a consensus target price of $73.09.

Astera Labs Stock Up 0.9 %

ALAB opened at $66.69 on Wednesday. The business’s fifty day simple moving average is $45.84 and its 200 day simple moving average is $58.53. Astera Labs has a 52 week low of $36.22 and a 52 week high of $95.21.

Astera Labs (NASDAQ:ALAB) last released its quarterly earnings results 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 firm had revenue of $76.90 million for the quarter, compared to analyst estimates of $72.41 million. The firm’s quarterly revenue was up 17.8% on a year-over-year basis. On average, equities analysts expect that Astera Labs will post -0.54 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Michael Truett Tate sold 100,000 shares of the firm’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $62.03, for a total value of $6,203,000.00. Following the transaction, the chief financial officer now owns 1,762,888 shares of the company’s stock, valued at approximately $109,351,942.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CFO Michael Truett Tate sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $62.03, for a total transaction of $6,203,000.00. Following the transaction, the chief financial officer now directly owns 1,762,888 shares of the company’s stock, valued at approximately $109,351,942.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, General Counsel Philip Mazzara sold 42,090 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the general counsel now owns 333,474 shares of the company’s stock, valued at approximately $13,482,353.82. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 404,791 shares of company stock worth $20,840,158 over the last ninety days.

Institutional Investors Weigh In On Astera Labs

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ALAB. Amalgamated Bank purchased a new position in Astera Labs in the 2nd quarter valued at about $74,000. Newbridge Financial Services Group Inc. lifted its stake in shares of Astera Labs by 11,920.0% in the second quarter. Newbridge Financial Services Group Inc. now owns 3,005 shares of the company’s stock worth $182,000 after acquiring an additional 2,980 shares in the last quarter. Legato Capital Management LLC purchased a new position in Astera Labs in the second quarter valued at about $207,000. Alpine Global Management LLC purchased a new position in Astera Labs in the first quarter valued at about $272,000. Finally, Strategic Blueprint LLC acquired a new stake in Astera Labs during the 2nd quarter valued at approximately $332,000.

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.