Astera Labs (NASDAQ:ALAB) Now Covered by Citigroup

Citigroup began coverage on shares of Astera Labs (NASDAQ:ALAB) in a research note published on Monday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $120.00 target price on the stock.

A number of other equities research analysts have also recently commented on ALAB. Craig Hallum lifted their price objective on Astera Labs from $75.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Needham & Company LLC reaffirmed a “buy” rating and issued a $65.00 price target on shares of Astera Labs in a research note on Wednesday, October 9th. Evercore ISI reduced their price objective on shares of Astera Labs from $98.00 to $80.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Roth Mkm upped their target price on shares of Astera Labs from $80.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Astera Labs from $70.00 to $110.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 5th. Twelve analysts have rated the stock with a buy rating, According to MarketBeat.com, Astera Labs presently has a consensus rating of “Buy” and a consensus target price of $94.67.

Astera Labs Stock Up 4.5 %

Shares of ALAB opened at $90.38 on Monday. The stock’s fifty day simple moving average is $64.93 and its 200-day simple moving average is $59.10. Astera Labs has a 12-month low of $36.22 and a 12-month high of $100.09.

Astera Labs (NASDAQ:ALAB) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.06. Astera Labs had a negative net margin of 30.69% and a negative return on equity of 15.57%. The business had revenue of $113.10 million during the quarter, compared to the consensus estimate of $97.50 million. The firm’s revenue for the quarter was up 47.1% on a year-over-year basis. As a group, sell-side analysts predict that Astera Labs will post -0.45 EPS for the current year.

Insiders Place Their Bets

In related news, Director Jack R. Lazar sold 2,000 shares of the firm’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $69.95, for a total value of $139,900.00. Following the sale, the director now directly owns 135,000 shares of the company’s stock, valued at $9,443,250. This trade represents a 1.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Manuel Alba sold 12,000 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $94.74, for a total transaction of $1,136,880.00. Following the transaction, the director now owns 483,863 shares of the company’s stock, valued at approximately $45,841,180.62. This represents a 2.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,408,458 shares of company stock worth $113,124,841 over the last ninety days.

Institutional Inflows and Outflows

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

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.