Astera Labs (NASDAQ:ALAB) Reaches New 12-Month High on Analyst Upgrade

Shares of Astera Labs, Inc. (NASDAQ:ALAB) reached a new 52-week high on Monday after Morgan Stanley raised their price target on the stock from $94.00 to $142.00. Morgan Stanley currently has an overweight rating on the stock. Astera Labs traded as high as $136.69 and last traded at $136.40, with a volume of 1303768 shares traded. The stock had previously closed at $132.17.

Other analysts also recently issued research reports about the stock. Craig Hallum lifted their price target on shares of Astera Labs from $75.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. JPMorgan Chase & Co. increased their price objective on Astera Labs from $70.00 to $110.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Astera Labs from $60.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Roth Mkm increased their target price on shares of Astera Labs from $80.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $65.00 price target on shares of Astera Labs in a report on Wednesday, October 9th. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat.com, Astera Labs presently has a consensus rating of “Buy” and an average price target of $98.67.

Insider Buying and Selling at Astera Labs

In other news, insider Sanjay Gajendra sold 740,000 shares of Astera Labs stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $96.59, for a total value of $71,476,600.00. Following the completion of the transaction, the insider now directly owns 775,000 shares in the company, valued at approximately $74,857,250. The trade was a 48.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Philip Mazzara sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $60.74, for a total value of $1,518,500.00. Following the completion of the transaction, the general counsel now owns 300,564 shares of the company’s stock, valued at approximately $18,256,257.36. This represents a 7.68 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,978,119 shares of company stock valued at $186,618,509 over the last three months.

Institutional Investors Weigh In On Astera Labs

Several large investors have recently added to or reduced their stakes in the business. Fred Alger Management LLC boosted its stake in Astera Labs by 1,361.0% in the third quarter. Fred Alger Management LLC now owns 2,821,921 shares of the company’s stock worth $147,840,000 after buying an additional 2,628,765 shares in the last quarter. Westfield Capital Management Co. LP purchased a new position in Astera Labs in the 3rd quarter worth approximately $52,049,000. The Manufacturers Life Insurance Company raised its holdings in Astera Labs by 15,477.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 879,055 shares of the company’s stock valued at $46,054,000 after buying an additional 873,412 shares during the last quarter. Spyglass Capital Management LLC bought a new stake in shares of Astera Labs in the third quarter worth about $38,565,000. Finally, State Street Corp increased its position in Astera Labs by 173.1% during the 3rd quarter. State Street Corp now owns 698,467 shares of the company’s stock valued at $36,593,000 after purchasing an additional 442,698 shares during the period. Institutional investors own 60.47% of the company’s stock.

Astera Labs Price Performance

The stock has a 50 day moving average price of $95.41 and a 200 day moving average price of $66.44.

Astera Labs (NASDAQ:ALAB) last announced its earnings results on Monday, November 4th. The company reported $0.23 earnings per share for the quarter, beating 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 analyst estimates of $97.50 million. The firm’s quarterly revenue was up 47.1% on a year-over-year basis. As a group, analysts expect that Astera Labs, Inc. will post -0.45 earnings per share for the current year.

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.