Astera Labs, Inc. (NASDAQ:ALAB) Receives Consensus Recommendation of "Buy" from Brokerages

Shares of Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report) have been given a consensus rating of "Buy" by the sixteen research firms that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $100.00.

ALAB has been the subject of several recent analyst reports. Raymond James Financial initiated coverage on Astera Labs in a report on Friday, March 14th. They set an "outperform" rating and a $82.00 price objective for the company. Wall Street Zen raised Astera Labs from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. William Blair initiated coverage on Astera Labs in a research note on Thursday, May 22nd. They issued an "outperform" rating for the company. Needham & Company LLC cut their target price on Astera Labs from $140.00 to $100.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Finally, Susquehanna initiated coverage on Astera Labs in a research note on Friday, May 16th. They issued a "neutral" rating and a $80.00 target price for the company.

Astera Labs Trading Up 8.2%

Shares of NASDAQ ALAB traded up $7.56 during midday trading on Wednesday, hitting $99.86. 5,613,802 shares of the company's stock were exchanged, compared to its average volume of 4,324,674. Astera Labs has a 12-month low of $36.22 and a 12-month high of $147.39. The company has a market cap of $16.47 billion, a price-to-earnings ratio of 453.93, a PEG ratio of 4.21 and a beta of 1.18. The business's fifty day moving average price is $88.73 and its two-hundred day moving average price is $89.03.

Astera Labs (NASDAQ:ALAB - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.28 by $0.05. Astera Labs had a return on equity of 2.57% and a net margin of 8.44%. The company had revenue of $159.44 million during the quarter, compared to analyst estimates of $151.55 million. During the same quarter in the previous year, the firm earned $0.10 earnings per share. Astera Labs's revenue was up 144.1% on a year-over-year basis. Equities analysts expect that Astera Labs will post 0.34 earnings per share for the current fiscal year.

Insider Activity at Astera Labs

In related news, insider Sanjay Gajendra sold 165,000 shares of the company's stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $71.76, for a total transaction of $11,840,400.00. Following the completion of the transaction, the insider owned 755,000 shares in the company, valued at $54,178,800. This represents a 17.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jitendra Mohan sold 128,250 shares of the company's stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $90.02, for a total value of $11,545,065.00. Following the transaction, the chief executive officer owned 541,125 shares of the company's stock, valued at approximately $48,712,072.50. This represents a 19.16% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,782,720 shares of company stock worth $160,506,999 over the last quarter.

Hedge Funds Weigh In On Astera Labs

A number of hedge funds and other institutional investors have recently made changes to their positions in ALAB. Vanguard Group Inc. raised its holdings in shares of Astera Labs by 354.9% during the fourth quarter. Vanguard Group Inc. now owns 9,211,630 shares of the company's stock valued at $1,220,080,000 after acquiring an additional 7,186,582 shares in the last quarter. Alliancebernstein L.P. raised its holdings in Astera Labs by 114.2% in the first quarter. Alliancebernstein L.P. now owns 8,401,019 shares of the company's stock worth $501,289,000 after purchasing an additional 4,478,741 shares in the last quarter. Atreides Management LP raised its holdings in Astera Labs by 153.3% in the first quarter. Atreides Management LP now owns 4,652,264 shares of the company's stock worth $277,601,000 after purchasing an additional 2,815,614 shares in the last quarter. Lord Abbett & CO. LLC raised its holdings in Astera Labs by 318.9% in the fourth quarter. Lord Abbett & CO. LLC now owns 1,818,600 shares of the company's stock worth $240,873,000 after purchasing an additional 1,384,498 shares in the last quarter. Finally, Norges Bank bought a new position in Astera Labs in the fourth quarter worth $179,229,000. Institutional investors own 60.47% of the company's stock.

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.