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

Astera Labs (NASDAQ:ALAB - Get Free Report) was upgraded by investment analysts at Morgan Stanley from an "equal weight" rating to an "overweight" rating in a research report issued on Monday,Briefing.com Automated Import reports. The brokerage presently has a $99.00 target price on the stock. Morgan Stanley's target price would indicate a potential upside of 39.04% from the stock's previous close.

A number of other brokerages also recently commented on ALAB. Barclays increased their price objective on shares of Astera Labs from $70.00 to $75.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Stifel Nicolaus decreased their price target on Astera Labs from $150.00 to $100.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Roth Capital set a $100.00 price objective on Astera Labs and gave the stock a "buy" rating in a research report on Wednesday. Craig Hallum raised their target price on Astera Labs from $105.00 to $125.00 and gave the stock a "buy" rating in a research report on Tuesday, February 11th. Finally, Citigroup lowered their price target on Astera Labs from $120.00 to $100.00 and set a "buy" rating for the company in a report on Monday, April 14th. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $99.69.

Astera Labs Trading Down 0.6%

Shares of NASDAQ ALAB opened at $71.20 on Monday. The stock has a market cap of $11.74 billion, a P/E ratio of -41.16, a PEG ratio of 6.18 and a beta of 0.33. The business's fifty day simple moving average is $64.32 and its 200-day simple moving average is $91.73. Astera Labs has a 12-month low of $36.22 and a 12-month high of $147.39.

Astera Labs (NASDAQ:ALAB - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.33 EPS for the quarter, topping analysts' consensus estimates of $0.28 by $0.05. Astera Labs had a negative return on equity of 10.40% and a negative net margin of 21.05%. The business had revenue of $159.44 million during the quarter, compared to the consensus estimate of $151.55 million. During the same period in the previous year, the company posted $0.10 earnings per share. The business's revenue for the quarter was up 144.1% on a year-over-year basis. On average, equities analysts forecast that Astera Labs will post 0.34 EPS for the current fiscal year.

Insider Activity

In other Astera Labs news, CEO Jitendra Mohan sold 350,680 shares of the business's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $89.51, for a total value of $31,389,366.80. Following the completion of the transaction, the chief executive officer now directly owns 2,353,655 shares in the company, valued at approximately $210,675,659.05. The trade was a 12.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael E. Hurlston sold 2,500 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $92.08, for a total value of $230,200.00. Following the transaction, the director now directly owns 91,794 shares in the company, valued at approximately $8,452,391.52. This represents a 2.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 633,990 shares of company stock worth $54,235,012 over the last three months.

Institutional Investors Weigh In On Astera Labs

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Whittier Trust Co. of Nevada Inc. purchased a new position in Astera Labs during the fourth quarter worth about $25,000. Steward Partners Investment Advisory LLC increased its stake in shares of Astera Labs by 99.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 199 shares of the company's stock valued at $26,000 after acquiring an additional 99 shares during the last quarter. Kestra Investment Management LLC purchased a new position in shares of Astera Labs during the 4th quarter worth about $28,000. Geneos Wealth Management Inc. acquired a new stake in shares of Astera Labs in the fourth quarter worth approximately $36,000. Finally, Global Retirement Partners LLC grew its holdings in Astera Labs by 3,155.6% in the fourth quarter. Global Retirement Partners LLC now owns 293 shares of the company's stock valued at $39,000 after purchasing an additional 284 shares during the period. Hedge funds and other institutional investors own 60.47% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.