Astera Labs (NASDAQ:ALAB) Shares Gap Up After Analyst Upgrade

Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report)'s share price gapped up prior to trading on Monday after Stifel Nicolaus raised their price target on the stock from $100.00 to $110.00. The stock had previously closed at $102.13, but opened at $110.78. Stifel Nicolaus currently has a buy rating on the stock. Astera Labs shares last traded at $119.18, with a volume of 3,306,485 shares traded.

Several other equities research analysts have also commented on ALAB. William Blair started coverage on shares of Astera Labs in a report on Thursday, May 22nd. They issued an "outperform" rating for the company. Barclays increased their target price on shares of Astera Labs from $70.00 to $75.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. Wall Street Zen cut shares of Astera Labs from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Needham & Company LLC reduced their target price on shares of Astera Labs from $140.00 to $100.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Finally, Susquehanna initiated coverage on shares of Astera Labs in a report on Friday, May 16th. They issued a "neutral" rating and a $80.00 target price on the stock. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $100.71.

Insider Activity at Astera Labs

In other Astera Labs news, CFO Michael Truett Tate sold 500,000 shares of the firm's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $90.23, for a total value of $45,115,000.00. Following the completion of the sale, the chief financial officer owned 618,996 shares of the company's stock, valued at approximately $55,852,009.08. This trade represents a 44.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jitendra Mohan sold 128,250 shares of the firm's stock in a transaction 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 completion of the sale, the chief executive officer directly owned 541,125 shares of the company's stock, valued at approximately $48,712,072.50. This trade represents a 19.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,092,242 shares of company stock worth $190,815,880 in the last three months.

Institutional Investors Weigh In On Astera Labs

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in Astera Labs by 354.9% in the 4th quarter. Vanguard Group Inc. now owns 9,211,630 shares of the company's stock valued at $1,220,080,000 after purchasing an additional 7,186,582 shares during the last quarter. Alliancebernstein L.P. boosted its stake in shares of Astera Labs by 114.2% during the 1st quarter. Alliancebernstein L.P. now owns 8,401,019 shares of the company's stock valued at $501,289,000 after buying an additional 4,478,741 shares during the last quarter. Atreides Management LP boosted its stake in shares of Astera Labs by 153.3% during the 1st quarter. Atreides Management LP now owns 4,652,264 shares of the company's stock valued at $277,601,000 after buying an additional 2,815,614 shares during the last quarter. Lord Abbett & CO. LLC lifted its stake in Astera Labs by 318.9% during 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 during the last quarter. Finally, Norges Bank bought a new position in Astera Labs during the fourth quarter worth $179,229,000. Institutional investors and hedge funds own 60.47% of the company's stock.

Astera Labs Stock Up 19.3%

The company has a 50 day moving average of $92.81 and a 200-day moving average of $86.33. The stock has a market capitalization of $20.10 billion, a P/E ratio of 554.07, a PEG ratio of 4.79 and a beta of 1.18.

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