Astera Labs (NASDAQ:ALAB) Shares Up 18.2% on Analyst Upgrade

Astera Labs, Inc. (NASDAQ:ALAB - Get Free Report)'s share price traded up 18.2% during trading on Monday after Stifel Nicolaus raised their price target on the stock from $100.00 to $110.00. Stifel Nicolaus currently has a buy rating on the stock. Astera Labs traded as high as $122.84 and last traded at $120.75. 7,336,431 shares were traded during mid-day trading, an increase of 65% from the average session volume of 4,454,977 shares. The stock had previously closed at $102.13.

ALAB has been the topic of several other research reports. Wall Street Zen downgraded Astera Labs from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Morgan Stanley upgraded Astera Labs from an "equal weight" rating to an "overweight" rating and set a $99.00 target price on the stock in a research report on Monday, May 12th. Roth Capital set a $100.00 price target on shares of Astera Labs and gave the stock a "buy" rating in a report on Wednesday, May 7th. Susquehanna assumed coverage on Astera Labs in a research note on Friday, May 16th. They issued a "neutral" rating and a $80.00 target price on the stock. Finally, Citigroup reduced their target price on Astera Labs from $120.00 to $100.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $100.71.

Insider Activity

In other Astera Labs news, COO Sanjay Gajendra sold 165,000 shares of the company's stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $98.61, for a total value of $16,270,650.00. Following the transaction, the chief operating officer directly owned 695,000 shares in the company, valued at $68,533,950. This represents a 19.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jitendra Mohan sold 11,282 shares of the company's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $102.46, for a total transaction of $1,155,953.72. Following the completion of the transaction, the chief executive officer owned 509,174 shares in the company, valued at $52,169,968.04. This represents a 2.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,965,984 shares of company stock valued at $178,631,873.

Institutional Investors Weigh In On Astera Labs

Several institutional investors and hedge funds have recently made changes to their positions in the stock. HighTower Advisors LLC purchased a new position in Astera Labs in the fourth quarter valued at $821,000. Commonwealth Equity Services LLC purchased a new position in Astera Labs in the fourth quarter valued at $1,693,000. Natixis Advisors LLC purchased a new position in Astera Labs in the fourth quarter valued at $2,871,000. Envestnet Portfolio Solutions Inc. purchased a new position in Astera Labs in the fourth quarter valued at $599,000. Finally, Thrivent Financial for Lutherans purchased a new position in Astera Labs in the fourth quarter valued at $540,000. 60.47% of the stock is currently owned by institutional investors and hedge funds.

Astera Labs Price Performance

The business's fifty day simple moving average is $92.81 and its two-hundred day simple moving average is $86.33. The company has a market cap of $19.99 billion, a PE ratio of 548.87, a PEG ratio of 4.79 and a beta of 1.18.

Astera Labs (NASDAQ:ALAB - Get Free Report) last issued its 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. Astera Labs had a net margin of 8.44% and a return on equity of 2.57%. The business had revenue of $159.44 million during the quarter, compared to analysts' expectations of $151.55 million. During the same period in the prior year, the business earned $0.10 earnings per share. The company's quarterly revenue was up 144.1% compared to the same quarter last year. As a group, analysts predict that Astera Labs, Inc. will post 0.34 EPS for the current year.

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.

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