Astera Labs (NASDAQ:ALAB) Price Target Raised to $104.00 at Evercore ISI

Astera Labs (NASDAQ:ALAB - Free Report) had its price target lifted by Evercore ISI from $87.00 to $104.00 in a research note released on Wednesday,Benzinga reports. They currently have an outperform rating on the stock.

ALAB has been the topic of several other reports. Needham & Company LLC lowered their price target 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. 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 note on Monday, May 12th. Roth Capital set a $100.00 price target on Astera Labs and gave the company a "buy" rating in a research report on Wednesday, May 7th. Craig Hallum upped their price objective 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 dropped their price objective on shares of Astera Labs from $120.00 to $100.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Buy" and an average target price of $100.00.

Astera Labs Trading Up 0.3%

Shares of ALAB stock traded up $0.32 during mid-day trading on Wednesday, reaching $94.62. The stock had a trading volume of 3,223,727 shares, compared to its average volume of 3,988,631. Astera Labs has a 1-year low of $36.22 and a 1-year high of $147.39. The firm has a market cap of $15.60 billion, a price-to-earnings ratio of -54.69, a PEG ratio of 6.18 and a beta of 0.33. The business's fifty day moving average is $68.99 and its 200-day moving average is $92.52.

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 negative return on equity of 10.40% and a negative net margin of 21.05%. The firm had revenue of $159.44 million for the quarter, compared to analyst estimates of $151.55 million. During the same quarter in the prior year, the firm earned $0.10 earnings per share. Astera Labs's revenue for the quarter was up 144.1% on a year-over-year basis. On average, analysts forecast that Astera Labs will post 0.34 earnings per share for the current year.

Insider Buying and Selling at Astera Labs

In other Astera Labs news, CFO Michael Truett Tate sold 125,800 shares of the stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $82.53, for a total transaction of $10,382,274.00. Following the completion of the transaction, the chief financial officer now owns 244,242 shares of the company's stock, valued at $20,157,292.26. This represents a 34.00% 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, insider Sanjay Gajendra sold 165,000 shares of the firm's stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $71.76, for a total value of $11,840,400.00. Following the completion of the transaction, the insider now owns 755,000 shares in the company, valued at approximately $54,178,800. This trade represents a 17.93% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 852,640 shares of company stock valued at $69,893,694 over the last ninety days.

Institutional Trading of Astera Labs

A number of institutional investors have recently made changes to their positions in ALAB. Vanguard Group Inc. lifted its holdings in Astera Labs by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 9,297,476 shares of the company's stock valued at $554,780,000 after purchasing an additional 85,846 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of Astera Labs by 114.2% in the first 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 lifted its stake in shares of 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 buying an additional 2,815,614 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Astera Labs by 50.5% during the fourth quarter. JPMorgan Chase & Co. now owns 2,360,467 shares of the company's stock worth $312,644,000 after acquiring an additional 792,153 shares during the last quarter. Finally, Lord Abbett & CO. LLC boosted its position 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 acquiring an additional 1,384,498 shares during the last quarter. 60.47% of the stock is owned by institutional investors and hedge funds.

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.