Evercore ISI Forecasts Strong Price Appreciation for Astera Labs (NASDAQ:ALAB) Stock

Astera Labs (NASDAQ:ALAB - Get Free Report) had its target price increased by analysts at Evercore ISI from $87.00 to $104.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Evercore ISI's target price suggests a potential upside of 10.60% from the stock's current price.

Other equities analysts have also issued research reports about the stock. Citigroup cut 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 report on Monday, April 14th. Morgan Stanley raised shares of Astera Labs from an "equal weight" rating to an "overweight" rating and set a $99.00 price objective on the stock in a research report on Monday, May 12th. Needham & Company LLC cut their price objective on shares of Astera Labs from $140.00 to $100.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Roth Capital set a $100.00 price target on Astera Labs and gave the company a "buy" rating in a report on Wednesday, May 7th. Finally, Susquehanna initiated coverage on Astera Labs in a report on Friday, May 16th. They set a "neutral" rating and a $80.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $100.00.

Astera Labs Stock Performance

NASDAQ ALAB traded down $0.43 on Wednesday, reaching $94.03. The company's stock had a trading volume of 1,353,165 shares, compared to its average volume of 3,931,690. Astera Labs has a twelve month low of $36.22 and a twelve month high of $147.39. The stock has a market cap of $15.51 billion, a PE ratio of -54.40, a PEG ratio of 6.18 and a beta of 0.33. The firm's 50 day moving average is $67.63 and its two-hundred day moving average is $92.42.

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

Insiders Place Their Bets

In other news, General Counsel Philip Mazzara sold 3,809 shares of the company's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $90.67, for a total value of $345,362.03. Following the completion of the sale, the general counsel now directly owns 187,596 shares of the company's stock, valued at $17,009,329.32. This represents a 1.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Jitendra Mohan sold 75,000 shares of the company's stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $71.05, for a total value of $5,328,750.00. Following the completion of the sale, the chief executive officer now directly owns 575,000 shares of the company's stock, valued at approximately $40,853,750. This trade represents a 11.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 774,390 shares of company stock valued at $62,721,629.

Institutional Investors Weigh In On Astera Labs

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

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