Evercore ISI Issues Positive Forecast for Astera Labs (NASDAQ:ALAB) Stock Price

Key Points

• Evercore ISI raised the target price for Astera Labs (NASDAQ: ALAB) from $104.00 to $215.00, suggesting a potential upside of 19.74% from the company's previous close.
• Astera Labs reported a 149.5% year-over-year increase in revenue, amounting to $191.93 million, and earnings per share of $0.44, surpassing analysts' expectations.
• The stock has received predominantly positive ratings, with 14 analysts giving buy ratings and a current consensus target price of $118.80.

Astera Labs (NASDAQ:ALAB - Get Free Report) had its price target lifted by equities research analysts at Evercore ISI from $104.00 to $215.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Evercore ISI's price objective points to a potential upside of 25.81% from the stock's previous close.

ALAB has been the topic of several other research reports. Wall Street Zen cut shares of Astera Labs from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. William Blair began coverage on shares of Astera Labs in a research report on Thursday, May 22nd. They issued an "outperform" rating on the stock. Morgan Stanley lifted their price target on shares of Astera Labs from $99.00 to $125.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Stifel Nicolaus set a $145.00 price objective on Astera Labs and gave the stock a "buy" rating in a research note on Monday. Finally, Citigroup decreased their target price on Astera Labs from $120.00 to $100.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, Astera Labs presently has a consensus rating of "Moderate Buy" and a consensus price target of $129.13.

Astera Labs Stock Down 2.0%

ALAB traded down $3.50 during mid-day trading on Wednesday, reaching $170.89. 8,758,176 shares of the company traded hands, compared to its average volume of 6,569,829. The company's fifty day moving average price is $104.16 and its 200-day moving average price is $86.99. The stock has a market capitalization of $28.18 billion, a P/E ratio of 305.16, a P/E/G ratio of 8.19 and a beta of 1.39. Astera Labs has a 52-week low of $36.85 and a 52-week high of $183.62.

Astera Labs (NASDAQ:ALAB - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.33 by $0.11. Astera Labs had a return on equity of 9.95% and a net margin of 16.54%. The company had revenue of $191.93 million during the quarter, compared to analysts' expectations of $172.46 million. During the same quarter in the prior year, the business earned $0.13 earnings per share. Astera Labs's revenue for the quarter was up 149.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Astera Labs will post 0.34 earnings per share for the current fiscal year.

Insider Activity at Astera Labs

In other Astera Labs news, Director Bethany Mayer sold 686 shares of the business's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $87.47, for a total value of $60,004.42. Following the sale, the director owned 6,238 shares in the company, valued at $545,637.86. The trade was a 9.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jitendra Mohan sold 76,258 shares of the firm's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $112.72, for a total value of $8,595,801.76. Following the transaction, the chief executive officer owned 475,421 shares of the company's stock, valued at approximately $53,589,455.12. The trade was a 13.82% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,941,759 shares of company stock valued at $183,714,281.

Institutional Trading of Astera Labs

Hedge funds have recently modified their holdings of the company. Oliver Lagore Vanvalin Investment Group purchased a new position in shares of Astera Labs in the second quarter valued at $29,000. Bernard Wealth Management Corp. bought a new position in Astera Labs during the second quarter valued at $36,000. Sound Income Strategies LLC grew its stake in shares of Astera Labs by 34.7% in the 1st quarter. Sound Income Strategies LLC now owns 792 shares of the company's stock worth $47,000 after buying an additional 204 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Astera Labs by 55.7% in the 1st quarter. GAMMA Investing LLC now owns 794 shares of the company's stock worth $47,000 after buying an additional 284 shares during the last quarter. Finally, Harbour Investments Inc. increased its holdings in shares of Astera Labs by 351.7% in the 1st quarter. Harbour Investments Inc. now owns 795 shares of the company's stock worth $47,000 after buying an additional 619 shares during the last quarter. 60.47% of the stock is owned by hedge funds and other institutional investors.

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.