Astera Labs (NASDAQ:ALAB) Earns Buy Rating from Needham & Company LLC

Astera Labs (NASDAQ:ALAB - Get Free Report)'s stock had its "buy" rating restated by equities research analysts at Needham & Company LLC in a research note issued on Wednesday, Benzinga reports. They currently have a $85.00 price objective on the stock. Needham & Company LLC's target price indicates a potential upside of 22.73% from the company's previous close.

A number of other research firms have also issued reports on ALAB. Stifel Nicolaus began coverage on Astera Labs in a report on Monday, April 15th. They issued a "buy" rating and a $81.00 target price for the company. Roth Mkm began coverage on Astera Labs in a report on Monday, April 15th. They issued a "buy" rating and a $85.00 target price on the stock. Barclays initiated coverage on shares of Astera Labs in a report on Monday, April 15th. They set an "overweight" rating and a $85.00 price target for the company. Deutsche Bank Aktiengesellschaft assumed coverage on Astera Labs in a research note on Monday, April 15th. They set a "buy" rating and a $85.00 price target on the stock. Finally, Northland Securities began coverage on Astera Labs in a research report on Monday, March 25th. They set an "outperform" rating and a $85.00 price objective on the stock. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $86.09.

Astera Labs Trading Down 9.1 %

Shares of ALAB traded down $6.93 during midday trading on Wednesday, hitting $69.26. The stock had a trading volume of 5,402,111 shares, compared to its average volume of 3,000,642. Astera Labs has a fifty-two week low of $50.61 and a fifty-two week high of $95.21.

Insider Buying and Selling

In related news, Director Jack R. Lazar bought 10,000 shares of the firm's stock in a transaction on Friday, March 22nd. The shares were purchased at an average price of $36.00 per share, with a total value of $360,000.00. Following the completion of the purchase, the director now owns 165,000 shares in the company, valued at approximately $5,940,000. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website.

Hedge Funds Weigh In On Astera Labs

Several large investors have recently added to or reduced their stakes in ALAB. Amazon Com Inc. purchased a new position in Astera Labs during the first quarter valued at approximately $20,608,000. Allspring Global Investments Holdings LLC bought a new position in shares of Astera Labs in the first quarter worth $18,666,000. Jennison Associates LLC purchased a new position in Astera Labs during the first quarter worth about $11,283,000. Capstone Investment Advisors LLC bought a new position in Astera Labs in the 1st quarter worth about $4,629,000. Finally, Seven Grand Managers LLC purchased a new position in Astera Labs in the 1st quarter worth approximately $3,710,000.

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.