Astera Labs (NASDAQ:ALAB) Trading Up 1%

Astera Labs, Inc. (NASDAQ:ALAB)’s share price shot up 1% on Friday . The company traded as high as $40.52 and last traded at $40.16. 361,872 shares were traded during mid-day trading, a decline of 84% from the average session volume of 2,262,351 shares. The stock had previously closed at $39.78.

Analyst Ratings Changes

Several equities research analysts have recently commented on ALAB shares. Evercore ISI lowered their target price on Astera Labs from $98.00 to $80.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Needham & Company LLC cut their target price on Astera Labs from $85.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft dropped their price target on Astera Labs from $85.00 to $60.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Stifel Nicolaus dropped their price target on Astera Labs from $87.00 to $80.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Finally, JPMorgan Chase & Co. lowered their price target on Astera Labs from $95.00 to $70.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $71.36.

Astera Labs Price Performance

The business’s 50 day simple moving average is $50.76.

Astera Labs (NASDAQ:ALAB) last released its earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The company had revenue of $76.90 million for the quarter, compared to the consensus estimate of $72.41 million. The company’s revenue for the quarter was up 17.8% on a year-over-year basis. Equities analysts forecast that Astera Labs, Inc. will post -0.56 EPS for the current year.

Hedge Funds Weigh In On Astera Labs

A number of institutional investors have recently modified their holdings of the business. Truist Financial Corp acquired a new position in shares of Astera Labs during the 2nd quarter worth $353,000. The Manufacturers Life Insurance Company bought a new stake in shares of Astera Labs in the 2nd quarter valued at about $341,000. Millennium Management LLC grew its position in shares of Astera Labs by 136.4% in the 2nd quarter. Millennium Management LLC now owns 278,051 shares of the company’s stock valued at $16,825,000 after buying an additional 160,417 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of Astera Labs in the 2nd quarter valued at about $2,351,000. Finally, Magnetar Financial LLC bought a new stake in shares of Astera Labs during the 2nd quarter valued at about $1,229,000.

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.