Astera Labs (NASDAQ:ALAB) Stock Price Up 18.2% on Analyst Upgrade

Shares of Astera Labs, Inc. (NASDAQ:ALAB) shot up 18.2% on Monday after Stifel Nicolaus raised their price target on the stock from $100.00 to $110.00. Stifel Nicolaus currently has a buy rating on the stock. Astera Labs traded as high as $122.84 and last traded at $120.75. 7,336,431 shares were traded during mid-day trading, an increase of 65% from the average session volume of 4,454,977 shares. The stock had previously closed at $102.13.

A number of other brokerages also recently weighed in on ALAB. Needham & Company LLC cut their target price on Astera Labs from $140.00 to $100.00 and set a “buy” rating on the stock in a research note on Wednesday, May 7th. Barclays lifted their price target on shares of Astera Labs from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, May 7th. Wall Street Zen cut shares of Astera Labs from a “buy” rating to a “hold” rating in a report on Saturday, July 12th. Roth Capital set a $100.00 target price on shares of Astera Labs and gave the stock a “buy” rating in a research report on Wednesday, May 7th. Finally, Susquehanna started coverage on shares of Astera Labs in a research report on Friday, May 16th. They set a “neutral” rating and a $80.00 price target for the company. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Astera Labs has an average rating of “Moderate Buy” and a consensus price target of $100.71.

Insider Activity at Astera Labs

In other news, COO Sanjay Gajendra sold 165,000 shares of the company’s stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $98.61, for a total transaction of $16,270,650.00. Following the sale, the chief operating officer directly owned 695,000 shares in the company, valued at approximately $68,533,950. This represents a 19.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jitendra Mohan sold 45,755 shares of the company’s stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $100.25, for a total transaction of $4,586,938.75. Following the sale, the chief executive officer owned 488,131 shares in the company, valued at $48,935,132.75. This represents a 8.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,092,242 shares of company stock worth $190,815,880 in the last quarter.

Hedge Funds Weigh In On Astera Labs

Hedge funds have recently added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. bought a new position in Astera Labs during the 4th quarter valued at about $25,000. Oliver Lagore Vanvalin Investment Group bought a new position in Astera Labs during the 2nd quarter valued at about $29,000. Murphy & Mullick Capital Management Corp bought a new position in Astera Labs in the 4th quarter worth about $43,000. Sound Income Strategies LLC grew its stake in 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 acquiring an additional 204 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in 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 acquiring an additional 284 shares in the last quarter. 60.47% of the stock is currently owned by institutional investors.

Astera Labs Stock Performance

The firm has a market capitalization of $20.10 billion, a P/E ratio of 554.07, a P/E/G ratio of 4.79 and a beta of 1.18. The stock’s 50 day simple moving average is $92.81 and its 200 day simple moving average is $86.33.

Astera Labs (NASDAQ:ALAB) last issued its earnings results on Tuesday, May 6th. The company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.05. The business had revenue of $159.44 million for the quarter, compared to the consensus estimate of $151.55 million. Astera Labs had a net margin of 8.44% and a return on equity of 2.57%. The company’s revenue for the quarter was up 144.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.10 EPS. On average, analysts anticipate that Astera Labs, Inc. will post 0.34 earnings per share for the current year.

About Astera Labs

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.