Astera Labs (NASDAQ:ALAB) Cut to Hold at Northland Capmk

Northland Capmk downgraded shares of Astera Labs (NASDAQ:ALAB) from a strong-buy rating to a hold rating in a research report sent to investors on Tuesday,Zacks.com reports.

Several other research firms have also recently weighed in on ALAB. Stifel Nicolaus raised their price target on Astera Labs from $100.00 to $110.00 and gave the company a “buy” rating in a report on Friday, July 18th. Evercore ISI raised their price target on Astera Labs from $87.00 to $104.00 and gave the company an “outperform” rating in a report on Wednesday, May 21st. Needham & Company LLC lowered their price target on Astera Labs from $140.00 to $100.00 and set a “buy” rating on the stock in a report on Wednesday, May 7th. Jefferies Financial Group raised their price target on Astera Labs from $95.00 to $130.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Morgan Stanley raised Astera Labs from an “equal weight” rating to an “overweight” rating and set a $99.00 price target on the stock in a report on Monday, May 12th. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Astera Labs has a consensus rating of “Moderate Buy” and a consensus price target of $102.67.

Astera Labs Stock Up 1.8%

Shares of NASDAQ ALAB opened at $121.68 on Tuesday. Astera Labs has a 52 week low of $36.22 and a 52 week high of $147.39. The business has a 50-day simple moving average of $95.39 and a two-hundred day simple moving average of $86.49. The company has a market cap of $20.07 billion, a P/E ratio of 553.12, a P/E/G ratio of 5.61 and a beta of 1.18.

Astera Labs (NASDAQ:ALAB) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.05. Astera Labs had a return on equity of 2.57% and a net margin of 8.44%. The firm had revenue of $159.44 million for the quarter, compared to analysts’ expectations of $151.55 million. During the same quarter last year, the firm posted $0.10 EPS. The company’s revenue was up 144.1% compared to the same quarter last year. Equities research analysts anticipate that Astera Labs will post 0.34 EPS for the current year.

Insider Buying and Selling

In related news, insider Sanjay Gajendra sold 165,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $71.76, for a total transaction of $11,840,400.00. Following the transaction, the insider directly owned 755,000 shares in the company, valued at $54,178,800. This trade represents a 17.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jitendra Mohan sold 128,250 shares of the firm’s stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $90.02, for a total value of $11,545,065.00. Following the transaction, the chief executive officer owned 541,125 shares in the company, valued at approximately $48,712,072.50. The trade was a 19.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,181,759 shares of company stock worth $200,883,431 in the last ninety days.

Hedge Funds Weigh In On Astera Labs

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in shares of Astera Labs by 354.9% in the 4th quarter. Vanguard Group Inc. now owns 9,211,630 shares of the company’s stock worth $1,220,080,000 after buying an additional 7,186,582 shares during the last quarter. Alliancebernstein L.P. grew its position in shares of Astera Labs by 114.2% in the 1st quarter. Alliancebernstein L.P. now owns 8,401,019 shares of the company’s stock worth $501,289,000 after buying an additional 4,478,741 shares during the last quarter. Atreides Management LP grew its position in shares of Astera Labs by 153.3% in the 1st quarter. Atreides Management LP now owns 4,652,264 shares of the company’s stock worth $277,601,000 after buying an additional 2,815,614 shares during the last quarter. Lord Abbett & CO. LLC grew its position in shares of Astera Labs by 318.9% in the 4th quarter. Lord Abbett & CO. LLC now owns 1,818,600 shares of the company’s stock worth $240,873,000 after buying an additional 1,384,498 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Astera Labs in the 4th quarter worth approximately $179,229,000. 60.47% of the stock is currently owned by 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.