Astera Labs (NASDAQ:ALAB) Trading 4.8% Higher – What’s Next?

Shares of Astera Labs, Inc. (NASDAQ:ALAB) rose 4.8% on Wednesday . The company traded as high as $124.50 and last traded at $123.81. Approximately 386,402 shares changed hands during trading, a decline of 88% from the average daily volume of 3,216,998 shares. The stock had previously closed at $118.17.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ALAB. Citigroup assumed coverage on Astera Labs in a research note on Monday, November 18th. They set a “buy” rating and a $120.00 price target on the stock. Morgan Stanley upped their target price on shares of Astera Labs from $74.00 to $94.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. JPMorgan Chase & Co. lifted their price target on shares of Astera Labs from $70.00 to $110.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 5th. Barclays increased their price objective on shares of Astera Labs from $70.00 to $87.00 and gave the company an “overweight” rating in a report on Tuesday, November 5th. Finally, Roth Mkm lifted their target price on shares of Astera Labs from $80.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat.com, Astera Labs presently has an average rating of “Buy” and a consensus target price of $94.67.

Astera Labs Stock Performance

The company has a 50 day moving average of $87.04 and a 200 day moving average of $63.85.

Astera Labs (NASDAQ:ALAB) last released its quarterly earnings results on Monday, November 4th. The company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.06. Astera Labs had a negative return on equity of 15.57% and a negative net margin of 30.69%. The company had revenue of $113.10 million for the quarter, compared to analyst estimates of $97.50 million. The business’s quarterly revenue was up 47.1% on a year-over-year basis. Analysts expect that Astera Labs, Inc. will post -0.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Astera Labs

In related news, General Counsel Philip Mazzara sold 25,000 shares of the firm’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $60.74, for a total value of $1,518,500.00. Following the completion of the transaction, the general counsel now owns 300,564 shares of the company’s stock, valued at approximately $18,256,257.36. This trade represents a 7.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Sanjay Gajendra sold 76,701 shares of Astera Labs stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $45.32, for a total transaction of $3,476,089.32. Following the completion of the sale, the insider now owns 855,000 shares in the company, valued at $38,748,600. The trade was a 8.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,154,820 shares of company stock valued at $195,106,438.

Hedge Funds Weigh In On Astera Labs

Several hedge funds have recently modified their holdings of the stock. Point72 Asia Singapore Pte. Ltd. acquired a new position in Astera Labs during the third quarter valued at approximately $530,000. Avior Wealth Management LLC acquired a new stake in shares of Astera Labs in the 3rd quarter valued at approximately $361,000. Maverick Capital Ltd. grew its stake in shares of Astera Labs by 16.0% in the third quarter. Maverick Capital Ltd. now owns 1,156,230 shares of the company’s stock valued at $60,575,000 after buying an additional 159,480 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in Astera Labs during the third quarter worth $1,141,000. Finally, Bank of Hawaii bought a new stake in Astera Labs during the third quarter worth $1,409,000. Institutional investors own 60.47% of the company’s stock.

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.