Astera Labs (NASDAQ:ALAB) Stock Price Up 10% – Still a Buy?

Astera Labs, Inc. (NASDAQ:ALAB)’s stock price traded up 10% during mid-day trading on Tuesday . The company traded as high as $66.49 and last traded at $67.89. 3,293,476 shares traded hands during mid-day trading, a decline of 13% from the average session volume of 3,794,817 shares. The stock had previously closed at $61.70.

Wall Street Analysts Forecast Growth

ALAB has been the topic of a number of recent analyst reports. Citigroup started coverage on Astera Labs in a research note on Monday, November 18th. They set a “buy” rating and a $120.00 target price on the stock. Northland Capmk upgraded shares of Astera Labs from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 28th. Morgan Stanley lowered their price target on shares of Astera Labs from $142.00 to $114.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 28th. Barclays boosted their target price on Astera Labs from $87.00 to $135.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Finally, Craig Hallum lifted their price objective on Astera Labs from $105.00 to $125.00 and gave the stock a “buy” rating in a report on Tuesday, February 11th. One research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Astera Labs presently has a consensus rating of “Buy” and a consensus price target of $115.33.

Astera Labs Price Performance

The company has a market cap of $10.59 billion and a P/E ratio of -37.76. The company has a 50 day moving average of $98.99 and a 200-day moving average of $87.81.

Astera Labs (NASDAQ:ALAB) last issued its quarterly earnings results on Monday, February 10th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.16). Astera Labs had a negative return on equity of 10.40% and a negative net margin of 21.05%. Research analysts anticipate that Astera Labs, Inc. will post 0.34 EPS for the current year.

Insider Buying and Selling at Astera Labs

In related news, General Counsel Philip Mazzara sold 50,000 shares of the stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $87.46, for a total transaction of $4,373,000.00. Following the transaction, the general counsel now owns 191,209 shares of the company’s stock, valued at approximately $16,723,139.14. This trade represents a 20.73 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael E. Hurlston sold 2,500 shares of the business’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $92.08, for a total transaction of $230,200.00. Following the completion of the sale, the director now directly owns 91,794 shares of the company’s stock, valued at $8,452,391.52. This represents a 2.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 570,990 shares of company stock worth $50,242,702 over the last 90 days.

Hedge Funds Weigh In On Astera Labs

Hedge funds and other institutional investors have recently modified their holdings of the company. Whittier Trust Co. of Nevada Inc. bought a new stake in Astera Labs during the fourth quarter worth about $25,000. Steward Partners Investment Advisory LLC increased its holdings in shares of Astera Labs by 99.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 199 shares of the company’s stock valued at $26,000 after acquiring an additional 99 shares in the last quarter. Kestra Investment Management LLC purchased a new position in shares of Astera Labs in the 4th quarter worth about $28,000. Geneos Wealth Management Inc. purchased a new position in Astera Labs in the fourth quarter worth about $36,000. Finally, Global Retirement Partners LLC lifted its stake in shares of Astera Labs by 3,155.6% in the fourth quarter. Global Retirement Partners LLC now owns 293 shares of the company’s stock worth $39,000 after buying an additional 284 shares in the last quarter. 60.47% of the stock is owned by institutional investors.

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.