Astera Labs (NASDAQ:ALAB) Given New $75.00 Price Target at Barclays

Astera Labs (NASDAQ:ALAB) had its target price boosted by Barclays from $70.00 to $75.00 in a report issued on Wednesday morning, Marketbeat.com reports. They currently have an overweight rating on the stock.

Several other brokerages have also issued reports on ALAB. Citigroup reduced their target price on Astera Labs from $120.00 to $100.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Raymond James initiated coverage on Astera Labs in a research report on Friday, March 14th. They set an “outperform” rating and a $82.00 price objective on the stock. Needham & Company LLC reissued a “buy” rating and set a $140.00 price objective on shares of Astera Labs in a report on Tuesday, February 11th. Stifel Nicolaus cut their target price on Astera Labs from $150.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, April 17th. Finally, Morgan Stanley decreased 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 research note on Tuesday, January 28th. One investment analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $100.85.

Astera Labs Stock Down 0.2 %

Astera Labs stock opened at $71.22 on Wednesday. The stock has a market cap of $11.75 billion, a price-to-earnings ratio of -41.17, a PEG ratio of 6.18 and a beta of 0.33. The business has a 50-day simple moving average of $64.21 and a 200 day simple moving average of $91.37. Astera Labs has a 52 week low of $36.22 and a 52 week high of $147.39.

Astera Labs (NASDAQ:ALAB) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.05. Astera Labs had a negative net margin of 21.05% and a negative return on equity of 10.40%. The company had revenue of $159.44 million for the quarter, compared to analysts’ expectations of $151.55 million. During the same period in the prior year, the business earned $0.10 earnings per share. Astera Labs’s revenue for the quarter was up 144.1% compared to the same quarter last year. On average, research analysts anticipate that Astera Labs will post 0.34 earnings per share for the current year.

Insider Buying and Selling at Astera Labs

In other news, CEO Jitendra Mohan sold 350,680 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $89.51, for a total transaction of $31,389,366.80. Following the completion of the transaction, the chief executive officer now directly owns 2,353,655 shares of the company’s stock, valued at approximately $210,675,659.05. This represents a 12.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Michael Truett Tate sold 34,474 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $92.07, for a total value of $3,174,021.18. Following the completion of the sale, the chief financial officer now directly owns 244,242 shares in the company, valued at $22,487,360.94. The trade was a 12.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 633,990 shares of company stock valued at $54,235,012 in the last quarter.

Hedge Funds Weigh In On Astera Labs

A number of hedge funds and other institutional investors have recently made changes to their positions in ALAB. Steward Partners Investment Advisory LLC boosted its stake in shares of Astera Labs by 99.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 199 shares of the company’s stock valued at $26,000 after purchasing an additional 99 shares in the last quarter. Whittier Trust Co. of Nevada Inc. bought a new stake in Astera Labs during the 4th quarter valued at approximately $25,000. Hoey Investments Inc. boosted its position in Astera Labs by 4.2% during the 1st quarter. Hoey Investments Inc. now owns 5,000 shares of the company’s stock valued at $298,000 after acquiring an additional 200 shares in the last quarter. Sound Income Strategies LLC grew its holdings in shares of Astera Labs by 34.7% during 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 during the period. Finally, Kestra Investment Management LLC bought a new position in shares of Astera Labs in the 4th quarter worth approximately $28,000. 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.