Astera Labs (NASDAQ:ALAB) Upgraded at Morgan Stanley

Morgan Stanley upgraded shares of Astera Labs (NASDAQ:ALAB) from an equal weight rating to an overweight rating in a research report sent to investors on Monday morning, Marketbeat reports. The brokerage currently has $99.00 target price on the stock.

Other research analysts have also issued reports about the stock. Roth Capital set a $100.00 target price on shares of Astera Labs and gave the company a “buy” rating in a research note on Wednesday, May 7th. Northland Capmk raised Astera Labs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 28th. Needham & Company LLC dropped their price objective 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. Citigroup cut their price objective on Astera Labs from $120.00 to $100.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Finally, Northland Securities raised Astera Labs from a “market perform” rating to an “outperform” rating and set a $120.00 target price on the stock in a report on Tuesday, January 28th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Astera Labs currently has an average rating of “Buy” and an average price target of $99.69.

Astera Labs Stock Performance

Shares of NASDAQ ALAB opened at $90.66 on Monday. The firm has a market cap of $14.95 billion, a price-to-earnings ratio of -52.40, a P/E/G ratio of 6.18 and a beta of 0.33. The business’s 50-day simple moving average is $65.52 and its 200-day simple moving average is $91.75. Astera Labs has a 52 week low of $36.22 and a 52 week high of $147.39.

Astera Labs (NASDAQ:ALAB) last announced its earnings results on Tuesday, May 6th. The company reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.05. Astera Labs had a negative return on equity of 10.40% and a negative net margin of 21.05%. The firm had revenue of $159.44 million during the quarter, compared to analysts’ expectations of $151.55 million. During the same quarter in the prior year, the business earned $0.10 earnings per share. The company’s revenue was up 144.1% on a year-over-year basis. As a group, equities research analysts forecast that Astera Labs will post 0.34 earnings per share for the current year.

Insider Buying and Selling at Astera Labs

In other news, insider Sanjay Gajendra sold 165,000 shares of the business’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 sale, the insider now directly owns 755,000 shares in the company, valued at approximately $54,178,800. The trade was a 17.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Manuel Alba sold 63,000 shares of the company’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $63.37, for a total value of $3,992,310.00. Following the completion of the transaction, the director now owns 444,863 shares of the company’s stock, valued at $28,190,968.31. The trade was a 12.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 873,990 shares of company stock valued at $71,404,162 in the last quarter.

Hedge Funds Weigh In On Astera Labs

Hedge funds and other institutional investors have recently made changes to their positions in the business. Proficio Capital Partners LLC increased its stake in Astera Labs by 1.8% in the fourth quarter. Proficio Capital Partners LLC now owns 21,626 shares of the company’s stock valued at $2,864,000 after acquiring an additional 390 shares during the period. Peregrine Investment Management Inc. acquired a new stake in Astera Labs during the fourth quarter valued at approximately $10,701,000. Elemental Capital Partners LLC bought a new stake in shares of Astera Labs in the 4th quarter valued at approximately $1,346,000. Renaissance Capital LLC grew its stake in shares of Astera Labs by 381.0% in the 4th quarter. Renaissance Capital LLC now owns 114,276 shares of the company’s stock valued at $15,136,000 after purchasing an additional 90,516 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in shares of Astera Labs by 50.5% in the 4th quarter. JPMorgan Chase & Co. now owns 2,360,467 shares of the company’s stock worth $312,644,000 after buying an additional 792,153 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.