Astera Labs (NASDAQ:ALAB) Price Target Raised to $104.00

Astera Labs (NASDAQ:ALAB) had its target price upped by Evercore ISI from $87.00 to $104.00 in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other equities analysts have also weighed in on ALAB. Northland Capmk raised shares of Astera Labs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 28th. Roth Capital set a $100.00 price target on Astera Labs and gave the company a “buy” rating in a report on Wednesday, May 7th. Stifel Nicolaus reduced their price target on Astera Labs from $150.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. Needham & Company LLC lowered their price objective on Astera Labs from $140.00 to $100.00 and set a “buy” rating for the company in a research report on Wednesday, May 7th. Finally, Morgan Stanley upgraded Astera Labs from an “equal weight” rating to an “overweight” rating and set a $99.00 target price for the company in a research note on Monday, May 12th. One analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Astera Labs currently has a consensus rating of “Buy” and an average target price of $100.00.

Astera Labs Stock Performance

Astera Labs stock opened at $94.62 on Wednesday. Astera Labs has a fifty-two week low of $36.22 and a fifty-two week high of $147.39. The company has a market capitalization of $15.60 billion, a price-to-earnings ratio of -54.69, a PEG ratio of 6.18 and a beta of 0.33. The stock has a fifty day moving average of $68.99 and a two-hundred day moving average of $92.58.

Astera Labs (NASDAQ:ALAB) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.33 EPS for the quarter, beating 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 business had revenue of $159.44 million for the quarter, compared to analyst estimates of $151.55 million. During the same quarter last year, the company earned $0.10 earnings per share. The business’s revenue for the quarter was up 144.1% compared to the same quarter last year. On average, analysts forecast that Astera Labs will post 0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Jitendra Mohan sold 75,000 shares of the business’s stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $71.05, for a total transaction of $5,328,750.00. Following the completion of the sale, the chief executive officer now owns 575,000 shares in the company, valued at approximately $40,853,750. The trade was a 11.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Manuel Alba sold 63,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $63.37, for a total transaction of $3,992,310.00. Following the completion of the transaction, the director now owns 444,863 shares in the company, valued at $28,190,968.31. The trade was a 12.40% decrease in their position. The disclosure for this sale can be found here. Insiders sold 852,640 shares of company stock worth $69,893,694 over the last three months.

Hedge Funds Weigh In On Astera Labs

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Astera Labs by 0.9% in the first quarter. Vanguard Group Inc. now owns 9,297,476 shares of the company’s stock valued at $554,780,000 after purchasing an additional 85,846 shares during the period. Alliancebernstein L.P. boosted its position in shares of Astera Labs by 114.2% in the first 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 period. Atreides Management LP boosted its position in shares of Astera Labs by 153.3% in the first 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 period. JPMorgan Chase & Co. boosted its position in shares of Astera Labs by 50.5% in the fourth 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 during the period. Finally, Lord Abbett & CO. LLC grew its stake in shares of Astera Labs by 318.9% in the fourth quarter. Lord Abbett & CO. LLC now owns 1,818,600 shares of the company’s stock valued at $240,873,000 after buying an additional 1,384,498 shares in the last quarter. Institutional investors and hedge funds own 60.47% of the company’s stock.

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.