Astera Labs (NASDAQ:ALAB) Sees Strong Trading Volume on Analyst Upgrade

Shares of Astera Labs, Inc. (NASDAQ:ALAB) saw an uptick in trading volume on Wednesday after Morgan Stanley raised their price target on the stock from $74.00 to $94.00. Morgan Stanley currently has an overweight rating on the stock. 3,102,016 shares changed hands during trading, an increase of 7% from the previous session’s volume of 2,889,687 shares.The stock last traded at $89.15 and had previously closed at $95.91.

Several other equities research analysts also recently commented on ALAB. Needham & Company LLC restated a “buy” rating and issued a $65.00 price target on shares of Astera Labs in a research report on Wednesday, October 9th. Evercore ISI dropped their target price on shares of Astera Labs from $98.00 to $80.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Craig Hallum lifted their target price on shares of Astera Labs from $75.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday. Barclays lifted their target price on shares of Astera Labs from $70.00 to $87.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, Stifel Nicolaus lifted their target price on shares of Astera Labs from $80.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $92.36.

Insider Activity

In related news, CEO Jitendra Mohan sold 47,667 shares of the firm’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $70.26, for a total transaction of $3,349,083.42. Following the transaction, the chief executive officer now directly owns 728,420 shares of the company’s stock, valued at approximately $51,178,789.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Jack R. Lazar sold 2,000 shares of Astera Labs stock in a transaction on Friday, October 11th. The shares were sold at an average price of $69.95, for a total value of $139,900.00. Following the completion of the sale, the director now owns 135,000 shares in the company, valued at $9,443,250. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jitendra Mohan sold 47,667 shares of Astera Labs stock in a transaction on Friday, October 11th. The shares were sold at an average price of $70.26, for a total transaction of $3,349,083.42. Following the completion of the sale, the chief executive officer now owns 728,420 shares of the company’s stock, valued at $51,178,789.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 564,458 shares of company stock valued at $31,970,841 over the last ninety days.

Institutional Trading of Astera Labs

Hedge funds have recently bought and sold shares of the business. Hollencrest Capital Management purchased a new position in shares of Astera Labs in the 3rd quarter worth about $26,000. US Bancorp DE bought a new stake in Astera Labs in the 3rd quarter valued at about $46,000. Allworth Financial LP increased its position in shares of Astera Labs by 445.5% during the third quarter. Allworth Financial LP now owns 1,091 shares of the company’s stock valued at $57,000 after buying an additional 891 shares during the period. Amalgamated Bank purchased a new position in shares of Astera Labs during the second quarter worth about $74,000. Finally, Venturi Wealth Management LLC grew its holdings in shares of Astera Labs by 26.3% during the third quarter. Venturi Wealth Management LLC now owns 2,400 shares of the company’s stock worth $126,000 after purchasing an additional 500 shares in the last quarter.

Astera Labs Price Performance

The company has a 50 day simple moving average of $55.90 and a 200-day simple moving average of $58.11.

Astera Labs (NASDAQ:ALAB) last released its quarterly earnings data on Monday, November 4th. The company reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.06. The company had revenue of $113.10 million for the quarter, compared to analysts’ expectations of $97.50 million. Astera Labs’s revenue was up 47.1% compared to the same quarter last year. As a group, equities analysts expect that Astera Labs, Inc. will post -0.54 EPS for the current year.

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.