Astera Labs, Inc. (NASDAQ:ALAB) Given Average Recommendation of “Moderate Buy” by Brokerages

Astera Labs, Inc. (NASDAQ:ALAB) has earned an average recommendation of “Moderate Buy” from the eleven analysts that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $71.36.

ALAB has been the subject of a number of recent research reports. Craig Hallum dropped their price target on shares of Astera Labs from $90.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft cut their price target on shares of Astera Labs from $85.00 to $60.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Roth Mkm reduced their price target on Astera Labs from $85.00 to $60.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Morgan Stanley reduced their price objective on shares of Astera Labs from $85.00 to $55.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 7th. Finally, Stifel Nicolaus cut their target price on shares of Astera Labs from $87.00 to $80.00 and set a “buy” rating for the company in a research note on Monday, August 5th.

Astera Labs Trading Up 5.0 %

Astera Labs stock opened at $41.77 on Friday. The business has a fifty day simple moving average of $50.76. Astera Labs has a 52 week low of $36.22 and a 52 week high of $95.21.

Astera Labs (NASDAQ:ALAB) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.11 by $0.02. The company had revenue of $76.90 million for the quarter, compared to the consensus estimate of $72.41 million. Astera Labs’s quarterly revenue was up 17.8% compared to the same quarter last year. Research analysts anticipate that Astera Labs will post -0.56 earnings per share for the current year.

Hedge Funds Weigh In On Astera Labs

Several institutional investors and hedge funds have recently added to or reduced their stakes in ALAB. Truist Financial Corp bought a new stake in shares of Astera Labs during the second quarter valued at approximately $353,000. The Manufacturers Life Insurance Company purchased a new stake in Astera Labs during the second quarter valued at $341,000. Millennium Management LLC raised its holdings in Astera Labs by 136.4% in the 2nd quarter. Millennium Management LLC now owns 278,051 shares of the company’s stock worth $16,825,000 after purchasing an additional 160,417 shares during the period. Marshall Wace LLP purchased a new position in shares of Astera Labs during the 2nd quarter valued at about $2,351,000. Finally, Magnetar Financial LLC purchased a new position in Astera Labs during the second quarter valued at approximately $1,229,000.

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.