Morgan Stanley Raises Astera Labs (NASDAQ:ALAB) Price Target to $74.00

Astera Labs (NASDAQ:ALAB) had its price target lifted by Morgan Stanley from $55.00 to $74.00 in a research report released on Wednesday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other brokerages also recently weighed in on ALAB. Roth Mkm reduced their price objective on shares of Astera Labs from $85.00 to $60.00 and set a buy rating for the company in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Astera Labs from $85.00 to $60.00 and set a buy rating for the company in a research note on Wednesday, August 7th. Craig Hallum cut their target price on Astera Labs from $90.00 to $75.00 and set a buy rating on the stock in a research report on Wednesday, August 7th. Barclays decreased their target price on Astera Labs from $85.00 to $70.00 and set an overweight rating for the company in a research report on Wednesday, August 7th. Finally, Evercore ISI dropped their price target on Astera Labs from $98.00 to $80.00 and set an outperform rating on the stock in a research note on Wednesday, August 7th. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of Buy and an average price target of $73.09.

Astera Labs Stock Up 0.9 %

Astera Labs stock opened at $66.69 on Wednesday. The company has a fifty day simple moving average of $45.84 and a 200-day simple moving average of $58.53. Astera Labs has a 12-month low of $36.22 and a 12-month high of $95.21.

Astera Labs (NASDAQ:ALAB) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.02. The business had revenue of $76.90 million for the quarter, compared to analyst estimates of $72.41 million. The firm’s quarterly revenue was up 17.8% on a year-over-year basis. On average, equities research analysts expect that Astera Labs will post -0.54 earnings per share for the current fiscal year.

Insider Activity at Astera Labs

In other Astera Labs news, insider Sanjay Gajendra sold 76,701 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $45.32, for a total transaction of $3,476,089.32. Following the completion of the transaction, the insider now owns 855,000 shares in the company, valued at approximately $38,748,600. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Sanjay Gajendra sold 76,701 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $45.32, for a total transaction of $3,476,089.32. Following the transaction, the insider now directly owns 855,000 shares in the company, valued at $38,748,600. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Philip Mazzara sold 8,000 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $43.12, for a total transaction of $344,960.00. Following the transaction, the general counsel now directly owns 325,474 shares of the company’s stock, valued at $14,034,438.88. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 404,791 shares of company stock worth $20,840,158 in the last three months.

Institutional Trading of Astera Labs

A number of institutional investors have recently modified their holdings of the business. Amalgamated Bank acquired a new stake in Astera Labs in the second quarter valued at $74,000. Newbridge Financial Services Group Inc. increased its holdings in shares of Astera Labs by 11,920.0% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 3,005 shares of the company’s stock valued at $182,000 after purchasing an additional 2,980 shares in the last quarter. Legato Capital Management LLC acquired a new stake in shares of Astera Labs in the second quarter valued at about $207,000. Alpine Global Management LLC purchased a new stake in Astera Labs during the first quarter worth about $272,000. Finally, Strategic Blueprint LLC acquired a new position in Astera Labs during the second quarter worth about $332,000.

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.