Astera Labs (NASDAQ:ALAB) Earns Buy Rating from Analysts at Citigroup

Citigroup started coverage on shares of Astera Labs (NASDAQ:ALAB) in a report released on Monday morning, MarketBeat.com reports. The firm issued a buy rating and a $120.00 target price on the stock.

A number of other brokerages have also recently issued reports on ALAB. Barclays boosted their price objective on Astera Labs from $70.00 to $87.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Needham & Company LLC reaffirmed a “buy” rating and issued a $65.00 price objective on shares of Astera Labs in a report on Wednesday, October 9th. Morgan Stanley boosted their target price on shares of Astera Labs from $74.00 to $94.00 and gave the company an “overweight” rating in a report on Tuesday, November 5th. Craig Hallum raised their price target on Astera Labs from $75.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Finally, JPMorgan Chase & Co. boosted their price objective on Astera Labs from $70.00 to $110.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Twelve analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $94.67.

Astera Labs Price Performance

Shares of Astera Labs stock opened at $90.38 on Monday. Astera Labs has a 52 week low of $36.22 and a 52 week high of $100.09. The business has a 50 day moving average price of $64.93 and a 200-day moving average price of $59.10.

Astera Labs (NASDAQ:ALAB) last issued its quarterly earnings data on Monday, November 4th. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.06. Astera Labs had a negative net margin of 30.69% and a negative return on equity of 15.57%. The business had revenue of $113.10 million during the quarter, compared to the consensus estimate of $97.50 million. The firm’s revenue was up 47.1% compared to the same quarter last year. As a group, equities research analysts expect that Astera Labs will post -0.45 EPS for the current year.

Insider Buying and Selling at Astera Labs

In related news, Director Stefan A. Dyckerhoff sold 50,000 shares of Astera Labs stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $89.70, for a total value of $4,485,000.00. Following the transaction, the director now owns 129,617 shares in the company, valued at $11,626,644.90. This trade represents a 27.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sanjay Gajendra sold 76,701 shares of the company’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 sale, the insider now owns 855,000 shares of the company’s stock, valued at approximately $38,748,600. The trade was a 8.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,408,458 shares of company stock worth $113,124,841 over the last 90 days.

Institutional Trading of Astera Labs

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC increased its stake in shares of Astera Labs by 0.8% in the third quarter. Geode Capital Management LLC now owns 444,887 shares of the company’s stock worth $23,312,000 after buying an additional 3,628 shares during the period. M&T Bank Corp bought a new stake in Astera Labs in the 3rd quarter worth $322,000. Y Intercept Hong Kong Ltd purchased a new position in shares of Astera Labs in the third quarter valued at about $3,425,000. Pier Capital LLC raised its stake in shares of Astera Labs by 187.2% during the third quarter. Pier Capital LLC now owns 82,916 shares of the company’s stock valued at $4,344,000 after acquiring an additional 54,048 shares during the last quarter. Finally, Main Management ETF Advisors LLC purchased a new stake in shares of Astera Labs during the third quarter worth about $935,000.

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.