Astera Labs (NASDAQ:ALAB) Stock Price Up 10% – Time to Buy?

Astera Labs, Inc. (NASDAQ:ALAB) shares shot up 10% on Tuesday . The company traded as high as $66.49 and last traded at $67.89. 3,293,476 shares were traded during trading, a decline of 13% from the average session volume of 3,794,817 shares. The stock had previously closed at $61.70.

Wall Street Analysts Forecast Growth

ALAB has been the subject of a number of analyst reports. Citigroup initiated coverage on shares of Astera Labs in a research report on Monday, November 18th. They issued a “buy” rating and a $120.00 price objective for the company. Stifel Nicolaus lifted their target price on Astera Labs from $100.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Northland Capmk raised shares of Astera Labs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 28th. Northland Securities upgraded shares of Astera Labs from a “market perform” rating to an “outperform” rating and set a $120.00 target price for the company in a research note on Tuesday, January 28th. Finally, Needham & Company LLC restated a “buy” rating and issued a $140.00 price target on shares of Astera Labs in a research note on Tuesday, February 11th. One research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $115.33.

Astera Labs Trading Down 5.1 %

The business’s 50-day simple moving average is $98.99 and its two-hundred day simple moving average is $87.81. The firm has a market cap of $10.59 billion and a price-to-earnings ratio of -37.76.

Astera Labs (NASDAQ:ALAB) last posted its quarterly earnings data on Monday, February 10th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.16). Astera Labs had a negative return on equity of 10.40% and a negative net margin of 21.05%. On average, analysts forecast that Astera Labs, Inc. will post 0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Astera Labs

In other news, General Counsel Philip Mazzara sold 50,000 shares of the firm’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $87.46, for a total value of $4,373,000.00. Following the completion of the sale, the general counsel now directly owns 191,209 shares in the company, valued at $16,723,139.14. This trade represents a 20.73 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jitendra Mohan sold 350,680 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $89.51, for a total value of $31,389,366.80. Following the transaction, the chief executive officer now directly owns 2,353,655 shares in the company, valued at approximately $210,675,659.05. This trade represents a 12.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 570,990 shares of company stock valued at $50,242,702.

Institutional Trading of Astera Labs

Hedge funds have recently bought and sold shares of the business. US Bancorp DE acquired a new position in shares of Astera Labs during the third quarter valued at about $46,000. Van ECK Associates Corp purchased a new position in shares of Astera Labs during the third quarter valued at approximately $462,000. Venturi Wealth Management LLC grew its holdings in 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 buying an additional 500 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new position in Astera Labs during the 3rd quarter valued at $751,000. Finally, Sycomore Asset Management boosted its holdings in Astera Labs by 46.6% during the 3rd quarter. Sycomore Asset Management now owns 53,712 shares of the company’s stock worth $2,941,000 after acquiring an additional 17,065 shares during the last quarter. Institutional investors and hedge funds own 60.47% of the company’s stock.

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.