Astera Labs (NASDAQ:ALAB) Coverage Initiated by Analysts at Citigroup

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

Several other brokerages have also recently issued reports on ALAB. Morgan Stanley upped their price objective on Astera Labs from $74.00 to $94.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft increased their price target on Astera Labs from $60.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Barclays increased their price target on Astera Labs from $70.00 to $87.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 5th. Roth Mkm increased their price target on Astera Labs from $80.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $65.00 price objective on shares of Astera Labs in a report on Wednesday, October 9th. Twelve research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Astera Labs currently has an average rating of “Buy” and a consensus price target of $94.67.

Astera Labs Trading Up 6.7 %

NASDAQ:ALAB opened at $103.93 on Monday. Astera Labs has a one year low of $36.22 and a one year high of $108.37. The business’s 50-day simple moving average is $68.42 and its 200 day simple moving average is $59.80.

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

Insider Buying and Selling

In other news, CEO Jitendra Mohan sold 47,667 shares of the firm’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $70.26, for a total value of $3,349,083.42. Following the sale, 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 6.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jack R. Lazar sold 2,000 shares of the firm’s stock in a transaction dated 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 directly owns 135,000 shares in the company, valued at approximately $9,443,250. This represents a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,573,576 shares of company stock worth $130,180,512.

Institutional Investors Weigh In On Astera Labs

Institutional investors have recently added to or reduced their stakes in the company. Sei Investments Co. acquired a new stake in Astera Labs during the first quarter worth about $952,000. Vanguard Group Inc. bought a new position in Astera Labs during the first quarter worth about $127,268,000. Rakuten Securities Inc. bought a new position in Astera Labs during the third quarter worth about $291,000. Price T Rowe Associates Inc. MD bought a new position in Astera Labs during the first quarter worth about $44,514,000. Finally, Meeder Asset Management Inc. bought a new position in Astera Labs during the third quarter worth about $1,141,000.

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.