Astera Labs (NASDAQ:ALAB) Rating Increased to Overweight at Morgan Stanley

Morgan Stanley upgraded shares of Astera Labs (NASDAQ:ALAB) from an equal weight rating to an overweight rating in a research note issued to investors on Wednesday morning, MarketBeat Ratings reports. They currently have $55.00 target price on the stock.

Several other equities analysts also recently weighed in on the company. JPMorgan Chase & Co. cut their target price on Astera Labs from $95.00 to $70.00 and set an overweight rating on the stock in a research report on Wednesday, August 7th. Needham & Company LLC cut their price target on shares of Astera Labs from $85.00 to $65.00 and set a buy rating on the stock in a report on Wednesday, August 7th. Barclays lowered their price objective on shares of Astera Labs from $85.00 to $70.00 and set an overweight rating for the company in a research note on Wednesday, August 7th. Roth Mkm decreased their price target 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. Finally, 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 report on Wednesday, August 7th. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Astera Labs presently has a consensus rating of Buy and a consensus target price of $71.36.

Astera Labs Trading Down 4.1 %

ALAB opened at $40.00 on Wednesday. The company’s 50-day moving average is $47.08. 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 earnings results 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 firm had revenue of $76.90 million during the quarter, compared to analysts’ expectations of $72.41 million. Astera Labs’s revenue for the quarter was up 17.8% on a year-over-year basis. As a group, analysts expect that Astera Labs will post -0.54 EPS for the current year.

Insider Buying and Selling at Astera Labs

In other Astera Labs news, CFO Michael Truett Tate sold 50,000 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $47.98, for a total value of $2,399,000.00. Following the transaction, the chief financial officer now owns 829,108 shares in the company, valued at approximately $39,780,601.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, General Counsel Philip Mazzara sold 8,000 shares of the firm’s 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 completion of the sale, the general counsel now directly owns 325,474 shares of the company’s stock, valued at approximately $14,034,438.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michael Truett Tate sold 50,000 shares of the firm’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $47.98, for a total value of $2,399,000.00. Following the sale, the chief financial officer now directly owns 829,108 shares of the company’s stock, valued at $39,780,601.84. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 100,090 shares of company stock worth $4,445,659.

Institutional Trading of Astera Labs

A number of hedge funds and other institutional investors have recently modified their holdings of ALAB. Vanguard Group Inc. acquired a new position in Astera Labs in the 1st quarter valued at about $127,268,000. Capital World Investors acquired a new position in shares of Astera Labs during the first quarter worth about $44,514,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Astera Labs during the first quarter worth about $44,514,000. Bamco Inc. NY acquired a new position in shares of Astera Labs during the first quarter worth about $37,095,000. Finally, Lord Abbett & CO. LLC acquired a new position in shares of Astera Labs during the first quarter worth about $33,141,000.

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.