Astera Labs (NASDAQ:ALAB) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Astera Labs (NASDAQ:ALAB) in a research note released on Wednesday, Benzinga reports. Needham & Company LLC currently has a $65.00 price objective on the stock.

A number of other equities research analysts also recently commented on the company. Stifel Nicolaus dropped their price objective on Astera Labs from $87.00 to $80.00 and set a buy rating for the company in a report on Monday, August 5th. Craig Hallum lowered their price target on Astera Labs from $90.00 to $75.00 and set a buy rating for the company in a research note on Wednesday, August 7th. Evercore ISI reduced their price objective on shares of Astera Labs from $98.00 to $80.00 and set an outperform rating on the stock in a research note on Wednesday, August 7th. Morgan Stanley upped their target price on shares of Astera Labs from $55.00 to $74.00 and gave the company an overweight rating in a research note on Wednesday. Finally, Barclays reduced their price target on shares of Astera Labs from $85.00 to $70.00 and set an overweight rating on the stock in a research report on Wednesday, August 7th. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of Buy and a consensus price target of $73.09.

Astera Labs Stock Performance

Astera Labs stock opened at $66.69 on Wednesday. Astera Labs has a 1 year low of $36.22 and a 1 year high of $95.21. The company’s 50-day moving average is $45.84 and its two-hundred day moving average is $58.36.

Astera Labs (NASDAQ:ALAB) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.02. The business had revenue of $76.90 million during the quarter, compared to analyst estimates of $72.41 million. The business’s quarterly revenue was up 17.8% compared to the same quarter last year. As a group, equities analysts expect that Astera Labs will post -0.54 earnings per share for the current year.

Insider Activity at Astera Labs

In related news, CFO Michael Truett Tate sold 100,000 shares of the company’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $62.03, for a total value of $6,203,000.00. Following the completion of the transaction, the chief financial officer now directly owns 1,762,888 shares of the company’s stock, valued at approximately $109,351,942.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Astera Labs news, CFO Michael Truett Tate sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $62.03, for a total value of $6,203,000.00. Following the sale, the chief financial officer now owns 1,762,888 shares in the company, valued at approximately $109,351,942.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Philip Mazzara sold 42,090 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $40.43, for a total value of $1,701,698.70. Following the transaction, the general counsel now directly owns 333,474 shares of the company’s stock, valued at approximately $13,482,353.82. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 404,791 shares of company stock valued at $20,840,158.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC acquired a new position in shares of Astera Labs during the 1st quarter worth about $18,666,000. Amazon Com Inc. acquired a new position in Astera Labs during the first quarter valued at approximately $20,608,000. Capstone Investment Advisors LLC bought a new position in Astera Labs in the first quarter valued at approximately $4,629,000. Jennison Associates LLC acquired a new position in shares of Astera Labs during the 1st quarter worth approximately $11,283,000. Finally, Peregrine Asset Advisers Inc. bought a new stake in shares of Astera Labs during the 1st quarter worth approximately $2,515,000.

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.