Astera Labs (NASDAQ:ALAB) Stock Price Up 4.5%

Shares of Astera Labs, Inc. (NASDAQ:ALAB) rose 4.5% during trading on Friday . The company traded as high as $61.80 and last traded at $60.50. Approximately 390,515 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 2,332,318 shares. The stock had previously closed at $57.88.

Analysts Set New Price Targets

ALAB has been the subject of a number of recent research reports. JPMorgan Chase & Co. initiated coverage on shares of Astera Labs in a report on Monday, April 15th. They issued an “overweight” rating and a $85.00 price objective for the company. Jefferies Financial Group initiated coverage on shares of Astera Labs in a report on Monday, April 15th. They set a “buy” rating and a $85.00 price target for the company. Barclays initiated coverage on shares of Astera Labs in a report on Monday, April 15th. They set an “overweight” rating and a $85.00 price target for the company. Roth Mkm initiated coverage on shares of Astera Labs in a report on Monday, April 15th. They set a “buy” rating and a $85.00 price target for the company. Finally, Morgan Stanley initiated coverage on shares of Astera Labs in a report on Monday, April 15th. They set an “overweight” rating and a $81.00 price target for the company. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $86.09.

Astera Labs Stock Performance

The business’s 50-day moving average is $69.19.

Astera Labs (NASDAQ:ALAB) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($1.76) EPS for the quarter, missing the consensus estimate of ($0.14) by ($1.62). The business had revenue of $65.26 million for the quarter, compared to the consensus estimate of $56.65 million. On average, analysts anticipate that Astera Labs, Inc. will post -0.56 earnings per share for the current year.

Institutional Investors Weigh In On Astera Labs

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Alpine Global Management LLC acquired a new stake in shares of Astera Labs in the 1st quarter valued at $272,000. Central Pacific Bank Trust Division acquired a new stake in Astera Labs during the 1st quarter worth $402,000. Sei Investments Co. acquired a new stake in Astera Labs during the 1st quarter worth $952,000. Forge First Asset Management Inc. acquired a new stake in Astera Labs during the 1st quarter worth $1,143,000. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Astera Labs during the 1st quarter worth $1,484,000.

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.