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 report released on Wednesday morning, Marketbeat.com reports. Morgan Stanley currently has $55.00 price target on the stock.

Other analysts have also recently issued reports about the stock. Roth Mkm decreased their price target on shares of Astera Labs from $85.00 to $60.00 and set a buy rating on the stock 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. Craig Hallum reduced their price objective on shares of Astera Labs from $90.00 to $75.00 and set a buy rating on the stock in a research note on Wednesday, August 7th. Barclays reduced their price objective on shares of Astera Labs from $85.00 to $70.00 and set an overweight rating on the stock in a research note on Wednesday, August 7th. Finally, Needham & Company LLC reduced their price objective on shares of Astera Labs from $85.00 to $65.00 and set a buy rating on the stock in a research note on Wednesday, August 7th. Eleven analysts have rated the stock with a buy rating, According to MarketBeat.com, Astera Labs currently has a consensus rating of Buy and an average target price of $71.36.

Astera Labs Price Performance

NASDAQ ALAB opened at $40.00 on Wednesday. The business’s 50 day moving average price is $47.08. Astera Labs has a 1-year low of $36.22 and a 1-year high of $95.21.

Astera Labs (NASDAQ:ALAB) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.11 by $0.02. The company had revenue of $76.90 million for the quarter, compared to the consensus estimate of $72.41 million. Astera Labs’s quarterly revenue was up 17.8% compared to the same quarter last year. Equities analysts predict that Astera Labs will post -0.54 earnings per share for the current year.

Insider Activity

In other Astera Labs news, General Counsel Philip Mazzara sold 42,090 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $40.43, for a total transaction of $1,701,698.70. Following the completion of the transaction, the general counsel now owns 333,474 shares in the company, valued at $13,482,353.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Astera Labs news, CFO Michael Truett Tate sold 50,000 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $47.98, for a total transaction of $2,399,000.00. Following the completion of the transaction, the chief financial officer now owns 829,108 shares in the company, valued at $39,780,601.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Philip Mazzara sold 42,090 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $40.43, for a total transaction of $1,701,698.70. Following the transaction, the general counsel now owns 333,474 shares of the company’s stock, valued at approximately $13,482,353.82. The disclosure for this sale can be found here. Insiders sold a total of 100,090 shares of company stock worth $4,445,659 over the last quarter.

Hedge Funds Weigh In On Astera Labs

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Amalgamated Bank bought a new position in shares of Astera Labs in the second quarter valued at approximately $74,000. Legato Capital Management LLC bought a new stake in Astera Labs during the second quarter valued at approximately $207,000. Alpine Global Management LLC bought a new stake in Astera Labs during the first quarter valued at approximately $272,000. Strategic Blueprint LLC bought a new stake in Astera Labs during the second quarter valued at approximately $332,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Astera Labs during the second quarter valued at approximately $341,000.

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.