Astera Labs (NASDAQ:ALAB) Hits New 1-Year High – Here’s What Happened

Shares of Astera Labs, Inc. (NASDAQ:ALAB) hit a new 52-week high during trading on Thursday . The company traded as high as $99.05 and last traded at $98.09, with a volume of 371232 shares changing hands. The stock had previously closed at $98.17.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. JPMorgan Chase & Co. boosted their target price on shares of Astera Labs from $70.00 to $110.00 and gave the company an “overweight” rating in a report on Tuesday. Roth Mkm upped their price target on shares of Astera Labs from $80.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday. Craig Hallum upped their price target on shares of Astera Labs from $75.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday. Needham & Company LLC reiterated a “buy” rating and issued a $65.00 price target on shares of Astera Labs in a research note on Wednesday, October 9th. Finally, Evercore ISI lowered their target price 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. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat, Astera Labs has an average rating of “Buy” and a consensus target price of $92.36.

Astera Labs Stock Up 5.1 %

The company’s fifty day moving average is $59.05 and its 200-day moving average is $58.87.

Astera Labs (NASDAQ:ALAB) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.06. The business had revenue of $113.10 million during the quarter, compared to the consensus estimate of $97.50 million. The business’s revenue for the quarter was up 47.1% on a year-over-year basis. As a group, analysts predict that Astera Labs, Inc. will post -0.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Astera Labs news, Director Stefan A. Dyckerhoff sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $89.70, for a total value of $4,485,000.00. Following the completion of the transaction, the director now directly owns 129,617 shares in the company, valued at $11,626,644.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Astera Labs news, Director Stefan A. Dyckerhoff sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $89.70, for a total value of $4,485,000.00. Following the completion of the transaction, the director now directly owns 129,617 shares in the company, valued at $11,626,644.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Jitendra Mohan sold 47,667 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 728,420 shares of the company’s stock, valued at $51,178,789.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 614,458 shares of company stock worth $36,455,841 in the last three months.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. First Horizon Advisors Inc. bought a new stake in Astera Labs in the third quarter worth $49,000. Avior Wealth Management LLC purchased a new stake in Astera Labs in the third quarter worth $361,000. Meeder Asset Management Inc. purchased a new stake in Astera Labs in the third quarter worth $1,141,000. LMR Partners LLP increased its stake in Astera Labs by 175.0% in the third quarter. LMR Partners LLP now owns 275,000 shares of the company’s stock worth $14,407,000 after purchasing an additional 175,000 shares during the period. Finally, CIBC Asset Management Inc purchased a new stake in Astera Labs in the third quarter worth $237,000.

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.