Astera Labs (NASDAQ:ALAB) Hits New 52-Week High – Here’s What Happened

Shares of Astera Labs, Inc. (NASDAQ:ALAB) reached a new 52-week high during trading on Monday . The stock traded as high as $133.75 and last traded at $133.75, with a volume of 22325 shares changing hands. The stock had previously closed at $132.14.

Wall Street Analyst Weigh In

ALAB has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of Astera Labs from $70.00 to $110.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Morgan Stanley boosted their price target on Astera Labs from $74.00 to $94.00 and gave the stock an “overweight” rating in a report on Tuesday, November 5th. Roth Mkm raised their price objective on Astera Labs from $80.00 to $105.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Needham & Company LLC reissued a “buy” rating and set a $65.00 target price on shares of Astera Labs in a research note on Wednesday, October 9th. Finally, Craig Hallum increased their target price on shares of Astera Labs from $75.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Twelve analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $94.67.

Astera Labs Stock Down 1.9 %

The company’s fifty day simple moving average is $91.69 and its 200 day simple moving average is $65.11.

Astera Labs (NASDAQ:ALAB) last posted its earnings results on Monday, November 4th. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.17 by $0.06. Astera Labs had a negative return on equity of 15.57% and a negative net margin of 30.69%. The business had revenue of $113.10 million during the quarter, compared to analysts’ expectations of $97.50 million. The firm’s revenue was up 47.1% on a year-over-year basis. On average, equities research analysts anticipate that Astera Labs, Inc. will post -0.45 earnings per share for the current year.

Insider Buying and Selling at Astera Labs

In related news, Director Manuel Alba sold 63,000 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $50.00, for a total value of $3,150,000.00. Following the completion of the sale, the director now owns 506,863 shares in the company, valued at $25,343,150. The trade was a 11.06 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Philip Mazzara sold 25,000 shares of the stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $60.74, for a total transaction of $1,518,500.00. Following the transaction, the general counsel now owns 300,564 shares in the company, valued at $18,256,257.36. The trade was a 7.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,078,119 shares of company stock worth $191,630,349 over the last three months.

Institutional Trading of Astera Labs

Several institutional investors have recently added to or reduced their stakes in ALAB. Fred Alger Management LLC grew its position in Astera Labs by 1,361.0% during the 3rd quarter. Fred Alger Management LLC now owns 2,821,921 shares of the company’s stock worth $147,840,000 after acquiring an additional 2,628,765 shares during the last quarter. Westfield Capital Management Co. LP purchased a new position in shares of Astera Labs in the third quarter worth $52,049,000. The Manufacturers Life Insurance Company raised its holdings in Astera Labs by 15,477.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 879,055 shares of the company’s stock valued at $46,054,000 after buying an additional 873,412 shares during the last quarter. Spyglass Capital Management LLC purchased a new stake in Astera Labs during the 3rd quarter valued at $38,565,000. Finally, State Street Corp grew its holdings in Astera Labs by 173.1% in the 3rd quarter. State Street Corp now owns 698,467 shares of the company’s stock worth $36,593,000 after acquiring an additional 442,698 shares during the last quarter. 60.47% of the stock is currently owned by hedge funds and other institutional investors.

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.