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

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

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ALAB. JPMorgan Chase & Co. increased their price target on Astera Labs from $70.00 to $110.00 and gave the stock an “overweight” rating in a report on Tuesday. Morgan Stanley boosted their target price on shares of Astera Labs from $74.00 to $94.00 and gave the company an “overweight” rating in a research note on Tuesday. Craig Hallum raised 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. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Astera Labs from $60.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Barclays upped their target price on shares of Astera Labs from $70.00 to $87.00 and gave the stock an “overweight” rating in a research note on Tuesday. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Astera Labs presently has a consensus rating of “Buy” and a consensus price target of $92.36.

Astera Labs Stock Performance

The business has a 50-day moving average of $57.00 and a two-hundred day moving average of $58.39.

Astera Labs (NASDAQ:ALAB) last announced its earnings results on Monday, November 4th. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.06. The firm had revenue of $113.10 million during the quarter, compared to analyst estimates of $97.50 million. The business’s revenue for the quarter was up 47.1% compared to the same quarter last year. On average, equities analysts expect that Astera Labs, Inc. will post -0.54 EPS for the current year.

Insider Buying and Selling

In other Astera Labs news, Director Jack R. Lazar sold 2,000 shares of the firm’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $69.95, for a total value of $139,900.00. Following the completion of the transaction, the director now owns 135,000 shares of the company’s stock, valued at approximately $9,443,250. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Jitendra Mohan sold 47,667 shares of the stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $70.26, for a total value of $3,349,083.42. Following the transaction, the chief executive officer now owns 728,420 shares in the company, valued at approximately $51,178,789.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jack R. Lazar sold 2,000 shares of Astera Labs stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $69.95, for a total transaction of $139,900.00. Following the sale, the director now owns 135,000 shares of the company’s stock, valued at approximately $9,443,250. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 564,458 shares of company stock worth $31,970,841 in the last three months.

Institutional Trading of Astera Labs

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Hollencrest Capital Management acquired a new position in Astera Labs during the third quarter valued at $26,000. US Bancorp DE purchased a new position in shares of Astera Labs during the 3rd quarter valued at about $46,000. Allworth Financial LP lifted its holdings in shares of Astera Labs by 445.5% in the 3rd quarter. Allworth Financial LP now owns 1,091 shares of the company’s stock valued at $57,000 after buying an additional 891 shares during the period. Amalgamated Bank purchased a new stake in shares of Astera Labs in the second quarter worth about $74,000. Finally, Venturi Wealth Management LLC boosted its stake in shares of Astera Labs by 26.3% in the third quarter. Venturi Wealth Management LLC now owns 2,400 shares of the company’s stock worth $126,000 after buying an additional 500 shares during the last quarter.

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.