Astera Labs (NASDAQ:ALAB) Given New $100.00 Price Target at Citigroup

Astera Labs (NASDAQ:ALAB) had its target price decreased by research analysts at Citigroup from $120.00 to $100.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price target indicates a potential upside of 68.41% from the company’s current price.

A number of other equities research analysts have also commented on ALAB. Barclays upped their price target on Astera Labs from $87.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Northland Capmk raised Astera Labs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 28th. Needham & Company LLC reiterated a “buy” rating and issued a $140.00 price objective on shares of Astera Labs in a research note on Tuesday, February 11th. Stifel Nicolaus upped their price objective on shares of Astera Labs from $100.00 to $150.00 and gave the company a “buy” rating in a report on Monday, January 6th. Finally, Raymond James began coverage on Astera Labs in a research note on Friday, March 14th. They issued an “outperform” rating and a $82.00 target price for the company. One investment analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $111.23.

Astera Labs Trading Down 1.2 %

ALAB traded down $0.75 on Monday, reaching $59.38. The stock had a trading volume of 3,134,648 shares, compared to its average volume of 3,788,372. The company has a market capitalization of $9.63 billion and a price-to-earnings ratio of -34.32. Astera Labs has a fifty-two week low of $36.22 and a fifty-two week high of $147.39. The firm has a 50-day moving average of $73.46 and a 200-day moving average of $91.14.

Astera Labs (NASDAQ:ALAB) last released its quarterly earnings data on Monday, February 10th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.16). Astera Labs had a negative net margin of 21.05% and a negative return on equity of 10.40%. Sell-side analysts anticipate that Astera Labs will post 0.34 EPS for the current fiscal year.

Insider Activity

In other Astera Labs news, Director Michael E. Hurlston sold 2,500 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $92.08, for a total value of $230,200.00. Following the completion of the transaction, the director now owns 91,794 shares in the company, valued at $8,452,391.52. This represents a 2.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jitendra Mohan sold 350,680 shares of the business’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $89.51, for a total transaction of $31,389,366.80. Following the completion of the transaction, the chief executive officer now directly owns 2,353,655 shares in the company, valued at $210,675,659.05. This trade represents a 12.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 633,990 shares of company stock valued at $54,235,012 over the last three months.

Institutional Investors Weigh In On Astera Labs

Hedge funds have recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Astera Labs by 5.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,284 shares of the company’s stock worth $277,000 after buying an additional 284 shares during the last quarter. State Street Corp increased 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. M&T Bank Corp bought a new stake in Astera Labs in the 3rd quarter valued at about $322,000. Geode Capital Management LLC lifted its holdings in Astera Labs by 0.8% during the third quarter. Geode Capital Management LLC now owns 444,887 shares of the company’s stock valued at $23,312,000 after purchasing an additional 3,628 shares during the last quarter. Finally, Sanctuary Advisors LLC bought a new position in Astera Labs during the third quarter worth about $203,000. Institutional investors own 60.47% of the company’s stock.

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.