Needham & Company LLC Cuts Astera Labs (NASDAQ:ALAB) Price Target to $100.00

Astera Labs (NASDAQ:ALAB) had its target price cut by Needham & Company LLC from $140.00 to $100.00 in a research note published on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also recently issued research reports about the stock. Northland Securities raised shares of Astera Labs from a “market perform” rating to an “outperform” rating and set a $120.00 target price on the stock in a report on Tuesday, January 28th. Barclays raised their price target on Astera Labs from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday. Raymond James assumed coverage on Astera Labs in a report on Friday, March 14th. They issued an “outperform” rating and a $82.00 price objective on the stock. Morgan Stanley dropped their price target on shares of Astera Labs from $142.00 to $114.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 28th. Finally, Stifel Nicolaus dropped their target price on shares of Astera Labs from $150.00 to $100.00 and set a “buy” rating on the stock in a research report on Thursday, April 17th. One investment analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $100.85.

Astera Labs Price Performance

NASDAQ ALAB opened at $71.20 on Wednesday. The company has a market cap of $11.74 billion, a P/E ratio of -41.16, a P/E/G ratio of 6.18 and a beta of 0.33. Astera Labs has a 1-year low of $36.22 and a 1-year high of $147.39. The stock has a 50-day moving average of $64.32 and a two-hundred day moving average of $91.42.

Astera Labs (NASDAQ:ALAB) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.28 by $0.05. Astera Labs had a negative net margin of 21.05% and a negative return on equity of 10.40%. The business had revenue of $159.44 million during the quarter, compared to the consensus estimate of $151.55 million. During the same quarter in the previous year, the firm posted $0.10 earnings per share. The company’s quarterly revenue was up 144.1% compared to the same quarter last year. On average, analysts anticipate that Astera Labs will post 0.34 EPS for the current fiscal year.

Insider Activity at Astera Labs

In other Astera Labs news, CEO Jitendra Mohan sold 350,680 shares of the stock in a transaction on 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 sale, the chief executive officer now owns 2,353,655 shares in the company, valued at approximately $210,675,659.05. This represents a 12.97 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Philip Mazzara sold 50,000 shares of Astera Labs stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $87.46, for a total transaction of $4,373,000.00. Following the sale, the general counsel now owns 191,209 shares of the company’s stock, valued at approximately $16,723,139.14. This trade represents a 20.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 633,990 shares of company stock valued at $54,235,012 in the last ninety days.

Hedge Funds Weigh In On Astera Labs

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of Astera Labs by 354.9% in the 4th quarter. Vanguard Group Inc. now owns 9,211,630 shares of the company’s stock worth $1,220,080,000 after purchasing an additional 7,186,582 shares during the period. Alliancebernstein L.P. grew its stake in Astera Labs by 2,328.5% during the fourth quarter. Alliancebernstein L.P. now owns 3,922,278 shares of the company’s stock worth $519,506,000 after buying an additional 3,760,765 shares during the period. Jennison Associates LLC purchased a new position in shares of Astera Labs in the 4th quarter valued at $229,991,000. Lord Abbett & CO. LLC lifted its holdings in shares of Astera Labs by 318.9% during the 4th quarter. Lord Abbett & CO. LLC now owns 1,818,600 shares of the company’s stock valued at $240,873,000 after acquiring an additional 1,384,498 shares in the last quarter. Finally, Norges Bank purchased a new stake in Astera Labs during the 4th quarter worth $179,229,000. Institutional investors and hedge funds 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.