Astera Labs (NASDAQ:ALAB) Price Target Lowered to $100.00 at Citigroup

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

Other equities research analysts have also recently issued reports about the company. Northland Securities raised Astera Labs from a “market perform” rating to an “outperform” rating and set a $120.00 target price for the company in a research note on Tuesday, January 28th. Barclays upped their target price on shares of Astera Labs from $87.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Needham & Company LLC reissued a “buy” rating and set a $140.00 price target on shares of Astera Labs in a research note on Tuesday, February 11th. Craig Hallum raised their price objective on shares of Astera Labs from $105.00 to $125.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. Finally, Northland Capmk upgraded shares of Astera Labs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 28th. One analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $111.23.

Astera Labs Trading Down 1.2 %

ALAB stock traded down $0.75 during trading on Monday, hitting $59.38. 3,134,648 shares of the stock traded hands, compared to its average volume of 3,788,372. The stock has a market cap of $9.63 billion and a price-to-earnings ratio of -34.32. Astera Labs has a one year low of $36.22 and a one year high of $147.39. The company has a 50 day simple moving average of $73.46 and a 200 day simple moving average of $91.14.

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

Insider Buying and Selling

In related news, CFO Michael Truett Tate sold 125,800 shares of the business’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $82.53, for a total value of $10,382,274.00. Following the completion of the sale, the chief financial officer now directly owns 244,242 shares in the company, valued at $20,157,292.26. The trade was a 34.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Manuel Alba sold 63,000 shares of the stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $63.37, for a total value of $3,992,310.00. Following the transaction, the director now owns 444,863 shares in the company, valued at $28,190,968.31. The trade was a 12.40 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 633,990 shares of company stock valued at $54,235,012.

Hedge Funds Weigh In On Astera Labs

Several institutional investors and hedge funds have recently modified their holdings of the business. Tidal Investments LLC grew its position in shares of Astera Labs by 81.8% during the 3rd quarter. Tidal Investments LLC now owns 45,298 shares of the company’s stock worth $2,373,000 after purchasing an additional 20,388 shares in the last quarter. Proficio Capital Partners LLC grew its position in Astera Labs by 1.8% during the fourth quarter. Proficio Capital Partners LLC now owns 21,626 shares of the company’s stock worth $2,864,000 after buying an additional 390 shares in the last quarter. State Street Corp increased its stake in Astera Labs by 173.1% during 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 period. Peregrine Investment Management Inc. acquired a new position in Astera Labs in the 4th quarter valued at $10,701,000. Finally, Elemental Capital Partners LLC bought a new stake in shares of Astera Labs during the 4th quarter valued at $1,346,000. 60.47% of the stock is currently owned by institutional investors and hedge funds.

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.