Astera Labs (NASDAQ:ALAB) Price Target Cut to $70.00 by Analysts at JPMorgan Chase & Co.

Astera Labs (NASDAQ:ALAB) had its target price reduced by stock analysts at JPMorgan Chase & Co. from $95.00 to $70.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 90.06% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Jefferies Financial Group assumed coverage on Astera Labs in a report on Monday, April 15th. They set a “buy” rating and a $85.00 price objective on the stock. Morgan Stanley lowered their price objective on Astera Labs from $85.00 to $55.00 and set an “equal weight” rating for the company in a research note on Wednesday. Deutsche Bank Aktiengesellschaft began coverage on shares of Astera Labs in a research report on Monday, April 15th. They set a “buy” rating and a $85.00 target price on the stock. Needham & Company LLC decreased their price target on shares of Astera Labs from $85.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Barclays cut their price target on shares of Astera Labs from $85.00 to $70.00 and set an “overweight” rating on the stock in a report on Wednesday. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $71.36.

Astera Labs Trading Down 13.3 %

Shares of ALAB stock traded down $5.65 on Wednesday, reaching $36.83. The company had a trading volume of 4,206,986 shares, compared to its average volume of 2,184,709. The firm has a 50-day simple moving average of $56.94. Astera Labs has a one year low of $36.42 and a one year high of $95.21.

Astera Labs (NASDAQ:ALAB) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.11 by $0.02. The company had revenue of $76.90 million during the quarter, compared to the consensus estimate of $72.41 million. Astera Labs’s revenue for the quarter was up 17.8% on a year-over-year basis. As a group, equities analysts predict that Astera Labs will post -0.56 EPS for the current fiscal year.

Institutional Investors Weigh In On Astera Labs

Several institutional investors and hedge funds have recently made changes to their positions in the business. Legato Capital Management LLC acquired a new position in Astera Labs in the second quarter valued at approximately $207,000. Alpine Global Management LLC bought a new position in Astera Labs during the first quarter worth $272,000. Strategic Blueprint LLC acquired a new stake in Astera Labs in the second quarter worth $332,000. Central Pacific Bank Trust Division bought a new stake in Astera Labs in the first quarter valued at $402,000. Finally, Great Valley Advisor Group Inc. acquired a new position in shares of Astera Labs during the second quarter valued at about $443,000.

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.