Astera Labs (NASDAQ:ALAB) Issues Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Astera Labs (NASDAQ:ALAB) issued its quarterly earnings results on Monday. The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.06, Briefing.com reports. The company had revenue of $113.10 million during the quarter, compared to analysts’ expectations of $97.50 million. Astera Labs’s quarterly revenue was up 47.1% on a year-over-year basis. Astera Labs updated its Q4 guidance to $0.25-$0.26 EPS and its Q4 2024 guidance to 0.250-0.260 EPS.

Astera Labs Stock Up 28.8 %

NASDAQ:ALAB traded up $20.04 during mid-day trading on Tuesday, reaching $89.69. 8,339,654 shares of the company’s stock traded hands, compared to its average volume of 2,779,971. Astera Labs has a 12-month low of $36.22 and a 12-month high of $95.21. The company has a 50 day moving average price of $54.88 and a 200-day moving average price of $57.89.

Insider Transactions at Astera Labs

In related news, Director Jack R. Lazar sold 2,000 shares of the firm’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $69.95, for a total value of $139,900.00. Following the completion of the sale, the director now owns 135,000 shares of the company’s stock, valued at $9,443,250. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Jack R. Lazar sold 2,000 shares of the business’s stock in a transaction 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 in the company, valued at approximately $9,443,250. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Sanjay Gajendra sold 110,000 shares of the stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $69.47, for a total transaction of $7,641,700.00. Following the transaction, the insider now owns 835,000 shares in the company, valued at approximately $58,007,450. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 564,458 shares of company stock worth $31,970,841.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ALAB. Deutsche Bank Aktiengesellschaft boosted their target price on Astera Labs from $60.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday. Barclays raised their target price on shares of Astera Labs from $70.00 to $87.00 and gave the company an “overweight” rating in a research note on Tuesday. Craig Hallum increased their price target on shares of Astera Labs from $75.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday. Evercore ISI lowered their price target on Astera Labs from $98.00 to $80.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. cut their price objective on Astera Labs from $95.00 to $70.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $81.00.

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.