Astera Labs (NASDAQ:ALAB) Issues Earnings Results, Beats Expectations By $0.02 EPS

Astera Labs (NASDAQ:ALAB) released its quarterly earnings results on Tuesday. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.11 by $0.02, Briefing.com reports. The firm had revenue of $76.90 million for the quarter, compared to analyst estimates of $72.41 million. The business’s revenue was up 17.8% compared to the same quarter last year. Astera Labs updated its Q3 guidance to $0.16-$0.17 EPS and its Q3 2024 guidance to 0.160-0.170 EPS.

Astera Labs Stock Performance

Astera Labs stock traded down $5.30 during midday trading on Wednesday, reaching $37.18. The company’s stock had a trading volume of 4,526,369 shares, compared to its average volume of 2,188,036. Astera Labs has a fifty-two week low of $36.30 and a fifty-two week high of $95.21. The company’s 50 day simple moving average is $56.94.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ALAB. Stifel Nicolaus cut their price target on Astera Labs from $87.00 to $80.00 and set a “buy” rating for the company in a research note on Monday. Roth Mkm cut their price objective on Astera Labs from $85.00 to $60.00 and set a “buy” rating for the company in a research report on Wednesday. Jefferies Financial Group initiated coverage on Astera Labs in a research report on Monday, April 15th. They set a “buy” rating and a $85.00 target price on the stock. Morgan Stanley cut their price target on shares of Astera Labs from $85.00 to $55.00 and set an “equal weight” rating for the company in a report on Wednesday. Finally, Barclays decreased their price objective 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 research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $71.36.

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.