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

Astera Labs (NASDAQ:ALAB) announced its quarterly earnings results on Monday. The company reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.06, Briefing.com reports. The business had revenue of $113.10 million for the quarter, compared to the consensus estimate of $97.50 million. The business’s 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 2.4 %

NASDAQ ALAB traded up $2.26 on Wednesday, reaching $98.17. 15,374,326 shares of the company’s stock traded hands, compared to its average volume of 2,966,379. Astera Labs has a 12 month low of $36.22 and a 12 month high of $98.68. The stock has a 50-day simple moving average of $57.00 and a 200 day simple moving average of $58.39.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ALAB. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Astera Labs from $60.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday. Stifel Nicolaus boosted their price target on shares of Astera Labs from $80.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday. JPMorgan Chase & Co. boosted their price target on shares of Astera Labs from $70.00 to $110.00 and gave the company an “overweight” rating in a research note on Tuesday. Needham & Company LLC restated a “buy” rating and set a $65.00 price target on shares of Astera Labs in a research note on Wednesday, October 9th. Finally, Barclays lifted their price objective on shares of Astera Labs from $70.00 to $87.00 and gave the stock an “overweight” rating in a report on Tuesday. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $92.36.

Insider Buying and Selling at Astera Labs

In other Astera Labs news, General Counsel Philip Mazzara sold 42,090 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $40.43, for a total transaction of $1,701,698.70. Following the transaction, the general counsel now directly owns 333,474 shares in the company, valued at $13,482,353.82. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, General Counsel Philip Mazzara sold 42,090 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $40.43, for a total transaction of $1,701,698.70. Following the completion of the sale, the general counsel now owns 333,474 shares of the company’s stock, valued at approximately $13,482,353.82. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jitendra Mohan sold 47,667 shares of the stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $70.26, for a total value of $3,349,083.42. Following the sale, the chief executive officer now directly owns 728,420 shares of the company’s stock, valued at approximately $51,178,789.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 564,458 shares of company stock worth $31,970,841 over the last ninety days.

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.