Astera Labs (NASDAQ:ALAB) Posts Earnings Results, Beats Estimates By $0.02 EPS

Astera Labs (NASDAQ:ALAB) released its quarterly earnings data on Tuesday. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02, Briefing.com reports. The business had revenue of $76.90 million for the quarter, compared to the consensus estimate of $72.41 million. The firm’s revenue for the quarter was up 17.8% on a year-over-year basis. 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

Shares of ALAB stock traded down $0.79 during trading hours on Friday, hitting $40.22. 71,365 shares of the company’s stock were exchanged, compared to its average volume of 2,217,189. The company has a 50-day moving average price of $55.83. Astera Labs has a 52 week low of $36.22 and a 52 week high of $95.21.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Stifel Nicolaus cut their price target on shares of Astera Labs from $87.00 to $80.00 and set a “buy” rating for the company in a research note on Monday. Evercore ISI cut their target price on Astera Labs from $98.00 to $80.00 and set an “outperform” rating for the company in a research report on Wednesday. Needham & Company LLC lowered their price target on Astera Labs from $85.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday. Roth Mkm dropped their price objective on Astera Labs from $85.00 to $60.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Jefferies Financial Group started coverage on shares of Astera Labs in a research note on Monday, April 15th. They issued a “buy” rating and a $85.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Astera Labs presently has an average rating of “Moderate Buy” and an average target price 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.