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

Astera Labs (NASDAQ:ALAB - Get Free Report) issued its earnings results on Monday. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.17 by $0.06, Briefing.com reports. The firm had revenue of $113.10 million during the quarter, compared to analyst estimates 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 Price Performance

Shares of NASDAQ ALAB traded up $26.26 during midday trading on Tuesday, hitting $95.91. 24,728,325 shares of the company's stock traded hands, compared to its average volume of 2,888,151. The firm has a fifty day moving average of $55.90 and a 200 day moving average of $58.11. Astera Labs has a 1 year low of $36.22 and a 1 year high of $97.35.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on ALAB shares. Barclays boosted their target price on shares of Astera Labs from $70.00 to $87.00 and gave the stock an "overweight" rating in a report on Tuesday. Craig Hallum increased their target price on shares of Astera Labs from $75.00 to $105.00 and gave the stock a "buy" rating in a research note on Tuesday. Roth Mkm upped their price objective on shares of Astera Labs from $80.00 to $105.00 and gave the stock a "buy" rating in a report on Tuesday. Morgan Stanley increased their target price on shares of Astera Labs from $74.00 to $94.00 and gave the company an "overweight" rating in a report on Tuesday. Finally, Stifel Nicolaus increased their target price on shares of Astera Labs from $80.00 to $100.00 and gave the company a "buy" rating in a report on Tuesday. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $92.36.

Insiders Place Their Bets

In related news, insider Sanjay Gajendra sold 110,000 shares of the stock in a transaction on Friday, October 11th. The stock was sold at an average price of $69.47, for a total transaction of $7,641,700.00. Following the sale, the insider now owns 835,000 shares in the company, valued at approximately $58,007,450. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO Jitendra Mohan sold 47,667 shares of the firm's stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $70.26, for a total value of $3,349,083.42. Following the completion of the transaction, the chief executive officer now directly owns 728,420 shares in the company, valued at $51,178,789.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Sanjay Gajendra sold 110,000 shares of the firm's stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $69.47, for a total value of $7,641,700.00. Following the completion of the transaction, the insider now owns 835,000 shares of the company's stock, valued at approximately $58,007,450. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 564,458 shares of company stock worth $31,970,841 in the last three months.

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.