Astera Labs (NASDAQ:ALAB) Issues Earnings Results

Astera Labs (NASDAQ:ALAB) issued its quarterly earnings results on Monday. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.06, Briefing.com reports. The company 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% compared to the same quarter last year. 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 %

Shares of ALAB stock traded up $2.26 during mid-day trading on Wednesday, reaching $98.17. The stock had a trading volume of 15,374,326 shares, compared to its average volume of 2,966,379. The business’s fifty day moving average is $57.00 and its 200-day moving average is $58.39. Astera Labs has a 1-year low of $36.22 and a 1-year high of $98.68.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Morgan Stanley lifted their price objective on Astera Labs from $74.00 to $94.00 and gave the stock an “overweight” rating in a report on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and set a $65.00 price objective on shares of Astera Labs in a research report on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft boosted their price target on Astera Labs from $60.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday. JPMorgan Chase & Co. boosted their price target on Astera Labs from $70.00 to $110.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, Stifel Nicolaus boosted their price target on Astera Labs from $80.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday. Eleven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Astera Labs currently has an average rating of “Buy” and a consensus target price of $92.36.

Insider Activity

In related 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 transaction 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 $51,178,789.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Astera Labs news, insider Sanjay Gajendra sold 110,000 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 835,000 shares in the company, valued at approximately $58,007,450. This represents a 0.00 % decrease in their ownership of the stock. The sale 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 stock was sold at an average price of $70.26, for a total value of $3,349,083.42. Following the transaction, the chief executive officer now owns 728,420 shares in the company, valued at $51,178,789.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 564,458 shares of company stock valued at $31,970,841.

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.