Astera Labs (NASDAQ:ALAB) Updates Q3 Earnings Guidance

Astera Labs (NASDAQ:ALAB) issued an update on its third quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.16-$0.17 for the period, compared to the consensus earnings per share estimate of $0.11. The company issued revenue guidance of $95-$100 million, compared to the consensus revenue estimate of $79.62 million. Astera Labs also updated its Q3 2024 guidance to 0.160-0.170 EPS.

Astera Labs Trading Down 2.9 %

NASDAQ ALAB traded down $1.19 during midday trading on Friday, hitting $39.82. 329,658 shares of the company traded hands, compared to its average volume of 2,218,784. Astera Labs has a 52 week low of $36.22 and a 52 week high of $95.21. The firm has a 50-day simple moving average of $55.83.

Astera Labs (NASDAQ:ALAB) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.11 by $0.02. The business had revenue of $76.90 million for the quarter, compared to analysts’ expectations of $72.41 million. The company’s revenue was up 17.8% on a year-over-year basis. On average, equities analysts predict that Astera Labs will post -0.56 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Barclays cut their price target on Astera Labs from $85.00 to $70.00 and set an overweight rating on the stock in a research report on Wednesday. Deutsche Bank Aktiengesellschaft cut their price target on Astera Labs from $85.00 to $60.00 and set a buy rating on the stock in a research report on Wednesday. Evercore ISI dropped their target price on Astera Labs from $98.00 to $80.00 and set an outperform rating on the stock in a research report on Wednesday. Roth Mkm dropped their target price on Astera Labs from $85.00 to $60.00 and set a buy rating on the stock in a research report on Wednesday. Finally, Craig Hallum dropped their target price on Astera Labs from $90.00 to $75.00 and set a buy rating on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock 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.