Astera Labs (NASDAQ:ALAB) Updates Q3 Earnings Guidance

Astera Labs (NASDAQ:ALAB) updated its third quarter earnings guidance on Tuesday. 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 Stock Down 3.0 %

Shares of ALAB traded down $1.30 during mid-day trading on Tuesday, hitting $42.48. 2,361,422 shares of the company were exchanged, compared to its average volume of 2,161,603. Astera Labs has a 1-year low of $36.57 and a 1-year high of $95.21. The firm’s 50 day simple moving average is $57.47.

Astera Labs (NASDAQ:ALAB) last announced its earnings results on Tuesday, May 7th. The company reported ($1.76) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($1.62). The business had revenue of $65.26 million during the quarter, compared to analyst estimates of $56.65 million. As a group, sell-side analysts expect that Astera Labs will post -0.56 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ALAB. Roth Mkm started coverage on shares of Astera Labs in a research note on Monday, April 15th. They set a buy rating and a $85.00 target price on the stock. Barclays started coverage on shares of Astera Labs in a research note on Monday, April 15th. They issued an overweight rating and a $85.00 target price on the stock. Stifel Nicolaus cut their price target on Astera Labs from $87.00 to $80.00 and set a buy rating for the company in a report on Monday. JPMorgan Chase & Co. initiated coverage on Astera Labs in a research note on Monday, April 15th. They set an overweight rating and a $85.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Astera Labs in a report on Monday, April 15th. They set a buy rating and a $85.00 price target on the stock. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Astera Labs has an average rating of Buy and an average price target of $86.00.

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.