Astera Labs (NASDAQ:ALAB) Updates Q2 2024 Earnings Guidance

Astera Labs (NASDAQ:ALAB) updated its second quarter 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 0.110-0.110 for the period, compared to the consensus earnings per share estimate of 0.060. The company issued revenue guidance of $71.8 million-$73.1 million, compared to the consensus revenue estimate of $63.8 million.

Astera Labs Stock Performance

ALAB opened at $76.19 on Wednesday. Astera Labs has a 52-week low of $50.61 and a 52-week high of $95.21.

Analyst Ratings Changes

Several research firms have issued reports on ALAB. Needham & Company LLC reaffirmed a buy rating and set a $85.00 price target on shares of Astera Labs in a research report on Wednesday. Barclays initiated coverage on Astera Labs in a report on Monday, April 15th. They set an overweight rating and a $85.00 price target for the company. Evercore ISI started coverage on Astera Labs in a research note on Tuesday, April 16th. They issued an outperform rating and a $100.00 price objective on the stock. Roth Mkm began coverage on Astera Labs in a research note on Monday, April 15th. They issued a buy rating and a $85.00 price target on the stock. Finally, Northland Securities assumed coverage on shares of Astera Labs in a report on Monday, March 25th. They issued an outperform rating and a $85.00 price target on the stock. Eleven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of Buy and an average price target of $86.09.

Insider Activity at Astera Labs

In other Astera Labs news, Director Jack R. Lazar bought 10,000 shares of the business’s stock in a transaction on Friday, March 22nd. The stock was purchased at an average cost of $36.00 per share, for a total transaction of $360,000.00. Following the completion of the purchase, the director now directly owns 165,000 shares of the company’s stock, valued at $5,940,000. The acquisition was disclosed in a filing with the SEC, which is available at this link.

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.