M&T Bank Corp Makes New Investment in Astera Labs, Inc. (NASDAQ:ALAB)

M&T Bank Corp acquired a new stake in Astera Labs, Inc. (NASDAQ:ALAB - Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 6,160 shares of the company's stock, valued at approximately $322,000.

Several other hedge funds also recently added to or reduced their stakes in ALAB. Y Intercept Hong Kong Ltd purchased a new position in shares of Astera Labs during the third quarter worth about $3,425,000. Pier Capital LLC increased its stake in Astera Labs by 187.2% in the 3rd quarter. Pier Capital LLC now owns 82,916 shares of the company's stock valued at $4,344,000 after purchasing an additional 54,048 shares in the last quarter. Main Management ETF Advisors LLC acquired a new position in Astera Labs during the third quarter worth about $935,000. Wellington Management Group LLP acquired a new position in shares of Astera Labs during the 3rd quarter worth approximately $16,031,000. Finally, State Street Corp grew its holdings in shares of Astera Labs by 173.1% during the third quarter. State Street Corp now owns 698,467 shares of the company's stock worth $36,593,000 after buying an additional 442,698 shares in the last quarter. 60.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Astera Labs

In other news, Director Jack R. Lazar sold 3,000 shares of the company's stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $61.69, for a total transaction of $185,070.00. Following the completion of the transaction, the director now directly owns 137,000 shares of the company's stock, valued at approximately $8,451,530. This represents a 2.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Manuel Alba sold 63,000 shares of the firm's stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $50.00, for a total value of $3,150,000.00. Following the completion of the sale, the director now directly owns 506,863 shares in the company, valued at approximately $25,343,150. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,078,119 shares of company stock worth $191,630,349.

Astera Labs Stock Performance

NASDAQ:ALAB traded up $2.81 on Thursday, reaching $125.28. The stock had a trading volume of 6,058,264 shares, compared to its average volume of 3,291,479. The company has a 50-day moving average of $92.92 and a 200 day moving average of $65.51. Astera Labs, Inc. has a 12-month low of $36.22 and a 12-month high of $136.39.

Astera Labs (NASDAQ:ALAB - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.23 EPS for the quarter, beating analysts' consensus estimates of $0.17 by $0.06. Astera Labs had a negative return on equity of 15.57% and a negative net margin of 30.69%. The firm had revenue of $113.10 million during the quarter, compared to the consensus estimate of $97.50 million. The business's quarterly revenue was up 47.1% compared to the same quarter last year. On average, research analysts expect that Astera Labs, Inc. will post -0.45 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Citigroup assumed coverage on shares of Astera Labs in a research note on Monday, November 18th. They set a "buy" rating and a $120.00 price objective for the company. Deutsche Bank Aktiengesellschaft upped their price target on Astera Labs from $60.00 to $100.00 and gave the stock a "buy" rating in a research note on Tuesday, November 5th. Barclays lifted their price objective on Astera Labs from $70.00 to $87.00 and gave the company an "overweight" rating in a research note on Tuesday, November 5th. Craig Hallum raised their price target on shares of Astera Labs from $75.00 to $105.00 and gave the company a "buy" rating in a report on Tuesday, November 5th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Astera Labs from $70.00 to $110.00 and gave the company an "overweight" rating in a research report on Tuesday, November 5th. Twelve research analysts have rated the stock with a buy rating, According to data from MarketBeat, Astera Labs has an average rating of "Buy" and a consensus target price of $94.67.

Astera Labs 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.