M&T Bank Corp acquired a new position in shares of Astera Labs, Inc. (NASDAQ:ALAB - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 6,160 shares of the company's stock, valued at approximately $322,000.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Hollencrest Capital Management bought a new position in shares of Astera Labs in the 3rd quarter worth about $26,000. US Bancorp DE acquired a new stake in Astera Labs during the third quarter worth about $46,000. First Horizon Advisors Inc. bought a new position in Astera Labs in the third quarter worth about $49,000. Allworth Financial LP boosted its stake in Astera Labs by 445.5% in the third quarter. Allworth Financial LP now owns 1,091 shares of the company's stock valued at $57,000 after acquiring an additional 891 shares during the period. Finally, Amalgamated Bank bought a new position in shares of Astera Labs during the second quarter valued at approximately $74,000. Institutional investors and hedge funds own 60.47% of the company's stock.
Shares of NASDAQ ALAB opened at $122.47 on Thursday. The business's 50-day simple moving average is $92.92 and its 200-day simple moving average is $65.51. Astera Labs, Inc. has a 52 week low of $36.22 and a 52 week high of $136.39.
Astera Labs (NASDAQ:ALAB - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.17 by $0.06. Astera Labs had a negative net margin of 30.69% and a negative return on equity of 15.57%. The company had revenue of $113.10 million during the quarter, compared to analysts' expectations of $97.50 million. The firm's revenue for the quarter was up 47.1% compared to the same quarter last year. Equities analysts forecast that Astera Labs, Inc. will post -0.45 earnings per share for the current year.
ALAB has been the topic of several recent research reports. JPMorgan Chase & Co. raised their price target on Astera Labs from $70.00 to $110.00 and gave the stock an "overweight" rating in a report on Tuesday, November 5th. Deutsche Bank Aktiengesellschaft raised their target price on Astera Labs from $60.00 to $100.00 and gave the company a "buy" rating in a research note on Tuesday, November 5th. Citigroup initiated coverage on shares of Astera Labs in a research report on Monday, November 18th. They set a "buy" rating and a $120.00 price target for the company. Craig Hallum lifted their price objective on shares of Astera Labs from $75.00 to $105.00 and gave the company a "buy" rating in a research report on Tuesday, November 5th. Finally, Needham & Company LLC restated a "buy" rating and issued a $65.00 target price on shares of Astera Labs in a research report on Wednesday, October 9th. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Astera Labs has a consensus rating of "Buy" and a consensus price target of $94.67.
Get Our Latest Stock Analysis on ALAB
In other Astera Labs news, Director Jack R. Lazar sold 2,000 shares of the firm's stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $69.95, for a total transaction of $139,900.00. Following the completion of the transaction, the director now owns 135,000 shares in the company, valued at $9,443,250. This trade represents a 1.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Manuel Alba sold 11,000 shares of Astera Labs stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $117.50, for a total value of $1,292,500.00. Following the sale, the director now directly owns 456,863 shares in the company, valued at $53,681,402.50. The trade was a 2.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,078,119 shares of company stock worth $191,630,349.
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.
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