Cowen Cuts Arteris (NASDAQ:AIP) Price Target to $19.00

Arteris (NASDAQ:AIP – Get Rating) had its price target reduced by research analysts at Cowen from $23.00 to $19.00 in a report issued on Wednesday, Stock Target Advisor reports. Cowen’s target price would indicate a potential upside of 126.73% from the company’s previous close.

Other analysts also recently issued reports about the stock. Zacks Investment Research upgraded shares of Arteris from a “sell” rating to a “hold” rating in a report on Tuesday, February 1st. BMO Capital Markets dropped their target price on shares of Arteris from $20.00 to $15.00 in a report on Wednesday. Finally, Cowen decreased their price target on shares of Arteris from $23.00 to $19.00 in a research note on Wednesday. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $24.67.

AIP stock traded down $0.24 during mid-day trading on Wednesday, hitting $8.38. 1,537 shares of the company were exchanged, compared to its average volume of 68,202. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.51 and a current ratio of 2.51. The business has a 50 day simple moving average of $12.91. Arteris has a 1-year low of $8.10 and a 1-year high of $27.57.

Arteris (NASDAQ:AIP – Get Rating) last announced its earnings results on Thursday, March 3rd. The company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.32) by $0.20. The company had revenue of $11.43 million for the quarter, compared to analyst estimates of $10.60 million. Analysts forecast that Arteris will post -0.7 earnings per share for the current year.

Several institutional investors and hedge funds have recently modified their holdings of AIP. Strs Ohio bought a new position in shares of Arteris in the fourth quarter valued at $25,000. Citigroup Inc. bought a new position in shares of Arteris in the fourth quarter valued at $29,000. Allspring Global Investments Holdings LLC bought a new position in shares of Arteris in the first quarter valued at $33,000. JPMorgan Chase & Co. bought a new position in shares of Arteris in the fourth quarter valued at $41,000. Finally, New York State Common Retirement Fund bought a new position in shares of Arteris in the first quarter valued at $49,000. 17.98% of the stock is owned by institutional investors.

Arteris Company Profile (Get Rating)

Arteris, Inc provides semiconductor interconnect intellectual property (IP) and IP deployment solutions in the Americas, the Asia Pacific, Europe, and the Middle East. The company develops, licenses, and supports the on-chip interconnect fabric technology used in System-on-Chip (Soc) designs and Network-on-Chip (NoC) interconnect IP.

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