Arteris (NASDAQ:AIP) Hits New 12-Month High – What’s Next?

Arteris, Inc. (NASDAQ:AIP)’s stock price hit a new 52-week high on Friday . The company traded as high as $19.93 and last traded at $19.6860, with a volume of 27972 shares traded. The stock had previously closed at $19.56.

Analyst Ratings Changes

AIP has been the topic of a number of research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Arteris in a research note on Wednesday, January 21st. Rosenblatt Securities restated a “buy” rating and issued a $20.00 price target on shares of Arteris in a research note on Friday, February 13th. Wall Street Zen upgraded Arteris from a “hold” rating to a “buy” rating in a research note on Saturday, March 21st. Finally, Northland Securities set a $24.00 price target on Arteris in a research note on Friday, February 13th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Arteris currently has an average rating of “Hold” and a consensus target price of $20.17.

Arteris Trading Down 1.1%

The company’s 50 day moving average price is $15.94 and its two-hundred day moving average price is $15.17. The stock has a market cap of $879.39 million, a P/E ratio of -23.59 and a beta of 1.43.

Arteris (NASDAQ:AIP) last issued its quarterly earnings data on Thursday, February 12th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.03. The business had revenue of $20.14 million during the quarter, compared to the consensus estimate of $18.55 million. On average, sell-side analysts anticipate that Arteris, Inc. will post -0.73 earnings per share for the current year.

Insider Transactions at Arteris

In other news, Director Saiyed Atiq Raza sold 106,031 shares of the stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $17.21, for a total value of $1,824,793.51. Following the transaction, the director owned 393,690 shares in the company, valued at $6,775,404.90. This represents a 21.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Bayview Legacy, Llc sold 70,000 shares of the stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $19.04, for a total transaction of $1,332,800.00. Following the completion of the sale, the insider directly owned 9,119,071 shares of the company’s stock, valued at $173,627,111.84. This represents a 0.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 661,482 shares of company stock worth $11,222,965 in the last quarter. Company insiders own 29.10% of the company’s stock.

Institutional Investors Weigh In On Arteris

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AIP. Westerly Capital Management LLC increased its holdings in Arteris by 109.6% in the 3rd quarter. Westerly Capital Management LLC now owns 1,425,000 shares of the company’s stock worth $14,392,000 after acquiring an additional 745,000 shares in the last quarter. Nuveen LLC increased its holdings in Arteris by 872.3% in the 4th quarter. Nuveen LLC now owns 737,281 shares of the company’s stock worth $11,428,000 after acquiring an additional 661,454 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Arteris by 144.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,012,670 shares of the company’s stock worth $15,696,000 after acquiring an additional 598,840 shares in the last quarter. Granahan Investment Management LLC increased its holdings in Arteris by 725.7% in the 3rd quarter. Granahan Investment Management LLC now owns 621,625 shares of the company’s stock worth $6,278,000 after acquiring an additional 546,341 shares in the last quarter. Finally, Informed Momentum Co LLC purchased a new stake in Arteris in the 4th quarter worth approximately $5,755,000. 64.36% of the stock is owned by hedge funds and other institutional investors.

Arteris Company Profile

Arteris, Inc is a fabless semiconductor intellectual property (IP) company specializing in on-chip interconnect solutions and system IP for advanced integrated circuits. The company’s core products include its FlexNoC network-on-chip (NoC) fabrics, Ncore cache coherent interconnect IP, and CodaCache memory subsystem IP. These technologies enable semiconductor and systems companies to design scalable, energy-efficient chips for applications ranging from automotive and artificial intelligence (AI) to 5G communications and high-performance computing.

Founded in 2003 and headquartered in Santa Clara, California, Arteris serves a global customer base across North America, Europe, and Asia.