Oppenheimer Initiates Coverage on Arteris (NASDAQ:AIP)

Equities research analysts at Oppenheimer began coverage on shares of Arteris (NASDAQ:AIP) in a report issued on Thursday, MarketBeat Ratings reports. The brokerage set an “outperform” rating and a $40.00 price target on the stock. Oppenheimer’s price target indicates a potential upside of 28.87% from the company’s current price.

Several other equities analysts also recently issued reports on the company. Rosenblatt Securities boosted their price objective on Arteris from $20.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, May 13th. Weiss Ratings cut Arteris from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, May 13th. Northland Securities set a $38.00 target price on Arteris in a research note on Wednesday, May 13th. Jefferies Financial Group boosted their price target on Arteris from $16.00 to $35.00 and gave the stock a “hold” rating in a research report on Wednesday, May 13th. Finally, Wall Street Zen cut Arteris from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $38.20.

Arteris Trading Up 0.0%

Shares of NASDAQ:AIP opened at $31.04 on Thursday. The company has a market cap of $1.43 billion, a PE ratio of -39.29 and a beta of 1.92. The company’s 50-day moving average price is $37.32 and its 200 day moving average price is $24.70. Arteris has a fifty-two week low of $8.42 and a fifty-two week high of $50.26. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.17.

Arteris (NASDAQ:AIP) last posted its earnings results on Tuesday, May 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.05. The firm had revenue of $22.94 million for the quarter, compared to analyst estimates of $21.03 million. Sell-side analysts anticipate that Arteris will post -0.54 earnings per share for the current year.

Insider Transactions at Arteris

In related news, CFO Nicholas B. Hawkins sold 221,035 shares of the firm’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $33.40, for a total transaction of $7,382,569.00. Following the completion of the transaction, the chief financial officer owned 110,600 shares of the company’s stock, valued at $3,694,040. This trade represents a 66.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Saiyed Atiq Raza sold 90,000 shares of Arteris stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $28.71, for a total value of $2,583,900.00. Following the transaction, the director directly owned 210,000 shares in the company, valued at approximately $6,029,100. The trade was a 30.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,482,009 shares of company stock valued at $51,482,075 in the last quarter. Company insiders own 29.10% of the company’s stock.

Institutional Trading of Arteris

A number of large investors have recently added to or reduced their stakes in AIP. Huntleigh Advisors Inc. acquired a new position in Arteris in the 4th quarter worth approximately $1,832,000. Nano Cap New Millennium Growth Fund L P acquired a new stake in Arteris during the 4th quarter valued at $1,914,000. Needham Investment Management LLC lifted its holdings in shares of Arteris by 2.6% in the fourth quarter. Needham Investment Management LLC now owns 3,411,500 shares of the company’s stock valued at $52,878,000 after purchasing an additional 86,500 shares in the last quarter. Wesbanco Bank Inc. purchased a new stake in shares of Arteris in the first quarter valued at $559,000. Finally, Granahan Investment Management LLC boosted its position in shares of Arteris by 201.0% in the first quarter. Granahan Investment Management LLC now owns 713,077 shares of the company’s stock worth $11,723,000 after buying an additional 476,181 shares during the period. 64.36% of the stock is currently owned by institutional investors.

About Arteris

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.