Arteris (NASDAQ:AIP) Shares Up 6.4% – Time to Buy?

Arteris, Inc. (NASDAQ:AIP)’s stock price rose 6.4% during trading on Friday . The stock traded as high as $14.78 and last traded at $15.3150. Approximately 32,455 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 464,617 shares. The stock had previously closed at $14.40.

Analysts Set New Price Targets

AIP has been the subject of a number of research reports. Northland Securities set a $24.00 price target on shares of Arteris in a research note on Friday, February 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Arteris in a research report on Wednesday, January 21st. Jefferies Financial Group upgraded Arteris to a “hold” rating in a research report on Tuesday, October 28th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $20.00 price target on shares of Arteris in a research note on Friday, February 13th. Finally, TD Cowen reissued a “buy” rating on shares of Arteris in a research report on Wednesday, November 5th. 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. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $20.17.

Arteris Stock Performance

The stock has a market capitalization of $669.77 million, a P/E ratio of -17.96 and a beta of 1.47. The business has a 50-day moving average price of $15.81 and a 200 day moving average price of $13.43.

Arteris (NASDAQ:AIP) last announced its quarterly earnings data on Thursday, February 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. The company had revenue of $20.14 million for the quarter, compared to analysts’ expectations of $18.55 million. As a group, research analysts forecast that Arteris, Inc. will post -0.73 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO K Charles Janac sold 70,000 shares of the stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $17.71, for a total transaction of $1,239,700.00. Following the sale, the chief executive officer directly owned 9,469,071 shares of the company’s stock, valued at approximately $167,697,247.41. This represents a 0.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Bayview Legacy, Llc sold 70,000 shares of the firm’s stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $17.71, for a total transaction of $1,239,700.00. Following the sale, the insider owned 9,469,071 shares of the company’s stock, valued at approximately $167,697,247.41. This represents a 0.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 689,072 shares of company stock valued at $11,525,611. 29.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Arteris

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC bought a new stake in shares of Arteris in the 1st quarter worth $1,621,000. Strs Ohio purchased a new stake in shares of Arteris during the first quarter valued at $104,000. AlphaQuest LLC increased its holdings in Arteris by 65.1% in the 2nd quarter. AlphaQuest LLC now owns 64,504 shares of the company’s stock worth $615,000 after buying an additional 25,426 shares in the last quarter. Savant Capital LLC purchased a new position in Arteris in the 2nd quarter worth about $97,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Arteris during the 2nd quarter valued at about $151,000. 64.36% of the stock is 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.