Arteris (NASDAQ:AIP) Sets New 52-Week High – Here’s Why

Arteris, Inc. (NASDAQ:AIP) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $45.50 and last traded at $44.0020, with a volume of 106859 shares traded. The stock had previously closed at $43.29.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. TD Cowen increased their price target on Arteris from $22.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, May 13th. Weiss Ratings downgraded Arteris from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, May 13th. Northland Securities set a $38.00 price target on shares of Arteris in a report on Wednesday, May 13th. Wall Street Zen lowered shares of Arteris from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Finally, Jefferies Financial Group increased their price objective on Arteris from $16.00 to $35.00 and gave the stock a “hold” rating in a report on Wednesday, May 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. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $37.75.

Arteris Trading Up 2.6%

The firm has a market capitalization of $2.24 billion, a P/E ratio of -61.51 and a beta of 1.98. The business’s 50 day moving average is $35.45 and its two-hundred day moving average is $23.10. 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 announced 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 company had revenue of $22.94 million during the quarter, compared to the consensus estimate of $21.03 million. Analysts expect that Arteris, Inc. will post -0.54 EPS for the current year.

Insider Activity at Arteris

In other Arteris news, Director Saiyed Atiq Raza sold 90,000 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $28.71, for a total transaction of $2,583,900.00. Following the completion of the transaction, the director directly owned 210,000 shares of the company’s stock, valued at approximately $6,029,100. This trade represents a 30.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Bayview Legacy, Llc sold 70,000 shares of Arteris stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $19.04, for a total value of $1,332,800.00. Following the transaction, the insider owned 9,119,071 shares in the company, valued at approximately $173,627,111.84. This trade 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. Over the last three months, insiders have sold 1,072,340 shares of company stock valued at $32,223,334. Insiders own 33.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Needham Investment Management LLC lifted its holdings in Arteris by 2.6% in the 4th quarter. Needham Investment Management LLC now owns 3,411,500 shares of the company’s stock valued at $52,878,000 after acquiring an additional 86,500 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Arteris by 6.2% in the 4th quarter. Franklin Resources Inc. now owns 1,743,031 shares of the company’s stock worth $27,017,000 after purchasing an additional 101,646 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Arteris by 8.2% in the 3rd quarter. Vanguard Group Inc. now owns 1,594,402 shares of the company’s stock worth $16,103,000 after purchasing an additional 120,947 shares in the last quarter. Westerly Capital Management LLC lifted its stake in Arteris by 109.6% during the third quarter. Westerly Capital Management LLC now owns 1,425,000 shares of the company’s stock valued at $14,392,000 after purchasing an additional 745,000 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Arteris by 144.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,012,670 shares of the company’s stock valued at $15,696,000 after purchasing an additional 598,840 shares during the last quarter. 64.36% of the stock is owned by institutional investors and hedge funds.

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.