Arteris (NASDAQ:AIP) Releases Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Arteris (NASDAQ:AIP) issued its quarterly earnings results on Tuesday. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.05, FiscalAI reports. The business had revenue of $22.94 million for the quarter, compared to analyst estimates of $21.03 million.

Arteris Stock Performance

Shares of NASDAQ AIP traded down $0.70 during trading on Tuesday, hitting $32.43. The company had a trading volume of 1,241,189 shares, compared to its average volume of 551,401. Arteris has a 52 week low of $6.88 and a 52 week high of $33.46. The business’s 50-day moving average is $20.06 and its 200 day moving average is $17.01. The company has a market cap of $1.49 billion, a P/E ratio of -39.55 and a beta of 1.93.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Northland Securities set a $24.00 price objective on shares of Arteris in a report on Friday, February 13th. Wall Street Zen downgraded shares of Arteris from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Arteris in a research note on Monday, April 20th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $20.00 price target on shares of Arteris in a research report on Friday, February 13th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $20.17.

Insider Buying and Selling at Arteris

In related news, Director Saiyed Atiq Raza sold 90,000 shares of Arteris stock in a transaction on 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 $6,029,100. The trade was a 30.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Laurent R. Moll sold 13,448 shares of the business’s stock in a transaction on Tuesday, April 14th. The stock was sold at an average price of $20.03, for a total value of $269,363.44. Following the sale, the chief operating officer directly owned 265,530 shares in the company, valued at $5,318,565.90. This trade represents a 4.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 726,923 shares of company stock worth $14,175,293. 33.70% of the stock is owned by insiders.

Institutional Trading of Arteris

A number of hedge funds have recently bought and sold shares of AIP. Westerly Capital Management LLC grew its position 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 in the last quarter. Nuveen LLC lifted its position 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 buying an additional 661,454 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Arteris by 144.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,012,670 shares of the company’s stock valued at $15,696,000 after buying an additional 598,840 shares during the period. Informed Momentum Co LLC acquired a new stake in shares of Arteris during the 4th quarter valued at $5,755,000. Finally, AQR Capital Management LLC grew its holdings in shares of Arteris by 104.1% during the 4th quarter. AQR Capital Management LLC now owns 490,044 shares of the company’s stock valued at $7,596,000 after acquiring an additional 249,981 shares in the last quarter. 64.36% of the stock is owned by hedge funds and other 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.