Insider Selling: Arteris (NASDAQ:AIP) Major Shareholder Sells $6,998,355.52 in Stock

Arteris, Inc. (NASDAQ:AIP) major shareholder Bayview Legacy, Llc sold 192,686 shares of the stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $36.32, for a total transaction of $6,998,355.52. Following the sale, the insider directly owned 8,555,047 shares in the company, valued at $310,719,307.04. This trade represents a 2.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Bayview Legacy, Llc also recently made the following trade(s):

• On Monday, June 8th, Bayview Legacy, Llc sold 70,000 shares of Arteris stock. The shares were sold at an average price of $34.91, for a total transaction of $2,443,700.00.
• On Friday, May 8th, Bayview Legacy, Llc sold 70,000 shares of Arteris stock. The shares were sold at an average price of $31.20, for a total transaction of $2,184,000.00.
• On Wednesday, April 8th, Bayview Legacy, Llc sold 70,000 shares of Arteris stock. The stock was sold at an average price of $19.04, for a total transaction of $1,332,800.00.

Arteris Price Performance

Shares of AIP stock traded down $0.24 during mid-day trading on Monday, hitting $34.82. 1,091,305 shares of the stock were exchanged, compared to its average volume of 747,970. The firm has a fifty day moving average of $36.32 and a 200 day moving average of $23.54. 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, Inc. has a 52-week low of $8.42 and a 52-week high of $50.26. The company has a market cap of $1.61 billion, a PE ratio of -44.08 and a beta of 1.92.

Arteris (NASDAQ:AIP) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.05. The business had revenue of $22.94 million during the quarter, compared to analysts’ expectations of $21.03 million. Research analysts anticipate that Arteris, Inc. will post -0.54 earnings per share for the current year.

Institutional Investors Weigh In On Arteris

Hedge funds have recently modified their holdings of the company. Needham Investment Management LLC lifted its stake in Arteris by 2.6% during the fourth quarter. Needham Investment Management LLC now owns 3,411,500 shares of the company’s stock worth $52,878,000 after purchasing an additional 86,500 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of Arteris by 6.2% in the fourth quarter. Franklin Resources Inc. now owns 1,743,031 shares of the company’s stock valued at $27,017,000 after buying 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 valued at $16,103,000 after buying an additional 120,947 shares during the period. Westerly Capital Management LLC lifted its stake in Arteris by 109.6% during 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. Finally, Goldman Sachs Group Inc. lifted its stake in Arteris by 144.7% during 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. Hedge funds and other institutional investors own 64.36% of the company’s stock.

Wall Street Analysts Forecast Growth

AIP has been the topic of a number of recent analyst reports. Rosenblatt Securities increased their target price on Arteris from $20.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, May 13th. Weiss Ratings cut shares of Arteris from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, May 13th. TD Cowen upped their price objective on shares of Arteris from $22.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, May 13th. Jefferies Financial Group lifted their target price on shares of Arteris from $16.00 to $35.00 and gave the company a “hold” rating in a research report on Wednesday, May 13th. Finally, Northland Securities set a $38.00 target price on shares of Arteris in a research note on Wednesday, May 13th. Two investment 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, the company has an average rating of “Hold” and a consensus price target of $37.75.

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.