Renaissance Technologies LLC Has $1.14 Million Stock Position in Arteris, Inc. $AIP

Renaissance Technologies LLC reduced its position in shares of Arteris, Inc. (NASDAQ:AIP) by 21.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 69,400 shares of the company’s stock after selling 19,300 shares during the period. Renaissance Technologies LLC’s holdings in Arteris were worth $1,141,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new stake in Arteris during the second quarter worth about $32,000. BNP Paribas Financial Markets increased its holdings in shares of Arteris by 75.0% during the third quarter. BNP Paribas Financial Markets now owns 6,053 shares of the company’s stock worth $61,000 after buying an additional 2,595 shares in the last quarter. Strs Ohio bought a new position in shares of Arteris in the first quarter valued at approximately $104,000. Susquehanna Fundamental Investments LLC bought a new position in shares of Arteris in the third quarter valued at approximately $113,000. Finally, New York State Common Retirement Fund boosted its holdings in shares of Arteris by 352.4% in the 4th quarter. New York State Common Retirement Fund now owns 9,500 shares of the company’s stock worth $147,000 after acquiring an additional 7,400 shares in the last quarter. 64.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently commented on AIP. Weiss Ratings restated a “sell (e+)” rating on shares of Arteris in a research report on Friday, August 7th. Oppenheimer initiated coverage on Arteris in a research note on Thursday, July 16th. They issued an “outperform” rating and a $40.00 price objective on the stock. Jefferies Financial Group upgraded Arteris from a “hold” rating to a “buy” rating and increased their target price for the stock from $35.00 to $50.00 in a report on Friday, August 7th. TD Cowen increased their target price on Arteris from $22.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, May 13th. Finally, Northland Securities set a $38.00 target price on Arteris in a research note on Wednesday, May 13th. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.00.

Insider Buying and Selling at Arteris

In other news, CEO K Charles Janac sold 192,686 shares of Arteris stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $36.32, for a total value of $6,998,355.52. Following the completion of the sale, the chief executive officer directly owned 8,555,047 shares of the company’s stock, valued at approximately $310,719,307.04. This trade represents a 2.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Saiyed Atiq Raza sold 70,000 shares of Arteris stock in a transaction on Monday, June 1st. The shares were sold at an average price of $36.02, for a total value of $2,521,400.00. Following the completion of the sale, the director directly owned 140,000 shares of the company’s stock, valued at $5,042,800. This trade represents a 33.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 1,277,914 shares of company stock worth $44,817,724. Insiders own 23.30% of the company’s stock.

Arteris Price Performance

Shares of AIP stock opened at $27.59 on Friday. Arteris, Inc. has a 1 year low of $8.42 and a 1 year high of $50.26. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.17. The firm’s 50 day moving average is $35.18 and its 200-day moving average is $26.55. The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of -31.71 and a beta of 1.96.

Arteris (NASDAQ:AIP) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.06). The company had revenue of $24.13 million for the quarter, compared to analyst estimates of $23.48 million. Sell-side analysts forecast that Arteris, Inc. will post -0.58 EPS for the current fiscal year.

Arteris Company Profile

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.