Spark Investment Management LLC Takes Position in Arteris, Inc. $AIP

Spark Investment Management LLC bought a new stake in shares of Arteris, Inc. (NASDAQ:AIP) during the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 22,100 shares of the company’s stock, valued at approximately $1,074,000. Arteris accounts for 2.1% of Spark Investment Management LLC’s holdings, making the stock its 13th largest position.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Needham Investment Management LLC raised its position in shares of Arteris by 2.6% during the fourth quarter. Needham Investment Management LLC now owns 3,411,500 shares of the company’s stock valued at $52,878,000 after buying an additional 86,500 shares during the last quarter. BlackRock Inc. purchased a new position in shares of Arteris in the 2nd quarter worth $160,129,000. California State Teachers Retirement System increased its stake in Arteris by 105,728.3% during the second quarter. California State Teachers Retirement System now owns 1,807,548 shares of the company’s stock worth $87,829,000 after acquiring an additional 1,805,840 shares during the last quarter. Franklin Resources Inc. raised its holdings in Arteris by 6.2% during the 4th 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 during the period. Finally, Vanguard Group Inc. lifted 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 acquiring an additional 120,947 shares during the last quarter. 64.36% of the stock is currently owned by institutional investors.

Arteris Stock Up 6.3%

NASDAQ AIP traded up $1.35 during midday trading on Tuesday, hitting $22.72. 787,816 shares of the company traded hands, compared to its average volume of 734,062. Arteris, Inc. has a 52 week low of $8.42 and a 52 week high of $50.26. The company’s 50-day simple moving average is $29.26 and its 200-day simple moving average is $27.55. The company has a market cap of $1.12 billion, a PE ratio of -26.11 and a beta of 1.91. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57.

Arteris (NASDAQ:AIP) last posted its earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.06). The company had revenue of $24.13 million during the quarter, compared to analysts’ expectations of $23.48 million. Arteris had a negative net margin of 46.70% and a negative return on equity of 295.96%. As a group, equities research analysts forecast that Arteris, Inc. will post -0.68 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Northland Securities set a $38.00 target price on Arteris in a research note on Wednesday, May 13th. Oppenheimer assumed coverage on shares of Arteris in a report on Thursday, July 16th. They issued an “outperform” rating and a $40.00 price target on the stock. Weiss Ratings upgraded shares of Arteris from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, August 21st. Jefferies Financial Group raised shares of Arteris from a “hold” rating to a “buy” rating and lifted their price target for the company from $35.00 to $50.00 in a research note on Friday, August 7th. Finally, Roth Capital started coverage on Arteris in a report on Tuesday, August 4th. They issued a “buy” rating and a $40.00 price target for the company. Five analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $41.00.

Insiders Place Their Bets

In related news, CFO Nicholas B. Hawkins sold 10,431 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $28.26, for a total transaction of $294,780.06. Following the completion of the sale, the chief financial officer owned 95,666 shares of the company’s stock, valued at $2,703,521.16. This represents a 9.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO K Janac sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $20.75, for a total transaction of $2,075,000.00. Following the completion of the sale, the chief executive officer owned 8,229,071 shares of the company’s stock, valued at approximately $170,753,223.25. This trade represents a 1.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 1,207,704 shares of company stock worth $39,166,487. Insiders own 23.30% of the company’s stock.

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.