Arteris (NASDAQ:AIP) Hits New 12-Month High – Time to Buy?

Arteris, Inc. (NASDAQ:AIP) shares reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $39.63 and last traded at $39.6990, with a volume of 456002 shares changing hands. The stock had previously closed at $37.31.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. TD Cowen increased their price objective on shares of Arteris from $22.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, May 13th. Weiss Ratings lowered shares of Arteris from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, May 13th. Rosenblatt Securities increased their target price on shares of Arteris from $20.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, May 13th. Northland Securities set a $38.00 price target on shares of Arteris in a research report on Wednesday, May 13th. Finally, Wall Street Zen downgraded shares of Arteris from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $37.75.

Arteris Price Performance

The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.73 and a current ratio of 0.73. The stock’s 50 day simple moving average is $29.17 and its two-hundred day simple moving average is $20.56. The firm has a market capitalization of $1.86 billion, a PE ratio of -51.06 and a beta of 1.98.

Arteris (NASDAQ:AIP) last announced its quarterly earnings data 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 firm had revenue of $22.94 million during the quarter, compared to analysts’ expectations of $21.03 million. On average, sell-side analysts forecast that Arteris, Inc. will post -0.54 EPS for the current year.

Insider Transactions at Arteris

In related news, CEO K Charles Janac sold 70,000 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $34.91, for a total value of $2,443,700.00. Following the completion of the sale, the chief executive officer owned 8,929,071 shares of the company’s stock, valued at approximately $311,713,868.61. This represents a 0.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Bayview Legacy, Llc sold 70,000 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $34.91, for a total transaction of $2,443,700.00. Following the completion of the sale, the insider directly owned 8,929,071 shares of the company’s stock, valued at $311,713,868.61. This represents a 0.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,072,799 shares of company stock valued at $31,248,896 in the last three months. 29.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of AIP. Westerly Capital Management LLC lifted its position in Arteris by 109.6% in the third quarter. Westerly Capital Management LLC now owns 1,425,000 shares of the company’s stock valued at $14,392,000 after buying an additional 745,000 shares during the last quarter. Nuveen LLC increased its stake in Arteris by 872.3% during 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 during the period. Goldman Sachs Group Inc. increased 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 buying an additional 598,840 shares during the period. Granahan Investment Management LLC increased its stake in Arteris by 725.7% during the 3rd quarter. Granahan Investment Management LLC now owns 621,625 shares of the company’s stock worth $6,278,000 after buying an additional 546,341 shares during the period. Finally, Informed Momentum Co LLC purchased a new stake in Arteris during the 4th quarter worth approximately $5,755,000. Institutional investors and hedge funds own 64.36% of the company’s stock.

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.