Arteris (NASDAQ:AIP) Stock Price Up 8.4% – Time to Buy?

Arteris, Inc. (NASDAQ:AIPGet Free Report) shares were up 8.4% during mid-day trading on Tuesday . The company traded as high as $32.92 and last traded at $33.2520. Approximately 30,555 shares traded hands during mid-day trading, a decline of 96% from the average session volume of 740,947 shares. The stock had previously closed at $30.68.

Analyst Upgrades and Downgrades

AIP has been the topic of a number of research reports. Oppenheimer started coverage on Arteris in a report on Thursday, July 16th. They set an “outperform” rating and a $40.00 price objective on the stock. Jefferies Financial Group upped their target price on Arteris from $16.00 to $35.00 and gave the stock a “hold” rating in a research note on Wednesday, May 13th. Northland Securities set a $38.00 price target on shares of Arteris in a research report on Wednesday, May 13th. Weiss Ratings downgraded shares of Arteris from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, May 13th. Finally, Wall Street Zen lowered shares of Arteris from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $38.20.

View Our Latest Stock Report on Arteris

Arteris Price Performance

The company has a market capitalization of $1.56 billion, a PE ratio of -42.70 and a beta of 1.92. The firm has a fifty day moving average of $37.27 and a two-hundred day moving average of $24.87. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.17.

Arteris (NASDAQ:AIPGet Free Report) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.05. The company 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 EPS for the current fiscal year.

Insider Activity

In related news, CEO K Charles Janac sold 192,686 shares of Arteris stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $36.32, for a total value of $6,998,355.52. Following the transaction, the chief executive officer directly owned 8,555,047 shares of the company’s stock, valued at $310,719,307.04. The trade was a 2.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Saiyed Atiq Raza sold 90,000 shares of the company’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $28.71, for a total transaction of $2,583,900.00. Following the sale, the director owned 210,000 shares of the company’s stock, valued at $6,029,100. This represents a 30.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,464,949 shares of company stock worth $51,104,026 over the last ninety days. Company insiders own 23.30% of the company’s stock.

Hedge Funds Weigh In On Arteris

Hedge funds and other institutional investors have recently modified their holdings of the company. Versant Capital Management Inc grew its stake in shares of Arteris by 33.7% in the second quarter. Versant Capital Management Inc now owns 1,150 shares of the company’s stock worth $56,000 after purchasing an additional 290 shares during the last quarter. Janus Henderson Group PLC raised its position in Arteris by 10.4% during the 1st quarter. Janus Henderson Group PLC now owns 106,921 shares of the company’s stock valued at $1,758,000 after purchasing an additional 10,062 shares during the last quarter. Royal Bank of Canada raised its position in Arteris by 366.7% during the 1st quarter. Royal Bank of Canada now owns 4,023 shares of the company’s stock valued at $66,000 after purchasing an additional 3,161 shares during the last quarter. Quantinno Capital Management LP lifted its holdings in Arteris by 21.5% in the 1st quarter. Quantinno Capital Management LP now owns 18,067 shares of the company’s stock worth $297,000 after buying an additional 3,200 shares during the period. Finally, Lazard Asset Management LLC purchased a new stake in Arteris in the 1st quarter worth approximately $2,124,000. 64.36% of the stock is owned by institutional investors.

About Arteris

(Get Free Report)

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.

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