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

Arteris, Inc. (NASDAQ:AIP)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $20.66 and last traded at $20.30, with a volume of 464906 shares changing hands. The stock had previously closed at $20.17.

Wall Street Analyst Weigh In

AIP has been the topic of a number of research analyst reports. Rosenblatt Securities reissued a “buy” rating and set a $20.00 price objective on shares of Arteris in a research report on Friday, February 13th. Northland Securities set a $24.00 price objective on shares of Arteris in a research report on Friday, February 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Arteris in a research report on Wednesday, January 21st. Finally, Wall Street Zen raised shares of Arteris from a “hold” rating to a “buy” rating in a research report on Saturday, March 21st. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Arteris has an average rating of “Hold” and a consensus target price of $20.17.

Arteris Stock Performance

The stock’s 50-day moving average price is $16.56 and its two-hundred day moving average price is $15.51. The stock has a market capitalization of $1.01 billion, a PE ratio of -26.99 and a beta of 1.43.

Arteris (NASDAQ:AIP) last released its earnings results on Thursday, February 12th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.03. The business had revenue of $20.14 million during the quarter, compared to analysts’ expectations of $18.55 million. On average, analysts predict that Arteris, Inc. will post -0.73 earnings per share for the current fiscal year.

Insider Transactions at Arteris

In other news, Director Raman Chitkara sold 5,000 shares of the company’s stock in a transaction dated Tuesday, April 14th. The shares were sold at an average price of $20.05, for a total value of $100,250.00. Following the sale, the director directly owned 152,867 shares of the company’s stock, valued at $3,064,983.35. This represents a 3.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO K Charles Janac sold 70,000 shares of the company’s stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $19.04, for a total transaction of $1,332,800.00. Following the completion of the sale, the chief executive officer directly owned 9,119,071 shares in the company, valued at $173,627,111.84. This represents a 0.76% 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. Over the last ninety days, insiders sold 641,923 shares of company stock worth $10,918,851. 29.10% of the stock is owned by insiders.

Institutional Trading of Arteris

Hedge funds and other institutional investors have recently modified their holdings of the business. Raymond James Financial Inc. purchased a new stake in shares of Arteris in the 2nd quarter worth about $32,000. BNP Paribas Financial Markets boosted its stake in Arteris by 75.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 6,053 shares of the company’s stock worth $61,000 after purchasing an additional 2,595 shares in the last quarter. Strs Ohio bought a new position in Arteris in the 1st quarter worth about $104,000. Penn Capital Management Company LLC bought a new position in Arteris in the 3rd quarter worth about $109,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in Arteris in the 3rd quarter worth about $113,000. 64.36% of the stock is owned by hedge funds and other institutional investors.

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.