Arteris (NASDAQ:AIP) Hits New 12-Month High – Still a Buy?

Arteris, Inc. (NASDAQ:AIP) shares reached a new 52-week high on Wednesday . The stock traded as high as $24.10 and last traded at $23.58, with a volume of 723803 shares. The stock had previously closed at $22.63.

Analyst Upgrades and Downgrades

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

Arteris Stock Performance

The stock has a market cap of $1.12 billion, a P/E ratio of -29.65 and a beta of 1.43. The company’s 50 day moving average price is $17.25 and its 200-day moving average price is $15.87.

Arteris (NASDAQ:AIP) last posted its earnings results on Thursday, February 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.03. The firm had revenue of $20.14 million during the quarter, compared to the consensus estimate of $18.55 million. On average, analysts forecast that Arteris, Inc. will post -0.68 earnings per share for the current fiscal year.

Insider Transactions at Arteris

In other news, Director Saiyed Atiq Raza sold 17,060 shares of the company’s stock in a transaction on Monday, April 20th. The shares were sold at an average price of $22.16, for a total value of $378,049.60. Following the completion of the sale, the director owned 300,000 shares in the company, valued at $6,648,000. This represents a 5.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO K Charles Janac sold 70,000 shares of the company’s stock in a transaction on 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 owned 9,119,071 shares of the company’s stock, valued at approximately $173,627,111.84. The trade was a 0.76% decrease in their position. 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 90 days, insiders have sold 731,923 shares of company stock worth $12,913,251. 29.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Arteris

Several institutional investors have recently added to or reduced their stakes in the stock. Wesbanco Bank Inc. bought a new position in Arteris during the first quarter valued at about $559,000. Invesco Ltd. grew its position in Arteris by 28.0% during the fourth quarter. Invesco Ltd. now owns 17,499 shares of the company’s stock valued at $271,000 after buying an additional 3,830 shares during the period. Mercer Global Advisors Inc. ADV bought a new position in Arteris during the fourth quarter valued at about $162,000. VestGen Advisors LLC bought a new position in Arteris during the fourth quarter valued at about $218,000. Finally, Tudor Investment Corp ET AL bought a new position in Arteris during the fourth quarter valued at about $2,473,000. Institutional investors own 64.36% 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.