Roth Capital Upgrades Arteris (NASDAQ:AIP) to Strong-Buy

Arteris (NASDAQ:AIP) was upgraded by analysts at Roth Capital to a “strong-buy” rating in a research note issued on Tuesday, Marketbeat.com reports.

Other equities research analysts have also issued reports about the company. Northland Securities set a $38.00 price objective on Arteris in a research note on Wednesday, May 13th. Wall Street Zen lowered Arteris from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Weiss Ratings downgraded Arteris from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, May 13th. Oppenheimer started coverage on Arteris in a research report on Thursday, July 16th. They issued an “outperform” rating and a $40.00 price target for the company. Finally, Rosenblatt Securities lifted their price target on Arteris from $20.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.50.

Arteris Stock Up 6.6%

AIP stock opened at $32.09 on Tuesday. The firm has a market cap of $1.48 billion, a PE ratio of -40.62 and a beta of 1.96. Arteris has a 12 month low of $8.42 and a 12 month high of $50.26. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.73 and a quick ratio of 0.73. The firm has a 50 day simple moving average of $36.29 and a 200 day simple moving average of $25.97.

Arteris (NASDAQ:AIP) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.05. The business had revenue of $22.94 million during the quarter, compared to analyst estimates of $21.03 million. Equities research analysts forecast that Arteris will post -0.6 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Saiyed Atiq Raza sold 70,000 shares of the firm’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $36.02, for a total value of $2,521,400.00. Following the completion of the sale, the director owned 140,000 shares of the company’s stock, valued at $5,042,800. This trade represents a 33.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Nicholas B. Hawkins sold 221,035 shares of the company’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $33.40, for a total value of $7,382,569.00. Following the transaction, the chief financial officer directly owned 110,600 shares in the company, valued at $3,694,040. The trade was a 66.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 1,364,949 shares of company stock valued at $48,244,576. 23.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arteris

Institutional investors and hedge funds have recently bought and sold shares of the business. Westerly Capital Management LLC increased its holdings in shares of Arteris by 109.6% in the 3rd quarter. Westerly Capital Management LLC now owns 1,425,000 shares of the company’s stock valued at $14,392,000 after purchasing an additional 745,000 shares during the period. Nuveen LLC grew its position in Arteris by 872.3% during the fourth quarter. Nuveen LLC now owns 737,281 shares of the company’s stock valued at $11,428,000 after purchasing an additional 661,454 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Arteris by 144.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,012,670 shares of the company’s stock valued at $15,696,000 after purchasing an additional 598,840 shares in the last quarter. Granahan Investment Management LLC increased its stake in Arteris by 201.0% in the 1st quarter. Granahan Investment Management LLC now owns 713,077 shares of the company’s stock valued at $11,723,000 after buying an additional 476,181 shares during the period. Finally, Informed Momentum Co LLC acquired a new position in Arteris in the 4th quarter valued at approximately $5,755,000. Hedge funds and other institutional investors 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.