Arteris (NASDAQ:AIP) Now Covered by Craig Hallum

Craig Hallum started coverage on shares of Arteris (NASDAQ:AIP) in a research report sent to investors on Monday, Marketbeat reports. The firm issued a buy rating and a $30.00 price target on the stock.

Other equities research analysts have also recently issued research reports about the stock. Oppenheimer initiated coverage on shares of Arteris in a research report on Thursday, July 16th. They set an “outperform” rating and a $40.00 price target for the company. Weiss Ratings upgraded shares of Arteris from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, August 21st. Roth Capital assumed coverage on shares of Arteris in a research note on Tuesday, August 4th. They set a “buy” rating and a $40.00 price objective for the company. Jefferies Financial Group upgraded shares of Arteris from a “hold” rating to a “buy” rating and increased their target price for the stock from $35.00 to $50.00 in a report on Friday, August 7th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $38.00 target price on shares of Arteris in a research note on Friday, August 7th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $39.43.

Arteris Trading Up 8.3%

NASDAQ AIP opened at $24.16 on Monday. The stock has a 50-day moving average of $26.35 and a 200-day moving average of $27.99. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. Arteris has a 1-year low of $9.46 and a 1-year high of $50.26. The firm has a market cap of $1.19 billion, a PE ratio of -27.77 and a beta of 1.91.

Arteris (NASDAQ:AIP) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.06). The company had revenue of $24.13 million during the quarter, compared to analysts’ expectations of $23.48 million. Arteris had a negative return on equity of 295.96% and a negative net margin of 46.70%. As a group, sell-side analysts forecast that Arteris will post -0.68 EPS for the current year.

Insider Buying and Selling at Arteris

In other Arteris news, CEO K Janac sold 192,686 shares of the company’s 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 completion of the transaction, the chief executive officer directly owned 8,555,047 shares in the company, valued at approximately $310,719,307.04. This represents a 2.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Saiyed Raza sold 70,000 shares of the company’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $30.01, for a total transaction of $2,100,700.00. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 1,177,382 shares of company stock valued at $37,652,509. 23.30% of the stock is currently owned by company insiders.

Institutional Trading of Arteris

Several institutional investors and hedge funds have recently bought and sold shares of AIP. Versant Capital Management Inc boosted its stake in Arteris by 33.7% in the 2nd quarter. Versant Capital Management Inc now owns 1,150 shares of the company’s stock worth $56,000 after purchasing an additional 290 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Arteris during the 2nd quarter valued at about $53,000. Allworth Financial LP bought a new stake in Arteris during the 2nd quarter valued at about $87,000. Wellington Management Group LLP increased its stake in Arteris by 0.4% during the 2nd quarter. Wellington Management Group LLP now owns 500,200 shares of the company’s stock valued at $24,305,000 after purchasing an additional 1,897 shares in the last quarter. Finally, Royal Bank of Canada raised its holdings in Arteris by 366.7% in the first quarter. Royal Bank of Canada now owns 4,023 shares of the company’s stock worth $66,000 after buying an additional 3,161 shares during the last quarter. 64.36% of the stock is currently owned by hedge funds and other institutional investors.

Arteris Company Profile

Arteris, Inc is a semiconductor intellectual property company that provides network-on-chip (NoC) interconnect and system IP for the design of complex systems-on-chip (SoCs). Its technologies help semiconductor and electronics companies connect processor cores, memory, peripherals and other functional blocks within a chip while supporting data movement, system integration and design reuse.

The company’s product portfolio includes FlexNoC interconnect IP, Ncore cache-coherent interconnect IP and CodaCache system IP.