Arteris (NASDAQ:AIP) Reaches New 1-Year High – What’s Next?

Arteris, Inc. (NASDAQ:AIP)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $45.30 and last traded at $45.1390, with a volume of 76232 shares trading hands. The stock had previously closed at $44.11.

Analyst Upgrades and Downgrades

A number of brokerages have commented on AIP. Jefferies Financial Group raised their price objective on Arteris from $16.00 to $35.00 and gave the company a “hold” rating in a research note on Wednesday, May 13th. Wall Street Zen cut shares of Arteris from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Weiss Ratings lowered shares of Arteris from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, May 13th. TD Cowen raised their target price on shares of Arteris from $22.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, May 13th. Finally, Northland Securities set a $38.00 price target on Arteris in a research report on Wednesday, May 13th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $37.75.

Arteris Trading Down 1.2%

The firm has a market capitalization of $2.01 billion, a P/E ratio of -55.15 and a beta of 1.98. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.17. The stock has a 50 day simple moving average of $32.12 and a 200-day simple moving average of $21.78.

Arteris (NASDAQ:AIP) last issued 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. On average, equities research analysts forecast that Arteris, Inc. will post -0.54 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, COO Laurent R. Moll sold 39,541 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $43.15, for a total value of $1,706,194.15. Following the completion of the sale, the chief operating officer directly owned 227,296 shares of the company’s stock, valued at $9,807,822.40. This represents a 14.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Saiyed Atiq Raza sold 20,839 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $37.39, for a total value of $779,170.21. Following the sale, the director directly owned 140,000 shares in the company, valued at $5,234,600. This trade represents a 12.96% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 1,112,340 shares of company stock worth $32,955,090. 33.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Arteris

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Raymond James Financial Inc. purchased a new position in shares of Arteris during the second quarter worth $32,000. Royal Bank of Canada lifted its stake in Arteris by 366.7% in the 1st quarter. Royal Bank of Canada now owns 4,023 shares of the company’s stock worth $66,000 after purchasing an additional 3,161 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Arteris by 75.0% during the third quarter. BNP Paribas Financial Markets now owns 6,053 shares of the company’s stock worth $61,000 after buying an additional 2,595 shares during the last quarter. New York State Common Retirement Fund grew its holdings in shares of Arteris by 352.4% in the fourth quarter. New York State Common Retirement Fund now owns 9,500 shares of the company’s stock valued at $147,000 after purchasing an additional 7,400 shares during the period. Finally, Mercer Global Advisors Inc. ADV purchased a new stake in shares of Arteris in the 4th quarter valued at approximately $162,000. 64.36% of the stock is currently 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.