Arteris (NASDAQ:AIP) Trading 9.8% Higher – Still a Buy?

Shares of Arteris, Inc. (NASDAQ:AIP) were up 9.8% during mid-day trading on Wednesday . The company traded as high as $17.91 and last traded at $18.0360. Approximately 512,797 shares changed hands during trading, an increase of 9% from the average daily volume of 472,244 shares. The stock had previously closed at $16.42.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on AIP shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Arteris in a report on Wednesday, January 21st. Wall Street Zen upgraded Arteris from a “hold” rating to a “buy” rating in a research report on Saturday. Northland Securities set a $24.00 target price on Arteris in a research note on Friday, February 13th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $20.00 price target on shares of Arteris in a research note on Friday, February 13th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Arteris presently has a consensus rating of “Hold” and a consensus price target of $20.17.

Arteris Price Performance

The stock’s 50 day moving average is $15.60 and its two-hundred day moving average is $14.43. The firm has a market capitalization of $817.95 million, a P/E ratio of -21.94 and a beta of 1.45.

Arteris (NASDAQ:AIP) last announced its quarterly earnings data on Thursday, February 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. The business had revenue of $20.14 million during the quarter, compared to the consensus estimate of $18.55 million. As a group, equities research analysts expect that Arteris, Inc. will post -0.73 EPS for the current year.

Insider Transactions at Arteris

In other Arteris news, major shareholder Bayview Legacy, Llc sold 50,000 shares of the stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $16.58, for a total value of $829,000.00. Following the transaction, the insider owned 9,419,071 shares of the company’s stock, valued at approximately $156,168,197.18. This represents a 0.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Saiyed Atiq Raza sold 106,031 shares of the firm’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $17.21, for a total value of $1,824,793.51. Following the transaction, the director owned 393,690 shares in the company, valued at approximately $6,775,404.90. This trade represents a 21.22% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 596,196 shares of company stock worth $9,657,120 in the last three months. Insiders own 29.10% of the company’s stock.

Institutional Trading of Arteris

Hedge funds have recently modified their holdings of the company. AQR Capital Management LLC bought a new position in Arteris during the 1st quarter worth approximately $1,621,000. Strs Ohio acquired a new stake in Arteris in the first quarter worth $104,000. Geode Capital Management LLC boosted its position in shares of Arteris by 4.8% during the second quarter. Geode Capital Management LLC now owns 652,754 shares of the company’s stock worth $6,222,000 after purchasing an additional 30,018 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Arteris during the second quarter worth $160,000. Finally, Franklin Resources Inc. grew its holdings in shares of Arteris by 9.6% in the 2nd quarter. Franklin Resources Inc. now owns 1,637,171 shares of the company’s stock valued at $15,602,000 after buying an additional 142,936 shares during the period. 64.36% of the stock is currently owned by institutional investors and hedge funds.

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.