Arteris (NASDAQ:AIP) Trading Up 7.1% – Still a Buy?

Arteris, Inc. (NASDAQ:AIP) shares rose 7.1% during mid-day trading on Friday . The company traded as high as $25.74 and last traded at $26.03. Approximately 482,853 shares were traded during trading, a decline of 1% from the average daily volume of 486,412 shares. The stock had previously closed at $24.31.

Analysts Set New Price Targets

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

Arteris Stock Up 10.4%

The stock’s 50 day moving average is $17.25 and its two-hundred day moving average is $15.87. The company has a market capitalization of $1.24 billion, a PE ratio of -32.73 and a beta of 1.43.

Arteris (NASDAQ:AIP) last posted its earnings results on Thursday, February 12th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. The business had revenue of $20.14 million for the quarter, compared to analysts’ expectations of $18.55 million. On average, sell-side analysts predict that Arteris, Inc. will post -0.68 EPS for the current fiscal year.

Insider Activity at Arteris

In related news, major shareholder Bayview Legacy, Llc sold 70,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $19.04, for a total value of $1,332,800.00. Following the completion of the transaction, the insider owned 9,119,071 shares of the company’s stock, valued at $173,627,111.84. The trade was a 0.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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 value of $1,332,800.00. Following the sale, the chief executive officer owned 9,119,071 shares of the company’s stock, valued at approximately $173,627,111.84. This represents a 0.76% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 731,923 shares of company stock valued at $12,913,251 over the last ninety days. 29.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Arteris

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Roubaix Capital LLC bought a new position in Arteris in the third quarter worth about $2,361,000. Granahan Investment Management LLC boosted its holdings in shares of Arteris by 725.7% in the 3rd quarter. Granahan Investment Management LLC now owns 621,625 shares of the company’s stock valued at $6,278,000 after buying an additional 546,341 shares in the last quarter. Herald Investment Management Ltd boosted its holdings in shares of Arteris by 33.3% in the 3rd quarter. Herald Investment Management Ltd now owns 400,000 shares of the company’s stock valued at $4,036,000 after buying an additional 100,000 shares in the last quarter. GSA Capital Partners LLP grew its position in shares of Arteris by 59.3% in the 3rd quarter. GSA Capital Partners LLP now owns 132,079 shares of the company’s stock worth $1,334,000 after buying an additional 49,153 shares during the last quarter. Finally, Apis Capital Advisors LLC bought a new position in shares of Arteris during the 3rd quarter worth approximately $606,000. 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.