Insider Selling: Arteris (NASDAQ:AIP) CFO Sells 221,035 Shares of Stock

Arteris, Inc. (NASDAQ:AIP) CFO Nicholas Hawkins sold 221,035 shares of the 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 completion of the transaction, the chief financial officer directly owned 110,600 shares in the company, valued at $3,694,040. This trade represents a 66.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Arteris Stock Performance

Shares of AIP stock traded down $3.63 during mid-day trading on Friday, hitting $33.71. 1,727,606 shares of the stock were exchanged, compared to its average volume of 996,540. The stock’s fifty day simple moving average is $21.50 and its two-hundred day simple moving average is $17.58. The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of -42.67 and a beta of 1.93. Arteris, Inc. has a 12-month low of $6.88 and a 12-month high of $38.47. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.13 and a current ratio of 0.73.

Arteris (NASDAQ:AIP) last issued its quarterly earnings data 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 firm had revenue of $22.94 million for the quarter, compared to analysts’ expectations of $21.03 million. On average, analysts forecast that Arteris, Inc. will post -0.68 EPS for the current year.

Hedge Funds Weigh In On Arteris

A number of hedge funds and other institutional investors have recently made changes to their positions in AIP. AQR Capital Management LLC purchased a new position in shares of Arteris during the first quarter worth about $1,621,000. Strs Ohio purchased a new position in shares of Arteris during the first quarter worth about $104,000. Geode Capital Management LLC grew its holdings 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 buying an additional 30,018 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of Arteris by 35.8% during the second quarter. Rhumbline Advisers now owns 54,416 shares of the company’s stock worth $519,000 after buying an additional 14,350 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of Arteris by 8.6% during the second quarter. Arrowstreet Capital Limited Partnership now owns 320,332 shares of the company’s stock worth $3,053,000 after buying an additional 25,448 shares during the last quarter. Hedge funds and other institutional investors own 64.36% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on AIP shares. Jefferies Financial Group raised their price objective on Arteris from $16.00 to $35.00 and gave the stock a “hold” rating in a report on Wednesday. Weiss Ratings lowered Arteris from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday. Rosenblatt Securities raised their price objective on Arteris from $20.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday. Northland Securities set a $38.00 price objective on Arteris in a report on Wednesday. Finally, Wall Street Zen lowered Arteris from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Two investment 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. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $37.75.

Arteris Company Profile

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.