Arteris (NASDAQ:AIP) Reaches New 52-Week High – What’s Next?

Arteris, Inc. (NASDAQ:AIP)’s stock price reached a new 52-week high on Friday . The company traded as high as $39.63 and last traded at $39.6990, with a volume of 456002 shares trading hands. The stock had previously closed at $37.31.

Analyst Ratings Changes

Several brokerages recently commented on AIP. TD Cowen lifted their target price on shares of Arteris from $22.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, May 13th. Northland Securities set a $38.00 price target on shares of Arteris in a report on Wednesday, May 13th. Jefferies Financial Group boosted their price objective on shares of Arteris from $16.00 to $35.00 and gave the company a “hold” rating in a research report on Wednesday, May 13th. Weiss Ratings downgraded shares of Arteris from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, May 13th. Finally, Rosenblatt Securities raised their target price on Arteris from $20.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, May 13th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $37.75.

Arteris Price Performance

The business has a 50 day moving average of $29.64 and a 200 day moving average of $20.70. The company has a market cap of $1.89 billion, a PE ratio of -51.90 and a beta of 1.98. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.73 and a quick 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, beating analysts’ consensus estimates of ($0.08) by $0.05. The company had revenue of $22.94 million for the quarter, compared to analysts’ expectations of $21.03 million. As a group, research analysts predict that Arteris, Inc. will post -0.54 EPS for the current year.

Insider Activity at Arteris

In related news, CFO Nicholas B. Hawkins sold 221,035 shares of the stock in a transaction dated 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 of the company’s stock, valued at $3,694,040. This represents a 66.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Saiyed Atiq Raza sold 90,000 shares of Arteris stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $28.71, for a total value of $2,583,900.00. Following the sale, the director directly owned 210,000 shares in the company, valued at approximately $6,029,100. The trade was a 30.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,072,799 shares of company stock worth $31,248,896 over the last ninety days. Corporate insiders own 29.10% of the company’s stock.

Institutional Investors Weigh In On Arteris

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