34,000 Shares in Arteris, Inc. $AIP Acquired by Wesbanco Bank Inc.

Wesbanco Bank Inc. bought a new position in Arteris, Inc. (NASDAQ:AIP) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 34,000 shares of the company’s stock, valued at approximately $559,000. Wesbanco Bank Inc. owned approximately 0.07% of Arteris as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new position in shares of Arteris during the 2nd quarter worth approximately $32,000. BNP Paribas Financial Markets increased its stake 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 valued at $61,000 after acquiring an additional 2,595 shares in the last quarter. New York State Common Retirement Fund lifted its position in shares of Arteris by 352.4% during the 4th quarter. New York State Common Retirement Fund now owns 9,500 shares of the company’s stock valued at $147,000 after acquiring an additional 7,400 shares during the period. Mercer Global Advisors Inc. ADV acquired a new position in shares of Arteris during the 4th quarter valued at $162,000. Finally, Penn Capital Management Company LLC bought a new position in Arteris during the third quarter worth $109,000. 64.36% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, major shareholder Bayview Legacy, Llc sold 70,000 shares of the firm’s stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $19.04, for a total transaction of $1,332,800.00. Following the transaction, the insider directly owned 9,119,071 shares of the company’s stock, valued at $173,627,111.84. This trade represents a 0.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Saiyed Atiq Raza sold 90,000 shares of the business’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $28.71, for a total transaction of $2,583,900.00. Following the transaction, the director owned 210,000 shares in the company, valued at approximately $6,029,100. This trade represents 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 sold 1,072,340 shares of company stock valued at $32,223,334 over the last quarter. 33.70% of the stock is owned by insiders.

Arteris Price Performance

AIP stock opened at $43.29 on Monday. Arteris, Inc. has a twelve month low of $8.42 and a twelve month high of $45.30. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.17. The stock’s 50 day moving average is $34.41 and its 200-day moving average is $22.70. The firm has a market capitalization of $2.00 billion, a PE ratio of -54.80 and a beta of 1.98.

Arteris (NASDAQ:AIP) last announced its quarterly earnings results 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 company had revenue of $22.94 million for the quarter, compared to the consensus estimate of $21.03 million. Sell-side analysts expect that Arteris, Inc. will post -0.54 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on AIP shares. Jefferies Financial Group lifted their price target on shares of Arteris from $16.00 to $35.00 and gave the company a “hold” rating in a research note on Wednesday, May 13th. Weiss Ratings cut shares of Arteris from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, May 13th. Northland Securities set a $38.00 target price on Arteris in a research note on Wednesday, May 13th. Rosenblatt Securities boosted their target price on Arteris from $20.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, May 13th. Finally, Wall Street Zen downgraded Arteris from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. 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, the stock has a consensus rating of “Hold” and an average price target of $37.75.

Arteris 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.