Oppenheimer Begins Coverage on Arteris (NASDAQ:AIP)

Equities researchers at Oppenheimer initiated coverage on shares of Arteris (NASDAQ:AIP) in a research note issued on Thursday, Marketbeat Ratings reports. The firm set an “outperform” rating and a $40.00 price target on the stock. Oppenheimer’s price target indicates a potential upside of 22.40% from the stock’s current price.

Several other equities research analysts have also issued reports on AIP. Wall Street Zen lowered shares of Arteris from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Rosenblatt Securities raised their price objective on shares of Arteris from $20.00 to $38.00 and gave the company a “buy” 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 report on Wednesday, May 13th. TD Cowen increased their target price on Arteris from $22.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, May 13th. Finally, Jefferies Financial Group raised their price target on Arteris from $16.00 to $35.00 and gave the company a “hold” rating in a research report on Wednesday, May 13th. Three 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. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $38.20.

Arteris Stock Performance

Arteris stock opened at $32.68 on Thursday. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.17. Arteris has a 1-year low of $8.42 and a 1-year high of $50.26. The firm has a market capitalization of $1.51 billion, a PE ratio of -41.37 and a beta of 1.92. The firm’s 50 day simple moving average is $37.31 and its 200 day simple moving average is $24.55.

Arteris (NASDAQ:AIP) last issued its quarterly earnings results 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 business had revenue of $22.94 million for the quarter, compared to the consensus estimate of $21.03 million. As a group, analysts expect that Arteris will post -0.54 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO K Charles Janac sold 10,679 shares of the stock in a transaction on Monday, July 6th. The shares were sold at an average price of $35.90, for a total transaction of $383,376.10. Following the transaction, the chief executive officer owned 175,148 shares of the company’s stock, valued at approximately $6,287,813.20. This trade represents a 5.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul L. Alpern sold 6,003 shares of Arteris stock in a transaction on Monday, July 6th. The stock was sold at an average price of $35.91, for a total transaction of $215,567.73. Following the completion of the transaction, the vice president owned 70,733 shares in the company, valued at approximately $2,540,022.03. The trade was a 7.82% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,554,949 shares of company stock worth $53,098,426 in the last ninety days. 29.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Raymond James Financial Inc. bought a new position in Arteris during the 2nd quarter worth approximately $32,000. Versant Capital Management Inc lifted its position in Arteris by 33.7% in the second quarter. Versant Capital Management Inc now owns 1,150 shares of the company’s stock valued at $56,000 after purchasing an additional 290 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Arteris by 75.0% during the third quarter. BNP Paribas Financial Markets now owns 6,053 shares of the company’s stock valued at $61,000 after purchasing an additional 2,595 shares during the period. Royal Bank of Canada boosted its stake in shares of Arteris by 366.7% during the first quarter. Royal Bank of Canada now owns 4,023 shares of the company’s stock valued at $66,000 after purchasing an additional 3,161 shares during the period. Finally, Strs Ohio purchased a new position in shares of Arteris in the first quarter worth $104,000. Hedge funds and other institutional investors own 64.36% of the company’s stock.

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.