Arteris (NASDAQ:AIP) Hits New 52-Week High – Here’s Why

Arteris, Inc. (NASDAQ:AIP) shares reached a new 52-week high during trading on Monday . The stock traded as high as $45.30 and last traded at $45.1390, with a volume of 76232 shares traded. The stock had previously closed at $44.11.

Analysts Set New Price Targets

A number of research firms have recently weighed in on AIP. Jefferies Financial Group upped their price objective on Arteris from $16.00 to $35.00 and gave the stock a “hold” rating in a research report on Wednesday, May 13th. Wall Street Zen cut shares of Arteris from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Weiss Ratings downgraded shares of Arteris from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, May 13th. TD Cowen increased their price target on Arteris from $22.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, May 13th. Finally, Rosenblatt Securities raised their price target on Arteris from $20.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, May 13th. Two 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’s stock. According to data from MarketBeat.com, Arteris currently has an average rating of “Hold” and a consensus target price of $37.75.

Arteris Trading Down 1.2%

The stock has a market capitalization of $2.01 billion, a PE ratio of -55.15 and a beta of 1.98. 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 business’s fifty day moving average is $32.12 and its 200-day moving average is $21.78.

Arteris (NASDAQ:AIP) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.05. The business had revenue of $22.94 million during the quarter, compared to analysts’ expectations of $21.03 million. As a group, analysts anticipate that Arteris, Inc. will post -0.54 EPS for the current fiscal year.

Insider Transactions at Arteris

In other Arteris news, Director Saiyed Atiq Raza sold 90,000 shares of Arteris stock in a transaction 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 completion of the transaction, the director owned 210,000 shares of the company’s stock, valued at $6,029,100. The trade was a 30.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 transaction, the insider owned 9,119,071 shares of the company’s stock, valued at $173,627,111.84. This represents a 0.76% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 1,112,340 shares of company stock worth $32,955,090. 33.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in AIP. Needham Investment Management LLC lifted its position in shares of Arteris by 2.6% in the fourth quarter. Needham Investment Management LLC now owns 3,411,500 shares of the company’s stock worth $52,878,000 after purchasing an additional 86,500 shares in the last quarter. Franklin Resources Inc. raised its holdings in Arteris by 6.2% in the 4th quarter. Franklin Resources Inc. now owns 1,743,031 shares of the company’s stock worth $27,017,000 after acquiring an additional 101,646 shares during the period. Vanguard Group Inc. lifted its position in shares of Arteris by 8.2% during the 3rd quarter. Vanguard Group Inc. now owns 1,594,402 shares of the company’s stock worth $16,103,000 after purchasing an additional 120,947 shares during the last quarter. Westerly Capital Management LLC boosted its position in shares of Arteris by 109.6% in the third quarter. Westerly Capital Management LLC now owns 1,425,000 shares of the company’s stock valued at $14,392,000 after acquiring an additional 745,000 shares during the period. Finally, Goldman Sachs Group Inc. grew its position in Arteris by 144.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,012,670 shares of the company’s stock worth $15,696,000 after purchasing an additional 598,840 shares during the last quarter. 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.