Arteris (NASDAQ:AIP) Trading Up 5.4% – Should You Buy?

Arteris, Inc. (NASDAQ:AIP) shares traded up 5.4% during trading on Wednesday . The stock traded as high as $32.56 and last traded at $33.0010. 256,600 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 748,193 shares. The stock had previously closed at $31.32.

Wall Street Analyst Weigh In

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

Arteris Price Performance

The firm has a market cap of $1.63 billion, a P/E ratio of -44.93 and a beta of 1.92. The company has a fifty day moving average of $36.99 and a 200-day moving average of $24.06. 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 for the quarter, beating 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. On average, sell-side analysts anticipate that Arteris, Inc. will post -0.54 EPS for the current fiscal year.

Insider Activity

In other Arteris news, CFO Nicholas B. Hawkins sold 221,035 shares of the company’s 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 sale, the chief financial officer directly owned 110,600 shares of the company’s stock, valued at approximately $3,694,040. This represents a 66.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Bayview Legacy, Llc sold 192,686 shares of Arteris stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $36.32, for a total transaction of $6,998,355.52. Following the transaction, the insider directly owned 8,555,047 shares in the company, valued at approximately $310,719,307.04. This represents a 2.20% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,574,400 shares of company stock valued at $53,487,999 in the last three months. 29.10% of the stock is owned by company insiders.

Institutional Trading of Arteris

A number of hedge funds have recently bought and sold shares of AIP. Westerly Capital Management LLC grew its stake in Arteris by 109.6% in the 3rd quarter. Westerly Capital Management LLC now owns 1,425,000 shares of the company’s stock valued at $14,392,000 after purchasing an additional 745,000 shares during the period. Nuveen LLC raised its stake in shares of Arteris by 872.3% during the 4th quarter. Nuveen LLC now owns 737,281 shares of the company’s stock worth $11,428,000 after purchasing an additional 661,454 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of 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 buying an additional 598,840 shares during the last quarter. Granahan Investment Management LLC boosted its holdings in shares of Arteris by 725.7% in the 3rd quarter. Granahan Investment Management LLC now owns 621,625 shares of the company’s stock worth $6,278,000 after buying an additional 546,341 shares during the last quarter. Finally, Informed Momentum Co LLC bought a new position in Arteris during the fourth quarter valued at about $5,755,000. 64.36% of the stock is currently owned by 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.