Arteris (NASDAQ:AIP) Sets New 12-Month High – Here’s Why

Shares of Arteris, Inc. (NASDAQ:AIP) reached a new 52-week high during trading on Monday . The stock traded as high as $32.27 and last traded at $31.8150, with a volume of 56244 shares changing hands. The stock had previously closed at $31.86.

Analysts Set New Price Targets

AIP has been the topic of several research reports. Rosenblatt Securities reiterated a “buy” rating and issued a $20.00 price target on shares of Arteris in a research report on Friday, February 13th. Northland Securities set a $24.00 price objective on shares of Arteris in a research note on Friday, February 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Arteris in a research note on Monday, April 20th. Finally, Wall Street Zen downgraded shares of Arteris from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Arteris presently has an average rating of “Hold” and an average price target of $20.17.

Arteris Stock Up 4.5%

The firm has a market cap of $1.53 billion, a PE ratio of -40.54 and a beta of 1.93. The firm’s 50 day moving average is $19.44 and its 200-day moving average is $16.75.

Arteris (NASDAQ:AIP) last posted its quarterly earnings results on Thursday, February 12th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.03. The company had revenue of $20.14 million for the quarter, compared to analysts’ expectations of $18.55 million. On average, analysts forecast that Arteris, Inc. will post -0.68 earnings per share for the current year.

Insider Buying and Selling

In other Arteris news, COO Laurent R. Moll sold 13,448 shares of the firm’s stock in a transaction on Tuesday, April 14th. The shares were sold at an average price of $20.03, for a total transaction of $269,363.44. Following the completion of the transaction, the chief operating officer directly owned 265,530 shares of the company’s stock, valued at $5,318,565.90. This trade represents a 4.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Raman Chitkara sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $30.05, for a total transaction of $150,250.00. Following the completion of the transaction, the director owned 142,867 shares in the company, valued at approximately $4,293,153.35. The trade was a 3.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 732,435 shares of company stock valued at $14,258,138. 33.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Raymond James Financial Inc. bought a new position in shares of Arteris in the 2nd quarter worth about $32,000. BNP Paribas Financial Markets lifted its position in 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 purchasing an additional 2,595 shares during the last quarter. New York State Common Retirement Fund lifted its position in Arteris by 352.4% in the 4th quarter. New York State Common Retirement Fund now owns 9,500 shares of the company’s stock valued at $147,000 after purchasing an additional 7,400 shares during the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in shares of Arteris during the 4th quarter worth about $162,000. Finally, Penn Capital Management Company LLC bought a new stake in shares of Arteris during the 3rd quarter worth about $109,000. 64.36% of the stock is currently owned by institutional investors.

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.