Arteris (NASDAQ:AIP) Stock Price Down 10.5% After Insider Selling

Arteris, Inc. (NASDAQ:AIP) shares dropped 10.5% on Friday after an insider sold shares in the company. The stock traded as low as $32.14 and last traded at $33.4350. Approximately 314,810 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 586,539 shares. The stock had previously closed at $37.34.

Specifically, CFO Nicholas B. Hawkins sold 221,035 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of $33.40, for a total transaction of $7,382,569.00. Following the completion of the sale, the chief financial officer owned 110,600 shares in the company, valued at approximately $3,694,040. This represents a 66.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Bayview Legacy, Llc sold 70,000 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $31.20, for a total value of $2,184,000.00. Following the sale, the insider owned 9,049,071 shares of the company’s stock, valued at $282,331,015.20. This trade represents a 0.77% decrease in their position. The disclosure for this sale is available in the SEC filing. In other news, CEO K Charles Janac sold 70,000 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $31.20, for a total transaction of $2,184,000.00. Following the completion of the sale, the chief executive officer owned 9,049,071 shares in the company, valued at approximately $282,331,015.20. This represents a 0.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analysts Set New Price Targets

AIP has been the subject of a number of research analyst reports. Wall Street Zen lowered Arteris from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Jefferies Financial Group increased their target price on Arteris from $16.00 to $35.00 and gave the company a “hold” rating in a report on Wednesday. TD Cowen increased their target price on Arteris from $22.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday. Rosenblatt Securities increased their target price on Arteris from $20.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Weiss Ratings lowered Arteris from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Arteris has an average rating of “Hold” and a consensus target price of $37.75.

Arteris Price Performance

The company has a quick ratio of 1.13, a current ratio of 0.73 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of -42.67 and a beta of 1.93. The company’s 50-day simple moving average is $21.50 and its 200 day simple moving average is $17.58.

Arteris (NASDAQ:AIP) last posted its earnings results on Tuesday, May 12th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.05. The business had revenue of $22.94 million for the quarter, compared to analyst estimates of $21.03 million. Equities research analysts forecast that Arteris, Inc. will post -0.68 EPS for the current year.

Institutional Investors Weigh In On Arteris

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Quantinno Capital Management LP grew its position in shares of Arteris by 21.5% in the first quarter. Quantinno Capital Management LP now owns 18,067 shares of the company’s stock valued at $297,000 after purchasing an additional 3,200 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in shares of Arteris in the first quarter valued at about $2,124,000. Granahan Investment Management LLC grew its position in shares of Arteris by 201.0% in the first quarter. Granahan Investment Management LLC now owns 713,077 shares of the company’s stock valued at $11,723,000 after purchasing an additional 476,181 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in shares of Arteris by 54.7% in the first quarter. Public Employees Retirement System of Ohio now owns 36,993 shares of the company’s stock valued at $608,000 after purchasing an additional 13,080 shares during the last quarter. Finally, Bank of Nova Scotia grew its position in shares of Arteris by 40.8% in the first quarter. Bank of Nova Scotia now owns 17,600 shares of the company’s stock valued at $289,000 after purchasing an additional 5,100 shares during the last quarter. 64.36% of the stock is owned by institutional investors and hedge funds.

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.