Arteris (NASDAQ:AIP) Hits New 12-Month High – Time to Buy?

Arteris, Inc. (NASDAQ:AIP) reached a new 52-week high during trading on Friday . The company traded as high as $39.63 and last traded at $39.6990, with a volume of 456002 shares changing hands. The stock had previously closed at $37.31.

Analysts Set New Price Targets

A number of research analysts have commented on AIP shares. Jefferies Financial Group raised their target price on shares of Arteris from $16.00 to $35.00 and gave the company a “hold” rating in a research report on Wednesday, May 13th. Rosenblatt Securities raised their target price 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 research report on Wednesday, May 13th. TD Cowen raised their target price on shares of Arteris from $22.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, May 13th. Finally, Wall Street Zen downgraded shares of Arteris from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Two 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, Arteris has a consensus rating of “Hold” and a consensus target price of $37.75.

Arteris Stock Performance

The business’s 50-day moving average price is $29.17 and its 200-day moving average price is $20.56. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.17. The stock has a market cap of $1.86 billion, a PE ratio of -51.06 and a beta of 1.98.

Arteris (NASDAQ:AIP) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.05. The firm had revenue of $22.94 million during the quarter, compared to analysts’ expectations of $21.03 million. As a group, equities research analysts expect that Arteris, Inc. will post -0.54 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Paul L. Alpern sold 12,502 shares of Arteris stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $36.02, for a total value of $450,322.04. Following the completion of the sale, the vice president directly owned 80,384 shares in the company, valued at $2,895,431.68. This trade represents a 13.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Saiyed Atiq Raza sold 20,839 shares of Arteris stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $37.39, for a total transaction of $779,170.21. Following the completion of the sale, the director owned 140,000 shares of the company’s stock, valued at $5,234,600. This trade represents a 12.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 1,072,799 shares of company stock worth $31,248,896 over the last ninety days. Company insiders own 29.10% of the company’s stock.

Hedge Funds Weigh In On Arteris

Several large investors have recently made changes to their positions in AIP. Raymond James Financial Inc. acquired a new position in shares of Arteris in the 2nd quarter valued at $32,000. BNP Paribas Financial Markets raised its position in Arteris by 75.0% during the third quarter. BNP Paribas Financial Markets now owns 6,053 shares of the company’s stock worth $61,000 after acquiring an additional 2,595 shares during the period. Royal Bank of Canada raised its position in Arteris by 366.7% during the first quarter. Royal Bank of Canada now owns 4,023 shares of the company’s stock worth $66,000 after acquiring an additional 3,161 shares during the period. Strs Ohio purchased a new position in Arteris during the first quarter valued at $104,000. Finally, Penn Capital Management Company LLC purchased a new position in Arteris during the third quarter valued at $109,000. 64.36% of the stock is currently owned by institutional investors and hedge funds.

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.