Arteris (NASDAQ:AIP) Upgraded by Roth Capital to “Strong-Buy” Rating

Roth Capital upgraded shares of Arteris (NASDAQ:AIP) to a strong-buy rating in a research note published on Tuesday morning, Marketbeat.com reports.

A number of other research firms also recently commented on AIP. Oppenheimer began coverage on Arteris in a report on Thursday, July 16th. They issued an “outperform” rating and a $40.00 price objective on the stock. Jefferies Financial Group boosted their target price on Arteris from $16.00 to $35.00 and gave the stock a “hold” rating in a research note on Wednesday, May 13th. Wall Street Zen downgraded Arteris from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. TD Cowen upped their price target on Arteris from $22.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, May 13th. Finally, Weiss Ratings lowered shares of Arteris from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $38.50.

Arteris Stock Performance

Shares of AIP stock opened at $32.09 on Tuesday. The company has a market cap of $1.48 billion, a P/E ratio of -40.62 and a beta of 1.96. The firm has a fifty day moving average price of $36.29 and a 200 day moving average price of $25.97. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.17. Arteris has a 12 month low of $8.42 and a 12 month high of $50.26.

Arteris (NASDAQ:AIP) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.05. The business had revenue of $22.94 million during the quarter, compared to analyst estimates of $21.03 million. Sell-side analysts predict that Arteris will post -0.6 earnings per share for the current fiscal year.

Insider Activity at Arteris

In other Arteris news, CEO K Charles Janac sold 192,686 shares of the company’s stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $36.32, for a total value of $6,998,355.52. Following the completion of the transaction, the chief executive officer owned 8,555,047 shares in the company, valued at $310,719,307.04. This represents a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Nicholas B. Hawkins sold 221,035 shares of the firm’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $33.40, for a total value of $7,382,569.00. Following the transaction, the chief financial officer directly owned 110,600 shares in the company, valued at approximately $3,694,040. The trade was a 66.65% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 1,364,949 shares of company stock worth $48,244,576. Insiders own 23.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in AIP. AQR Capital Management LLC acquired a new position in Arteris during the first quarter worth approximately $1,621,000. Strs Ohio purchased a new stake in Arteris in the first quarter valued at approximately $104,000. Geode Capital Management LLC boosted its holdings in shares of Arteris by 4.8% in the second quarter. Geode Capital Management LLC now owns 652,754 shares of the company’s stock valued at $6,222,000 after acquiring an additional 30,018 shares during the period. Rhumbline Advisers boosted its holdings in shares of Arteris by 35.8% in the second quarter. Rhumbline Advisers now owns 54,416 shares of the company’s stock valued at $519,000 after acquiring an additional 14,350 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of Arteris by 8.6% during the second quarter. Arrowstreet Capital Limited Partnership now owns 320,332 shares of the company’s stock worth $3,053,000 after acquiring an additional 25,448 shares during the last quarter. Hedge funds and other institutional investors own 64.36% of the company’s stock.

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.