Arteris (NASDAQ:AIP) Reaches New 12-Month High – Should You Buy?

Shares of Arteris, Inc. (NASDAQ:AIP) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $45.30 and last traded at $45.1390, with a volume of 76232 shares changing hands. The stock had previously closed at $44.11.

Analyst Ratings Changes

A number of equities analysts recently issued reports on AIP shares. Wall Street Zen downgraded Arteris from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Northland Securities set a $38.00 price target on Arteris in a report on Wednesday, May 13th. Rosenblatt Securities boosted their price objective on shares of Arteris from $20.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, May 13th. TD Cowen raised their price objective 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, Weiss Ratings lowered Arteris from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, May 13th. Two equities research 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 MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $37.75.

Arteris Stock Down 7.4%

The company has a debt-to-equity ratio of 0.17, a current ratio of 0.73 and a quick ratio of 0.73. The firm’s 50-day moving average is $33.05 and its 200 day moving average is $22.17. The stock has a market cap of $1.90 billion, a price-to-earnings ratio of -52.18 and a beta of 1.98.

Arteris (NASDAQ:AIP) last announced 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 company had revenue of $22.94 million during the quarter, compared to analyst estimates of $21.03 million. Sell-side analysts anticipate that Arteris, Inc. will post -0.54 earnings per share for the current fiscal year.

Insider Buying and Selling at Arteris

In other news, Director Saiyed Atiq Raza sold 90,000 shares of the stock in a transaction on Friday, May 1st. The shares were sold at an average price of $28.71, for a total value of $2,583,900.00. Following the completion of the sale, the director owned 210,000 shares of the company’s stock, valued at $6,029,100. This represents a 30.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO K Charles Janac sold 70,000 shares of the firm’s stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $19.04, for a total transaction of $1,332,800.00. Following the completion of the transaction, the chief executive officer directly owned 9,119,071 shares in the company, valued at approximately $173,627,111.84. This represents a 0.76% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 1,105,328 shares of company stock valued at $32,828,664. 33.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Arteris

Hedge funds and other institutional investors have recently made changes to their positions in the business. Westerly Capital Management LLC raised its position in Arteris by 109.6% in the third 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 holdings in shares of Arteris by 872.3% during the 4th quarter. Nuveen LLC now owns 737,281 shares of the company’s stock valued at $11,428,000 after buying an additional 661,454 shares during the period. Goldman Sachs Group Inc. lifted its position in Arteris by 144.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,012,670 shares of the company’s stock worth $15,696,000 after acquiring an additional 598,840 shares in the last quarter. Granahan Investment Management LLC lifted its position in shares of Arteris by 725.7% during the third quarter. Granahan Investment Management LLC now owns 621,625 shares of the company’s stock worth $6,278,000 after purchasing an additional 546,341 shares in the last quarter. Finally, Informed Momentum Co LLC acquired a new stake in shares of Arteris during the fourth quarter valued at about $5,755,000. Institutional investors and hedge funds own 64.36% of the company’s stock.

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.