Arteris (NASDAQ:AIP) Reaches New 52-Week High – Here’s What Happened
by Kim Johansen · The Markets DailyArteris, Inc. (NASDAQ:AIP – Get Free Report)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $19.93 and last traded at $19.6860, with a volume of 27972 shares trading hands. The stock had previously closed at $19.56.
Wall Street Analysts Forecast Growth
AIP has been the topic of a number of recent analyst reports. Northland Securities set a $24.00 price objective on Arteris in a research note on Friday, February 13th. Wall Street Zen raised Arteris from a “hold” rating to a “buy” rating in a research note on Saturday, March 21st. Rosenblatt Securities reissued a “buy” rating and issued a $20.00 price objective on shares of Arteris in a research note on Friday, February 13th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Arteris in a research note on Wednesday, January 21st. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $20.17.
Get Our Latest Stock Report on Arteris
Arteris Stock Performance
The business has a 50 day moving average of $15.85 and a two-hundred day moving average of $15.07. The firm has a market capitalization of $889.35 million, a price-to-earnings ratio of -23.81 and a beta of 1.43.
Arteris (NASDAQ:AIP – Get Free Report) 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 firm had revenue of $20.14 million for the quarter, compared to analyst estimates of $18.55 million. On average, equities analysts predict that Arteris, Inc. will post -0.73 EPS for the current fiscal year.
Insider Activity
In other Arteris news, COO Laurent R. Moll sold 1,552 shares of the business’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $18.23, for a total transaction of $28,292.96. Following the completion of the sale, the chief operating officer directly owned 280,972 shares of the company’s stock, valued at approximately $5,122,119.56. The trade was a 0.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, major shareholder Bayview Legacy, Llc sold 70,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $19.04, for a total value of $1,332,800.00. Following the sale, the insider directly owned 9,119,071 shares of the company’s stock, valued at $173,627,111.84. This represents a 0.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 661,482 shares of company stock worth $11,222,965. Company insiders own 29.10% of the company’s stock.
Institutional Trading of Arteris
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Intech Investment Management LLC increased its holdings in Arteris by 9.3% during the 4th quarter. Intech Investment Management LLC now owns 13,540 shares of the company’s stock worth $210,000 after purchasing an additional 1,148 shares in the last quarter. Deutsche Bank AG increased its holdings in Arteris by 7.7% during the 4th quarter. Deutsche Bank AG now owns 21,159 shares of the company’s stock worth $328,000 after purchasing an additional 1,504 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in shares of Arteris by 75.0% in the third quarter. BNP Paribas Financial Markets now owns 6,053 shares of the company’s stock valued at $61,000 after acquiring an additional 2,595 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in shares of Arteris by 12.3% in the third quarter. Public Employees Retirement System of Ohio now owns 23,913 shares of the company’s stock valued at $242,000 after acquiring an additional 2,613 shares in the last quarter. Finally, Strs Ohio grew its holdings in shares of Arteris by 16.5% in the third quarter. Strs Ohio now owns 20,500 shares of the company’s stock valued at $207,000 after acquiring an additional 2,900 shares in the last quarter. 64.36% of the stock is 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.