Arteris (NASDAQ:AIP) Upgraded to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Arteris (NASDAQ:AIP) from a hold rating to a buy rating in a report issued on Saturday.

Several other analysts have also recently issued reports on AIP. Northland Securities set a $24.00 price objective on shares of Arteris in a research note on Friday, February 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Arteris in a report on Wednesday, January 21st. Finally, Rosenblatt Securities restated a “buy” rating and issued a $20.00 price target on shares of Arteris in a research report on Friday, February 13th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $20.17.

Arteris Stock Performance

Shares of AIP stock opened at $15.14 on Friday. Arteris has a fifty-two week low of $5.46 and a fifty-two week high of $19.85. The stock’s fifty day moving average is $15.65 and its two-hundred day moving average is $14.29. The firm has a market capitalization of $688.42 million, a P/E ratio of -18.46 and a beta of 1.45.

Arteris (NASDAQ:AIP) last released its earnings results on Thursday, February 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.03. The business had revenue of $20.14 million for the quarter, compared to analysts’ expectations of $18.55 million. On average, equities analysts forecast that Arteris will post -0.73 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Saiyed Atiq Raza sold 3,690 shares of the stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $17.02, for a total value of $62,803.80. Following the completion of the sale, the director owned 390,000 shares of the company’s stock, valued at $6,637,800. This represents a 0.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO K Charles Janac sold 9,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $14.66, for a total transaction of $131,940.00. Following the sale, the chief executive officer owned 9,229,071 shares of the company’s stock, valued at $135,298,180.86. This represents a 0.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 596,196 shares of company stock worth $9,657,120. Insiders own 29.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in AIP. 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 grew 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 worth $11,428,000 after purchasing an additional 661,454 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of 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 purchasing an additional 598,840 shares during the period. Granahan Investment Management LLC increased its position in shares of Arteris by 725.7% during the 3rd 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 during the last quarter. Finally, Informed Momentum Co LLC purchased a new stake in Arteris in the 4th quarter valued at about $5,755,000. 64.36% of the stock is currently owned by hedge funds and other institutional investors.

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.