Arteris (NASDAQ:AIP) Director Sells $150,250.00 in Stock

Arteris, Inc. (NASDAQ:AIP) Director Raman Chitkara sold 5,000 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $30.05, for a total value of $150,250.00. Following the completion of the transaction, the director owned 142,867 shares in the company, valued at approximately $4,293,153.35. This trade represents a 3.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Raman Chitkara also recently made the following trade(s):

• On Friday, April 24th, Raman Chitkara sold 5,000 shares of Arteris stock. The stock was sold at an average price of $25.06, for a total value of $125,300.00.
• On Tuesday, April 14th, Raman Chitkara sold 5,000 shares of Arteris stock. The stock was sold at an average price of $20.05, for a total value of $100,250.00.

Arteris Price Performance

AIP stock opened at $31.86 on Friday. The company has a market cap of $1.47 billion, a P/E ratio of -38.85 and a beta of 1.93. Arteris, Inc. has a 1 year low of $6.88 and a 1 year high of $32.11. The stock’s fifty day moving average price is $19.44 and its 200-day moving average price is $16.75.

Arteris (NASDAQ:AIP) last released its quarterly 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 firm had revenue of $20.14 million during the quarter, compared to analysts’ expectations of $18.55 million. As a group, analysts expect that Arteris, Inc. will post -0.68 earnings per share for the current year.

Analyst Upgrades and Downgrades

AIP has been the topic of a number of recent research reports. Northland Securities set a $24.00 target price on Arteris in a report on Friday, February 13th. Wall Street Zen cut Arteris from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $20.00 target price on shares of Arteris in a report on Friday, February 13th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Arteris in a report on Monday, April 20th. Two research 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. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $20.17.

Hedge Funds Weigh In On Arteris

Institutional investors have recently bought and sold shares of the stock. Raymond James Financial Inc. bought a new position in Arteris in the 2nd quarter worth $32,000. BNP Paribas Financial Markets raised its holdings in Arteris by 75.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 6,053 shares of the company’s stock worth $61,000 after purchasing an additional 2,595 shares during the period. New York State Common Retirement Fund raised its holdings in Arteris by 352.4% in the 4th quarter. New York State Common Retirement Fund now owns 9,500 shares of the company’s stock worth $147,000 after purchasing an additional 7,400 shares during the period. Mercer Global Advisors Inc. ADV bought a new position in Arteris in the 4th quarter worth $162,000. Finally, Penn Capital Management Company LLC bought a new stake in Arteris during the third quarter valued at about $109,000. 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.