Connor Clark & Lunn Investment Management Ltd. Takes Position in Arteris, Inc. $AIP

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Arteris, Inc. (NASDAQ:AIP) in the second quarter, HoldingsChannel.com reports. The firm purchased 151,909 shares of the company’s stock, valued at approximately $7,381,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Versant Capital Management Inc lifted its holdings in Arteris by 33.7% in the 2nd quarter. Versant Capital Management Inc now owns 1,150 shares of the company’s stock worth $56,000 after buying an additional 290 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Arteris during the second quarter valued at about $53,000. Intech Investment Management LLC increased its position in shares of Arteris by 9.3% during the fourth quarter. Intech Investment Management LLC now owns 13,540 shares of the company’s stock worth $210,000 after acquiring an additional 1,148 shares during the last quarter. Deutsche Bank AG increased its position in shares of Arteris by 7.7% during the fourth quarter. Deutsche Bank AG now owns 21,159 shares of the company’s stock worth $328,000 after acquiring an additional 1,504 shares during the last quarter. Finally, Allworth Financial LP acquired a new position in shares of Arteris in the second quarter worth about $87,000. Hedge funds and other institutional investors own 64.36% of the company’s stock.

Arteris Stock Performance

Shares of Arteris stock opened at $22.81 on Thursday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. Arteris, Inc. has a 1 year low of $8.42 and a 1 year high of $50.26. The firm’s 50-day simple moving average is $32.79 and its 200-day simple moving average is $27.17. The firm has a market cap of $1.12 billion, a PE ratio of -26.22 and a beta of 1.96.

Arteris (NASDAQ:AIP) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.06). The firm had revenue of $24.13 million during the quarter, compared to the consensus estimate of $23.48 million. Arteris had a negative net margin of 46.70% and a negative return on equity of 295.96%. Equities analysts forecast that Arteris, Inc. will post -0.68 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO K Charles Janac sold 192,686 shares of Arteris stock in a transaction that occurred on Thursday, July 2nd. The stock was 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 approximately $310,719,307.04. This trade represents a 2.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Saiyed Atiq Raza sold 70,000 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $36.02, for a total value of $2,521,400.00. Following the completion of the sale, the director owned 140,000 shares of the company’s stock, valued at $5,042,800. This trade represents a 33.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,247,045 shares of company stock valued at $43,571,699 in the last quarter. Insiders own 23.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on AIP. TD Cowen increased 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. Northland Securities set a $38.00 price objective on Arteris in a report on Wednesday, May 13th. Jefferies Financial Group raised Arteris from a “hold” rating to a “buy” rating and upped their target price for the company from $35.00 to $50.00 in a research report on Friday, August 7th. Roth Capital started coverage on Arteris in a research note on Tuesday, August 4th. They set a “buy” rating and a $40.00 target price for the company. Finally, Wall Street Zen downgraded shares of Arteris from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Arteris presently has a consensus rating of “Moderate Buy” and a consensus price target of $41.00.

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.