Wesbanco Bank Inc. Purchases New Holdings in Arteris, Inc. $AIP

Wesbanco Bank Inc. purchased a new position in shares of Arteris, Inc. (NASDAQ:AIP) during the first quarter, Holdings Channel reports. The institutional investor purchased 34,000 shares of the company’s stock, valued at approximately $559,000.

A number of other institutional investors have also recently bought and sold shares of the business. Needham Investment Management LLC increased its position in shares of Arteris by 2.6% during the 4th quarter. Needham Investment Management LLC now owns 3,411,500 shares of the company’s stock valued at $52,878,000 after purchasing an additional 86,500 shares during the last quarter. Franklin Resources Inc. grew its position in Arteris by 6.2% during the fourth quarter. Franklin Resources Inc. now owns 1,743,031 shares of the company’s stock valued at $27,017,000 after buying an additional 101,646 shares during the period. Vanguard Group Inc. grew its position in Arteris by 8.2% during the third quarter. Vanguard Group Inc. now owns 1,594,402 shares of the company’s stock valued at $16,103,000 after buying an additional 120,947 shares during the period. Westerly Capital Management LLC grew its position in Arteris by 109.6% during the third quarter. Westerly Capital Management LLC now owns 1,425,000 shares of the company’s stock valued at $14,392,000 after buying an additional 745,000 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in Arteris by 144.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,012,670 shares of the company’s stock worth $15,696,000 after buying an additional 598,840 shares during the last quarter. Institutional investors own 64.36% of the company’s stock.

Wall Street Analyst Weigh In

AIP has been the topic of a number of research analyst reports. Northland Securities set a $38.00 target price on shares of Arteris in a research note on Wednesday, May 13th. Rosenblatt Securities upped their price objective on Arteris from $20.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, May 13th. Jefferies Financial Group increased their price objective on Arteris from $16.00 to $35.00 and gave the company a “hold” rating in a report on Wednesday, May 13th. Wall Street Zen lowered Arteris from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Finally, Weiss Ratings cut Arteris from a “sell (d-)” rating to a “sell (e+)” rating in a research 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $37.75.

Insider Activity

In related news, Director Saiyed Atiq Raza sold 20,839 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $37.39, for a total transaction of $779,170.21. Following the completion of the transaction, the director owned 140,000 shares of the company’s stock, valued at approximately $5,234,600. The trade was a 12.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul L. Alpern sold 12,502 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $36.02, for a total transaction of $450,322.04. Following the sale, the vice president directly owned 80,384 shares in the company, valued at $2,895,431.68. This trade represents a 13.46% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 1,072,340 shares of company stock valued at $32,223,334. 33.70% of the stock is currently owned by insiders.

Arteris Price Performance

Arteris stock opened at $43.29 on Monday. Arteris, Inc. has a one year low of $8.42 and a one year high of $45.30. The business has a fifty day moving average price of $34.41 and a 200-day moving average price of $22.70. 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 has a market capitalization of $2.00 billion, a P/E ratio of -54.80 and a beta of 1.98.

Arteris (NASDAQ:AIP) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.05. The company had revenue of $22.94 million for the quarter, compared to the consensus estimate of $21.03 million. As a group, equities research analysts forecast that Arteris, Inc. will post -0.54 EPS for the current year.

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.