Arteris (NASDAQ:AIP) Hits New 12-Month High on Analyst Upgrade

Arteris, Inc. (NASDAQ:AIP)’s share price reached a new 52-week high during mid-day trading on Wednesday after Rosenblatt Securities raised their price target on the stock from $14.00 to $20.00. Rosenblatt Securities currently has a buy rating on the stock. Arteris traded as high as $15.30 and last traded at $15.5550, with a volume of 488863 shares trading hands. The stock had previously closed at $12.32.

A number of other research analysts also recently issued reports on AIP. Wall Street Zen upgraded shares of Arteris from a “sell” rating to a “hold” rating in a research report on Monday, September 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Arteris in a research report on Wednesday, October 8th. TD Cowen boosted their target price on shares of Arteris from $12.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, August 6th. Finally, Jefferies Financial Group upgraded shares of Arteris to a “hold” rating in a research report on Tuesday, October 28th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Arteris currently has an average rating of “Hold” and a consensus target price of $17.00.

Insider Buying and Selling

In related news, major shareholder Bayview Legacy, Llc sold 50,000 shares of the company’s stock in a transaction dated Wednesday, October 8th. The shares were sold at an average price of $13.07, for a total value of $653,500.00. Following the sale, the insider owned 9,689,071 shares in the company, valued at $126,636,157.97. This represents a 0.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO K Charles Janac sold 50,000 shares of the company’s stock in a transaction dated Wednesday, October 8th. The stock was sold at an average price of $13.07, for a total transaction of $653,500.00. Following the completion of the sale, the chief executive officer owned 9,689,071 shares in the company, valued at $126,636,157.97. This represents a 0.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 466,205 shares of company stock worth $5,650,115 over the last ninety days. Insiders own 33.70% of the company’s stock.

Institutional Investors Weigh In On Arteris

A number of institutional investors have recently added to or reduced their stakes in the company. Strs Ohio grew its position in Arteris by 16.5% in the 3rd quarter. Strs Ohio now owns 20,500 shares of the company’s stock worth $207,000 after purchasing an additional 2,900 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Arteris in the 2nd quarter worth about $32,000. Bank of America Corp DE grew its position in Arteris by 11.8% in the 2nd quarter. Bank of America Corp DE now owns 57,093 shares of the company’s stock worth $544,000 after purchasing an additional 6,008 shares in the last quarter. CWM LLC grew its position in Arteris by 4,810.1% in the 1st quarter. CWM LLC now owns 10,213 shares of the company’s stock worth $71,000 after purchasing an additional 10,005 shares in the last quarter. Finally, Savant Capital LLC bought a new position in shares of Arteris during the 2nd quarter valued at approximately $97,000. 64.36% of the stock is owned by institutional investors.

Arteris Trading Up 26.2%

The stock’s 50-day moving average price is $11.27 and its two-hundred day moving average price is $9.50. The stock has a market capitalization of $663.25 million, a P/E ratio of -19.10 and a beta of 1.49.

Arteris (NASDAQ:AIP) last released its earnings results on Tuesday, August 5th. The company reported ($0.11) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.11). Arteris had a negative net margin of 52.41% and a negative return on equity of 8,546.17%. The firm had revenue of $16.50 million during the quarter, compared to the consensus estimate of $16.35 million. On average, equities research analysts predict that Arteris, Inc. will post -0.73 earnings per share for the current year.

Arteris Company Profile

Arteris, Inc provides semiconductor interconnect intellectual property (IP) and System-on-Chip (Soc) Integration Automation software solutions (SIA) in the Americas, the Asia Pacific, Europe, and the Middle East. The company develops, licenses, and supports the on-chip interconnect fabric technology used in Soc designs and Network-on-Chip (NoC) interconnect IP.