Arteris (NASDAQ:AIP) Coverage Initiated by Analysts at Craig Hallum

Key Points

• Craig Hallum initiated coverage of Arteris with a “buy” rating and a $30 price target, implying 34.53% upside from the prior close.
• Analyst sentiment is broadly positive: six analysts rate the stock a Buy and one rates it a Sell, producing a consensus “Moderate Buy” rating and an average price target of $39.43.
• Arteris reported quarterly revenue of $24.13 million, exceeding estimates, but missed EPS expectations and remains unprofitable; insiders have sold more than 1.17 million shares worth approximately $37.7 million over the past 90 days.

Research analysts at Craig Hallum assumed coverage on shares of Arteris (NASDAQ:AIP - Get Free Report) in a report issued on Monday, Briefing.com reports. The brokerage set a "buy" rating and a $30.00 price target on the stock. Craig Hallum's price target indicates a potential upside of 34.53% from the company's previous close.

A number of other analysts have also issued reports on the company. Jefferies Financial Group raised Arteris from a "hold" rating to a "buy" rating and boosted their target price for the company from $35.00 to $50.00 in a research report on Friday, August 7th. Oppenheimer initiated coverage on Arteris in a research note on Thursday, July 16th. They issued an "outperform" rating and a $40.00 price objective for the company. Roth Capital assumed coverage on Arteris in a report on Tuesday, August 4th. They issued a "buy" rating and a $40.00 price objective on the stock. Weiss Ratings raised Arteris from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, August 21st. Finally, Rosenblatt Securities restated a "buy" rating and set a $38.00 target price on shares of Arteris in a report on Friday, August 7th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $39.43.

Arteris Stock Performance

NASDAQ AIP opened at $22.30 on Monday. The firm's 50-day moving average is $26.52 and its two-hundred day moving average is $27.94. Arteris has a 12 month low of $9.46 and a 12 month high of $50.26. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. The stock has a market capitalization of $1.10 billion, a P/E ratio of -25.63 and a beta of 1.91.

Arteris (NASDAQ:AIP - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.06). Arteris had a negative net margin of 46.70% and a negative return on equity of 295.96%. The company had revenue of $24.13 million during the quarter, compared to analysts' expectations of $23.48 million. On average, sell-side analysts anticipate that Arteris will post -0.68 earnings per share for the current year.

Insider Buying and Selling at Arteris

In other Arteris news, major shareholder Bayview Legacy, Llc sold 100,000 shares of the company's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $20.75, for a total transaction of $2,075,000.00. Following the sale, the insider owned 8,229,071 shares in the company, valued at $170,753,223.25. This represents a 1.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Laurent R. Moll sold 9,219 shares of Arteris stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $20.85, for a total value of $192,216.15. Following the completion of the transaction, the chief operating officer owned 212,478 shares of the company's stock, valued at $4,430,166.30. The trade was a 4.16% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 1,177,382 shares of company stock valued at $37,652,509. Insiders own 23.30% of the company's stock.

Institutional Investors Weigh In On Arteris

A number of large investors have recently modified their holdings of AIP. Needham Investment Management LLC lifted 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 worth $52,878,000 after purchasing an additional 86,500 shares during the last quarter. BlackRock Inc. purchased a new position in Arteris in the second quarter valued at $160,129,000. Granahan Investment Management LLC raised its stake in Arteris by 201.0% in the first quarter. Granahan Investment Management LLC now owns 713,077 shares of the company's stock valued at $11,723,000 after buying an additional 476,181 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Arteris by 0.4% during the 2nd quarter. Wellington Management Group LLP now owns 500,200 shares of the company's stock worth $24,305,000 after buying an additional 1,897 shares during the last quarter. Finally, Algert Global LLC purchased a new stake in Arteris during the 2nd quarter worth about $11,602,000. 64.36% of the stock is owned by hedge funds and other institutional investors.

Arteris Company Profile

Arteris, Inc is a semiconductor intellectual property company that provides network-on-chip (NoC) interconnect and system IP for the design of complex systems-on-chip (SoCs). Its technologies help semiconductor and electronics companies connect processor cores, memory, peripherals and other functional blocks within a chip while supporting data movement, system integration and design reuse.

The company's product portfolio includes FlexNoC interconnect IP, Ncore cache-coherent interconnect IP and CodaCache system IP.

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