Arteris (NASDAQ:AIP) Now Covered by Analysts at Oppenheimer

Key Points

• Oppenheimer initiated coverage on Arteris with an outperform rating and a $40 price target, implying about 22% upside from the prior close.
• Arteris recently reported better-than-expected quarterly results, posting an EPS loss of $0.03 versus the expected $0.08 loss and revenue of $22.94 million versus $21.03 million expected.
• Despite analyst optimism, the stock has seen significant insider selling in recent months, while institutional ownership remains high at 64.36%.

Equities researchers at Oppenheimer began coverage on shares of Arteris (NASDAQ:AIP - Get Free Report) in a report issued on Thursday, MarketBeat.com reports. The firm set an "outperform" rating and a $40.00 price target on the stock. Oppenheimer's price objective would indicate a potential upside of 22.40% from the stock's previous close.

Several other research analysts also recently commented on the stock. Northland Securities set a $38.00 price objective on shares of Arteris in a research report on Wednesday, May 13th. Rosenblatt Securities lifted their price target on Arteris from $20.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, May 13th. Weiss Ratings cut Arteris from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday, May 13th. Wall Street Zen downgraded Arteris from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Finally, TD Cowen upped their price objective on Arteris from $22.00 to $40.00 and gave the stock a "buy" rating in a research report on Wednesday, May 13th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $38.20.

Arteris Stock Performance

Shares of NASDAQ AIP opened at $32.68 on Thursday. 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 stock's fifty day moving average price is $37.31 and its two-hundred day moving average price is $24.55. Arteris has a one year low of $8.42 and a one year high of $50.26. The firm has a market cap of $1.51 billion, a price-to-earnings ratio of -41.37 and a beta of 1.92.

Arteris (NASDAQ:AIP - Get Free Report) last announced its earnings results on Tuesday, May 12th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.05. The business had revenue of $22.94 million for the quarter, compared to the consensus estimate of $21.03 million. On average, equities analysts forecast that Arteris will post -0.54 EPS for the current year.

Insider Activity at Arteris

In related news, Director Saiyed Atiq Raza sold 90,000 shares of the firm's stock in a transaction on Friday, May 1st. The stock was sold at an average price of $28.71, for a total transaction of $2,583,900.00. Following the sale, the director owned 210,000 shares of the company's stock, valued at $6,029,100. This trade represents a 30.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Bayview Legacy, Llc sold 192,686 shares of Arteris stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $36.32, for a total value of $6,998,355.52. Following the sale, the insider directly owned 8,555,047 shares in the company, valued at $310,719,307.04. The trade was a 2.20% 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 1,554,949 shares of company stock valued at $53,098,426 over the last three months. 29.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Arteris

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Westerly Capital Management LLC raised its position in shares of Arteris by 109.6% in the 3rd quarter. Westerly Capital Management LLC now owns 1,425,000 shares of the company's stock worth $14,392,000 after acquiring an additional 745,000 shares in the last quarter. Nuveen LLC lifted its holdings in shares of Arteris by 872.3% in the 4th quarter. Nuveen LLC now owns 737,281 shares of the company's stock worth $11,428,000 after purchasing an additional 661,454 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Arteris by 144.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,012,670 shares of the company's stock valued at $15,696,000 after buying an additional 598,840 shares in the last quarter. Granahan Investment Management LLC increased its holdings in Arteris by 201.0% during the 1st quarter. Granahan Investment Management LLC now owns 713,077 shares of the company's stock worth $11,723,000 after purchasing an additional 476,181 shares in the last quarter. Finally, Informed Momentum Co LLC bought a new stake in Arteris during the fourth quarter worth $5,755,000. Institutional investors and hedge funds own 64.36% of the company's stock.

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.

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