Arteris (NASDAQ:AIP) Upgraded at Roth Capital

Key Points

• Roth Capital upgraded Arteris to “strong buy.” The stock has a “Moderate Buy” consensus rating, with an average analyst price target of $38.50; recent targets range from $35 to $40.
• Arteris shares rose 6.6% to open at $32.09, while the company reported quarterly revenue of $22.94 million and an adjusted loss of $0.03 per share, beating analyst expectations.
• Insiders sold approximately 1.36 million shares worth $48.2 million over the past 90 days, although institutional investors own 64.36% of the company.

Arteris (NASDAQ:AIP - Get Free Report) was upgraded by Roth Capital to a "strong-buy" rating in a report released on Tuesday, Marketbeat reports.

Several other analysts also recently issued reports on the stock. Northland Securities set a $38.00 price target on shares of Arteris in a report on Wednesday, May 13th. Rosenblatt Securities raised their price objective on shares of Arteris from $20.00 to $38.00 and gave the stock a "buy" rating in a research note on Wednesday, May 13th. Jefferies Financial Group lifted their price objective on Arteris from $16.00 to $35.00 and gave the stock a "hold" rating in a research report on Wednesday, May 13th. TD Cowen upped their target price on shares of Arteris from $22.00 to $40.00 and gave the company a "buy" rating in a report on Wednesday, May 13th. Finally, Oppenheimer began coverage on Arteris in a research report on Thursday, July 16th. They issued an "outperform" rating and a $40.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $38.50.

Arteris Stock Up 6.6%

AIP opened at $32.09 on Tuesday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.73 and a current ratio of 0.73. The company has a market cap of $1.48 billion, a price-to-earnings ratio of -40.62 and a beta of 1.96. Arteris has a one year low of $8.42 and a one year high of $50.26. The business's fifty day moving average is $36.29 and its two-hundred day moving average is $25.97.

Arteris (NASDAQ:AIP - Get Free Report) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.03) earnings per share for the quarter, beating analysts' consensus estimates of ($0.08) by $0.05. The firm had revenue of $22.94 million during the quarter, compared to analysts' expectations of $21.03 million. Analysts anticipate that Arteris will post -0.6 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Nicholas B. Hawkins sold 221,035 shares of the business's stock in a transaction on Friday, May 15th. The shares were sold at an average price of $33.40, for a total transaction of $7,382,569.00. Following the transaction, the chief financial officer directly owned 110,600 shares of the company's stock, valued at approximately $3,694,040. The trade was a 66.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Bayview Legacy, Llc sold 192,686 shares of the company's stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $36.32, for a total transaction of $6,998,355.52. Following the completion of the transaction, the insider directly owned 8,555,047 shares of the company's stock, valued at approximately $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. In the last ninety days, insiders have sold 1,364,949 shares of company stock worth $48,244,576. Company insiders own 23.30% of the company's stock.

Hedge Funds Weigh In On Arteris

Institutional investors and hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC bought a new position in Arteris during the 1st quarter valued at $1,621,000. Strs Ohio bought a new position in Arteris during the 1st quarter worth $104,000. Geode Capital Management LLC grew its position in shares of Arteris by 4.8% during the second quarter. Geode Capital Management LLC now owns 652,754 shares of the company's stock worth $6,222,000 after acquiring an additional 30,018 shares during the last quarter. Rhumbline Advisers grew its position in Arteris by 35.8% in the 2nd quarter. Rhumbline Advisers now owns 54,416 shares of the company's stock worth $519,000 after purchasing an additional 14,350 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Arteris by 8.6% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 320,332 shares of the company's stock worth $3,053,000 after buying an additional 25,448 shares in the last quarter. 64.36% of the stock is currently owned by hedge funds and other institutional investors.

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.

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