158,175 Shares of Arteris, Inc. $AIP Bought by Bank of America Corp DE

Key Points

• Bank of America purchased 158,175 Arteris shares worth approximately $7.7 million, giving it a 0.32% stake. Institutional investors collectively own 64.36% of the company.
• Arteris insiders sold 1.18 million shares valued at $37.7 million over the past quarter, including sales by major shareholder Bayview Legacy and VP Paul Alpern.
• Analysts maintain a generally positive outlook, with six Buy ratings and one Sell rating and a consensus price target of $39.43. However, Arteris recently missed quarterly EPS expectations and remains unprofitable.

Bank of America Corp DE purchased a new stake in Arteris, Inc. (NASDAQ:AIP - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The firm purchased 158,175 shares of the company's stock, valued at approximately $7,686,000. Bank of America Corp DE owned approximately 0.32% of Arteris at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Arteris in the second quarter worth approximately $53,000. Versant Capital Management Inc grew its stake in Arteris by 33.7% during the 2nd quarter. Versant Capital Management Inc now owns 1,150 shares of the company's stock valued at $56,000 after acquiring an additional 290 shares in the last quarter. Royal Bank of Canada grew its stake in Arteris by 366.7% during the 1st quarter. Royal Bank of Canada now owns 4,023 shares of the company's stock valued at $66,000 after acquiring an additional 3,161 shares in the last quarter. Allworth Financial LP acquired a new stake in Arteris in the 2nd quarter valued at about $87,000. Finally, State of Wyoming acquired a new stake in Arteris in the 2nd quarter valued at about $165,000. 64.36% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Arteris

In other news, major shareholder Bayview Legacy, Llc sold 100,000 shares of Arteris stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $20.75, for a total value of $2,075,000.00. Following the completion of the transaction, the insider owned 8,229,071 shares in the company, valued at approximately $170,753,223.25. This trade represents a 1.20% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Paul Alpern sold 4,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $20.77, for a total transaction of $83,080.00. Following the completion of the sale, the vice president directly owned 70,733 shares in the company, valued at approximately $1,469,124.41. This trade represents a 5.35% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,177,382 shares of company stock worth $37,652,509 over the last quarter. 23.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on AIP. Roth Capital began coverage on Arteris in a research note on Tuesday, August 4th. They set a "buy" rating and a $40.00 price objective on the stock. Rosenblatt Securities reissued a "buy" rating and set a $38.00 price target on shares of Arteris in a research report on Friday, August 7th. Craig Hallum assumed coverage on shares of Arteris in a report on Monday, September 21st. They issued a "buy" rating and a $30.00 target price on the stock. Oppenheimer initiated coverage on shares of Arteris in a research note on Thursday, July 16th. They issued an "outperform" rating and a $40.00 price target for the company. Finally, Weiss Ratings upgraded shares of Arteris from a "sell (e+)" rating to a "sell (d-)" rating in a report on Friday, August 21st. Six analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, Arteris presently has an average rating of "Moderate Buy" and a consensus price target of $39.43.

Arteris Stock Performance

NASDAQ:AIP opened at $23.89 on Friday. Arteris, Inc. has a fifty-two week low of $9.46 and a fifty-two week high of $50.26. The company has a 50 day moving average price of $25.73 and a 200 day moving average price of $28.15. The stock has a market capitalization of $1.17 billion, a P/E ratio of -27.46 and a beta of 1.91. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57.

Arteris (NASDAQ:AIP - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.06). The firm had revenue of $24.13 million for the quarter, compared to analyst estimates of $23.48 million. Arteris had a negative return on equity of 295.96% and a negative net margin of 46.70%. Equities research analysts forecast that Arteris, Inc. will post -0.68 EPS for the current year.

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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