Bank of New York Mellon Corp Takes Position in Arteris, Inc. $AIP

Key Points

• Bank of New York Mellon purchased 98,349 Arteris shares worth approximately $4.78 million, giving it a 0.21% stake. Institutional investors collectively own 64.36% of the company.
• Arteris reported quarterly revenue of $24.13 million, above estimates, but its loss of $0.10 per share missed expectations. Insiders sold 1.35 million shares worth $44.05 million during the last quarter.
• Analyst sentiment remains largely positive, with five Buy ratings and one Sell rating and a consensus price target of $41, compared with the stock’s reported opening price of $21.37.

Bank of New York Mellon Corp purchased a new position in Arteris, Inc. (NASDAQ:AIP - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 98,349 shares of the company's stock, valued at approximately $4,779,000. Bank of New York Mellon Corp owned about 0.21% of Arteris at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Needham Investment Management LLC grew its stake in Arteris by 2.6% in the fourth quarter. Needham Investment Management LLC now owns 3,411,500 shares of the company's stock valued at $52,878,000 after purchasing an additional 86,500 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of Arteris by 6.2% during the 4th quarter. Franklin Resources Inc. now owns 1,743,031 shares of the company's stock worth $27,017,000 after purchasing an additional 101,646 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Arteris by 8.2% during the 3rd quarter. Vanguard Group Inc. now owns 1,594,402 shares of the company's stock valued at $16,103,000 after buying an additional 120,947 shares during the last quarter. Westerly Capital Management LLC lifted its holdings in shares of Arteris by 109.6% during the 3rd quarter. Westerly Capital Management LLC now owns 1,425,000 shares of the company's stock valued at $14,392,000 after buying an additional 745,000 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Arteris by 144.7% during the 4th 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 during the last quarter. 64.36% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CFO Nicholas Hawkins sold 10,431 shares of Arteris stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $28.26, for a total value of $294,780.06. Following the transaction, the chief financial officer directly owned 95,666 shares in the company, valued at approximately $2,703,521.16. The trade was a 9.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Paul Alpern sold 4,000 shares of the business's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $20.77, for a total value of $83,080.00. Following the transaction, the vice president directly owned 70,733 shares of the company's stock, valued at $1,469,124.41. This represents a 5.35% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,347,704 shares of company stock valued at $44,053,887 in the last quarter. Insiders own 23.30% of the company's stock.

Arteris Trading Up 3.3%

Shares of AIP stock opened at $21.37 on Friday. Arteris, Inc. has a 12 month low of $8.42 and a 12 month high of $50.26. The company has a market cap of $1.05 billion, a PE ratio of -24.56 and a beta of 1.91. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. The business's 50 day moving average is $29.78 and its two-hundred day moving average is $27.41.

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

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on AIP shares. Rosenblatt Securities reaffirmed a "buy" rating and set a $38.00 price objective on shares of Arteris in a research report on Friday, August 7th. Jefferies Financial Group raised shares of Arteris from a "hold" rating to a "buy" rating and boosted their target price for the stock from $35.00 to $50.00 in a research report on Friday, August 7th. Weiss Ratings upgraded shares of Arteris from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, August 21st. Roth Capital started coverage on shares of Arteris in a report on Tuesday, August 4th. They set a "buy" rating and a $40.00 price target on the stock. Finally, Oppenheimer began coverage on shares of Arteris in a research note on Thursday, July 16th. They issued an "outperform" rating and a $40.00 price objective for the company. Five equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $41.00.

Arteris 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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