BlackRock Inc. Buys Shares of 3,295,511 Arteris, Inc. $AIP

Key Points

• BlackRock acquired 3.30 million Arteris shares worth approximately $160.1 million, giving it a 7.14% stake. Institutional investors collectively own 64.36% of the company.
• Arteris reported quarterly revenue of $24.13 million, above estimates, but its adjusted loss of $0.10 per share was wider than expected. The company remains unprofitable, with analysts projecting a full-year loss of $0.68 per share.
• Arteris shares opened at $22.01, down sharply from recent moving-average levels, while analysts maintained a “Moderate Buy” consensus and an average price target of $41.00. Insiders have sold approximately $43.6 million of stock over the past 90 days.

BlackRock Inc. purchased a new stake in shares of Arteris, Inc. (NASDAQ:AIP - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 3,295,511 shares of the company's stock, valued at approximately $160,129,000. BlackRock Inc. owned about 7.14% of Arteris at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Raymond James Financial Inc. purchased a new stake in shares of Arteris during the second quarter worth $32,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Arteris in the second quarter valued at $53,000. Versant Capital Management Inc raised its stake in shares of 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 purchasing an additional 290 shares during the period. BNP Paribas Financial Markets raised its stake in shares of Arteris by 75.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 6,053 shares of the company's stock valued at $61,000 after purchasing an additional 2,595 shares during the period. Finally, Royal Bank of Canada lifted its holdings in Arteris by 366.7% during the 1st quarter. Royal Bank of Canada now owns 4,023 shares of the company's stock worth $66,000 after purchasing an additional 3,161 shares in the last quarter. Institutional investors own 64.36% of the company's stock.

Arteris Stock Down 6.8%

Shares of NASDAQ:AIP opened at $22.01 on Friday. The stock has a market capitalization of $1.08 billion, a P/E ratio of -25.30 and a beta of 1.96. The stock's 50-day moving average price is $31.94 and its 200-day moving average price is $27.19. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. Arteris, Inc. has a 12-month low of $8.42 and a 12-month high of $50.26.

Arteris (NASDAQ:AIP - Get Free Report) last released its earnings results 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). The company had revenue of $24.13 million during the quarter, compared to the consensus estimate of $23.48 million. Arteris had a negative net margin of 46.70% and a negative return on equity of 295.96%. On average, equities analysts anticipate that Arteris, Inc. will post -0.68 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Oppenheimer began coverage on shares of Arteris in a research note on Thursday, July 16th. They issued an "outperform" rating and a $40.00 target price on the stock. Jefferies Financial Group upgraded shares of Arteris from a "hold" rating to a "buy" rating and boosted their price target for the company from $35.00 to $50.00 in a research report on Friday, August 7th. Wall Street Zen cut shares of Arteris from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Weiss Ratings upgraded Arteris from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, August 21st. Finally, Northland Securities set a $38.00 price objective on Arteris in a research note on Wednesday, May 13th. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $41.00.

Insider Transactions at Arteris

In other news, VP Paul L. Alpern sold 4,000 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $30.04, for a total value of $120,160.00. Following the transaction, the vice president owned 70,733 shares in the company, valued at approximately $2,124,819.32. This trade represents a 5.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Bayview Legacy, Llc sold 26,106 shares of Arteris stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $31.97, for a total transaction of $834,608.82. Following the completion of the transaction, the insider directly owned 8,329,071 shares in the company, valued at approximately $266,280,399.87. The trade was a 0.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 1,247,045 shares of company stock valued at $43,571,699. Insiders own 23.30% 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source