Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Arteris, Inc. $AIP

Key Points

• Connor Clark & Lunn Investment Management bought 151,909 Arteris shares worth approximately $7.38 million in the second quarter, giving it a 0.31% stake. Institutional investors collectively own 64.36% of the company.
• Arteris reported quarterly revenue of $24.13 million, slightly above estimates, but its adjusted loss of $0.10 per share missed expectations of $0.04. The company posted a negative net margin of 46.70%.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and a $41 price target, although the stock recently traded at $22.81 after reaching a 52-week high of $50.26.

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Arteris, Inc. (NASDAQ:AIP - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 151,909 shares of the company's stock, valued at approximately $7,381,000. Connor Clark & Lunn Investment Management Ltd. owned 0.31% of Arteris at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Raymond James Financial Inc. purchased a new position in shares of Arteris during the 2nd quarter worth about $32,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Arteris in the second quarter valued at approximately $53,000. Versant Capital Management Inc increased its position in Arteris by 33.7% during the second quarter. Versant Capital Management Inc now owns 1,150 shares of the company's stock worth $56,000 after purchasing an additional 290 shares during the last quarter. BNP Paribas Financial Markets increased its position in Arteris by 75.0% during the third quarter. BNP Paribas Financial Markets now owns 6,053 shares of the company's stock worth $61,000 after purchasing an additional 2,595 shares during the last quarter. Finally, Royal Bank of Canada increased its position in Arteris by 366.7% during the first 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 during the last quarter. Institutional investors and hedge funds own 64.36% of the company's stock.

Arteris Price Performance

AIP opened at $22.81 on Thursday. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. Arteris, Inc. has a 52-week low of $8.42 and a 52-week high of $50.26. The company has a 50 day moving average of $32.79 and a two-hundred day moving average of $27.17. The company has a market cap of $1.12 billion, a P/E ratio of -26.22 and a beta of 1.96.

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

Insider Buying and Selling at Arteris

In other Arteris news, Director Saiyed Atiq Raza sold 70,000 shares of the business's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $36.02, for a total transaction of $2,521,400.00. Following the transaction, the director owned 140,000 shares in the company, valued at $5,042,800. The trade was a 33.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO K Charles Janac sold 192,686 shares of the company's stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $36.32, for a total value of $6,998,355.52. Following the completion of the sale, the chief executive officer directly owned 8,555,047 shares of the company's stock, valued at $310,719,307.04. The trade was a 2.20% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 1,247,045 shares of company stock valued at $43,571,699 over the last three months. 23.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Northland Securities set a $38.00 price target on shares of Arteris in a report on Wednesday, May 13th. Rosenblatt Securities restated a "buy" rating and set a $38.00 price objective on shares of Arteris in a report on Friday, August 7th. Oppenheimer initiated coverage on Arteris in a research report on Thursday, July 16th. They issued an "outperform" rating and a $40.00 target price on the stock. Wall Street Zen cut Arteris from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Finally, Jefferies Financial Group raised 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. Five equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $41.00.

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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