Nano Cap New Millennium Growth Fund L P Makes New Investment in Arteris, Inc. $AIP

Key Points

• Nano Cap New Millennium Growth Fund L P opened a new position in Arteris during the fourth quarter, buying 123,500 shares worth about $1.9 million. The stake makes Arteris its 11th-largest holding and represents 1.6% of the fund’s portfolio.
• Arteris has seen mixed analyst sentiment, with recent price target increases from firms including Rosenblatt, Northland, Jefferies, and TD Cowen. The stock currently carries an average Hold rating and an average target price of $37.75.
• The company reported better-than-expected quarterly results, posting a smaller-than-expected loss of $0.03 per share on revenue of $22.94 million. Shares were recently trading near $35.90, close to their 12-month high of $38.47.

Nano Cap New Millennium Growth Fund L P bought a new stake in shares of Arteris, Inc. (NASDAQ:AIP - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 123,500 shares of the company's stock, valued at approximately $1,914,000. Arteris comprises about 1.6% of Nano Cap New Millennium Growth Fund L P's holdings, making the stock its 11th biggest position. Nano Cap New Millennium Growth Fund L P owned 0.28% of Arteris at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. AQR Capital Management LLC bought a new stake in shares of Arteris during the 1st quarter worth approximately $1,621,000. Strs Ohio purchased a new stake in Arteris in the first quarter worth $104,000. Geode Capital Management LLC increased its stake in Arteris by 4.8% in the second quarter. Geode Capital Management LLC now owns 652,754 shares of the company's stock worth $6,222,000 after purchasing an additional 30,018 shares during the period. Rhumbline Advisers lifted its position in shares of Arteris by 35.8% during the second 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 lifted its position in shares of Arteris by 8.6% during the second quarter. Arrowstreet Capital Limited Partnership now owns 320,332 shares of the company's stock worth $3,053,000 after purchasing an additional 25,448 shares during the last quarter. 64.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Wall Street Zen downgraded shares of Arteris from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Rosenblatt Securities boosted their price objective on shares of Arteris from $20.00 to $38.00 and gave the company a "buy" rating in a research report on Wednesday, May 13th. Northland Securities set a $38.00 target price on shares of Arteris in a research report on Wednesday, May 13th. Jefferies Financial Group lifted their price target on shares of Arteris from $16.00 to $35.00 and gave the company a "hold" rating in a research note on Wednesday, May 13th. Finally, TD Cowen increased their price objective on Arteris from $22.00 to $40.00 and gave the stock a "buy" rating in a research note on Wednesday, May 13th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $37.75.

Insider Activity

In related news, Director Saiyed Atiq Raza sold 106,031 shares of the stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $17.21, for a total transaction of $1,824,793.51. Following the completion of the sale, the director owned 393,690 shares of the company's stock, valued at $6,775,404.90. This represents a 21.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Bayview Legacy, Llc sold 70,000 shares of the stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $19.04, for a total transaction of $1,332,800.00. Following the sale, the insider directly owned 9,119,071 shares of the company's stock, valued at $173,627,111.84. The trade was a 0.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 1,087,958 shares of company stock worth $25,925,862. Insiders own 29.10% of the company's stock.

Arteris Stock Up 2.7%

Shares of NASDAQ AIP opened at $35.90 on Friday. Arteris, Inc. has a 12-month low of $6.88 and a 12-month high of $38.47. The stock's fifty day simple moving average is $23.08 and its two-hundred day simple moving average is $18.20. The stock has a market capitalization of $1.66 billion, a PE ratio of -45.44 and a beta of 1.93. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.17.

Arteris (NASDAQ:AIP - Get Free Report) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.05. The company had revenue of $22.94 million during the quarter, compared to the consensus estimate of $21.03 million. As a group, analysts expect that Arteris, Inc. will post -0.68 EPS for the current fiscal year.

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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