Insider Selling: Arteris (NASDAQ:AIP) VP Sells 3,648 Shares of Stock

Key Points

• Arteris VP Paul Alpern sold 3,648 shares at an average price of $24.64, totaling $89,886.72. The sale reduced his direct holdings by 5.16% and was made to cover tax withholding on vested equity awards.
• Arteris shares fell 2.8% to $23.97, while the company reported a quarterly EPS loss of $0.10, missing estimates, despite revenue of $24.13 million exceeding expectations.
• Analysts remain broadly optimistic, with six Buy ratings and one Sell rating, producing a “Moderate Buy” consensus and an average price target of $39.43.

Arteris, Inc. (NASDAQ:AIP - Get Free Report) VP Paul Alpern sold 3,648 shares of the firm's stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $24.64, for a total transaction of $89,886.72. Following the transaction, the vice president directly owned 67,085 shares in the company, valued at $1,652,974.40. This trade represents a 5.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Arteris Stock Down 2.8%

NASDAQ AIP traded down $0.69 during midday trading on Monday, hitting $23.97. 784,618 shares of the company traded hands, compared to its average volume of 730,172. Arteris, Inc. has a 52 week low of $12.06 and a 52 week high of $50.26. The company's 50-day simple moving average is $24.86 and its 200-day simple moving average is $28.55. The company has a market cap of $1.18 billion, a PE ratio of -27.55 and a beta of 1.90. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57.

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 company had revenue of $24.13 million for the quarter, compared to analysts' expectations of $23.48 million. As a group, equities research analysts forecast that Arteris, Inc. will post -0.68 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in AIP. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Arteris in the second quarter valued at $53,000. Versant Capital Management Inc lifted its stake in Arteris by 33.7% in the second quarter. Versant Capital Management Inc now owns 1,150 shares of the company's stock valued at $56,000 after buying an additional 290 shares during the last quarter. Royal Bank of Canada grew its position in shares of 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 acquiring an additional 3,161 shares during the last quarter. Allworth Financial LP purchased a new position in Arteris during the 2nd quarter worth $87,000. Finally, State of Wyoming purchased a new stake in shares of Arteris in the second quarter valued at about $165,000. Hedge funds and other institutional investors own 64.36% of the company's stock.

Wall Street Analysts Forecast Growth

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

Arteris Company Profile

Arteris, Inc is a semiconductor intellectual property (IP) company that develops technologies used in the design of system-on-chip (SoC) devices. Its products help semiconductor and electronics companies connect, manage and protect the various processing, memory and other functional components integrated into complex chips.

The company's portfolio includes network-on-chip (NoC) interconnect IP, which supports communication among different elements within an SoC, as well as cache-coherent interconnect, system IP and related design technologies.

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