Raman Chitkara Sells 5,000 Shares of Arteris (NASDAQ:AIP) Stock

Key Points

• Raman Chitkara, an Arteris director, sold 5,000 shares on May 5 under a pre-arranged Rule 10b5-1 plan at an average price of $30.05 for $150,250, leaving him with 142,867 shares (a 3.38% reduction).
• He also executed two prior April sales of 5,000 shares each (Apr 24 at $25.06 and Apr 14 at $20.05), bringing his total recent insider sales to 15,000 shares.
• Arteris (NASDAQ:AIP) is trading around $29.75 with a market cap of about $1.37B and a 52-week high of $32.11; analysts' average rating is Hold with a consensus price target of $20.17.

Arteris, Inc. (NASDAQ:AIP - Get Free Report) Director Raman Chitkara sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $30.05, for a total transaction of $150,250.00. Following the sale, the director owned 142,867 shares of the company's stock, valued at $4,293,153.35. This represents a 3.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Raman Chitkara also recently made the following trade(s):

• On Friday, April 24th, Raman Chitkara sold 5,000 shares of Arteris stock. The stock was sold at an average price of $25.06, for a total transaction of $125,300.00.
• On Tuesday, April 14th, Raman Chitkara sold 5,000 shares of Arteris stock. The shares were sold at an average price of $20.05, for a total transaction of $100,250.00.

Arteris Stock Performance

NASDAQ AIP traded down $1.66 during trading hours on Thursday, reaching $29.75. The company's stock had a trading volume of 857,458 shares, compared to its average volume of 531,537. The stock has a market cap of $1.37 billion, a PE ratio of -36.28 and a beta of 1.93. Arteris, Inc. has a fifty-two week low of $6.88 and a fifty-two week high of $32.11. The company's 50-day moving average is $19.16 and its two-hundred day moving average is $16.63.

Arteris (NASDAQ:AIP - Get Free Report) last released its quarterly earnings results on Thursday, February 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.03. The firm had revenue of $20.14 million for the quarter, compared to analyst estimates of $18.55 million. Equities analysts expect that Arteris, Inc. will post -0.68 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AIP. Weiss Ratings reissued a "sell (d-)" rating on shares of Arteris in a report on Monday, April 20th. Rosenblatt Securities reaffirmed a "buy" rating and set a $20.00 target price on shares of Arteris in a research note on Friday, February 13th. Wall Street Zen cut Arteris from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Finally, Northland Securities set a $24.00 price target on Arteris in a research note on Friday, February 13th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Arteris currently has an average rating of "Hold" and a consensus price target of $20.17.

Hedge Funds Weigh In On Arteris

Institutional investors have recently modified their holdings of the company. Strs Ohio increased its position in Arteris by 65.9% during the 1st quarter. Strs Ohio now owns 34,000 shares of the company's stock valued at $559,000 after buying an additional 13,500 shares in the last quarter. Wesbanco Bank Inc. bought a new position in Arteris during the 1st quarter valued at approximately $559,000. Invesco Ltd. increased its position in Arteris by 28.0% during the 4th quarter. Invesco Ltd. now owns 17,499 shares of the company's stock valued at $271,000 after buying an additional 3,830 shares in the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in shares of Arteris in the 4th quarter worth $162,000. Finally, VestGen Advisors LLC bought a new stake in shares of Arteris in the 4th quarter worth $218,000. 64.36% of the stock is currently owned by institutional investors.

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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