Key Points
- Director Wayne Cantwell sold 38,500 shares of Arteris stock on May 26 for about $1.43 million, reducing his direct stake by 16.87% to 189,698 shares.
- Arteris shares fell 2.6% and opened at $36.94, near their 52-week high of $38.47, after a strong run that lifted the stock well above its 50-day and 200-day moving averages.
- The company beat quarterly expectations, posting a smaller-than-expected loss of $0.03 per share on revenue of $22.94 million; analysts currently have a consensus Hold rating with an average price target of $37.75.
Arteris, Inc. (NASDAQ:AIP - Get Free Report) Director Wayne Cantwell sold 38,500 shares of Arteris stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $37.23, for a total value of $1,433,355.00. Following the sale, the director directly owned 189,698 shares in the company, valued at approximately $7,062,456.54. The trade was a 16.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.
Arteris Stock Down 2.6%
Shares of NASDAQ AIP opened at $36.94 on Thursday. Arteris, Inc. has a 1 year low of $7.40 and a 1 year high of $38.47. The firm has a market cap of $1.71 billion, a price-to-earnings ratio of -46.76 and a beta of 1.93. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.73 and a current ratio of 0.73. The stock's 50-day simple moving average is $24.82 and its 200-day simple moving average is $18.85.
Arteris (NASDAQ:AIP - Get Free Report) last announced its earnings results on Tuesday, May 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.08) by $0.05. The business had revenue of $22.94 million for the quarter, compared to analysts' expectations of $21.03 million. As a group, equities analysts anticipate that Arteris, Inc. will post -0.68 earnings per share for the current fiscal year.
Analyst Ratings Changes
A number of equities analysts recently commented on the company. Northland Securities set a $38.00 price target on Arteris in a research note on Wednesday, May 13th. Jefferies Financial Group lifted their target price on Arteris from $16.00 to $35.00 and gave the company a "hold" rating in a research note on Wednesday, May 13th. TD Cowen lifted their target price on Arteris from $22.00 to $40.00 and gave the company a "buy" rating in a research note on Wednesday, May 13th. Rosenblatt Securities lifted their target price on Arteris from $20.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, May 13th. Finally, Weiss Ratings downgraded Arteris from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Wednesday, May 13th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $37.75.
View Our Latest Research Report on Arteris
Institutional Investors Weigh In On Arteris
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC increased its holdings in shares of Arteris by 10.4% in the first quarter. Janus Henderson Group PLC now owns 106,921 shares of the company's stock valued at $1,758,000 after buying an additional 10,062 shares in the last quarter. Royal Bank of Canada grew its position 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. Quantinno Capital Management LP grew its holdings in shares of Arteris by 21.5% during the 1st quarter. Quantinno Capital Management LP now owns 18,067 shares of the company's stock valued at $297,000 after acquiring an additional 3,200 shares in the last quarter. Lazard Asset Management LLC purchased a new position in shares of Arteris during the 1st quarter valued at $2,124,000. Finally, Granahan Investment Management LLC grew its holdings in shares of Arteris by 201.0% during the 1st quarter. Granahan Investment Management LLC now owns 713,077 shares of the company's stock valued at $11,723,000 after acquiring an additional 476,181 shares in the last quarter. Institutional investors own 64.36% of the company's stock.
About Arteris
(
Get Free Report)
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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