Key Points
- Arteris major shareholder Bayview Legacy, LLC sold 70,000 shares on June 8 at an average price of $34.91, totaling about $2.44 million. After the sale, the insider still held 8.93 million shares, a 0.78% reduction in its position.
- The sale followed two similar transactions earlier this year, with Bayview Legacy also selling 70,000 shares on both May 8 and April 8. Those earlier sales were made at lower prices of $31.20 and $19.04 per share, respectively.
- Arteris has recently outperformed expectations on earnings and drawn mixed analyst views. The company beat quarterly EPS and revenue estimates, while analysts’ average rating remains “Hold” with a consensus target price of $37.75.
Arteris, Inc. (NASDAQ:AIP - Get Free Report) major shareholder Bayview Legacy, Llc sold 70,000 shares of Arteris stock in a transaction on Monday, June 8th. The shares were sold at an average price of $34.91, for a total value of $2,443,700.00. Following the transaction, the insider owned 8,929,071 shares in the company, valued at $311,713,868.61. This represents a 0.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Large shareholders that own more than 10% of a company's shares are required to disclose their transactions with the SEC.
Bayview Legacy, Llc also recently made the following trade(s):
- On Friday, May 8th, Bayview Legacy, Llc sold 70,000 shares of Arteris stock. The shares were sold at an average price of $31.20, for a total value of $2,184,000.00.
- On Wednesday, April 8th, Bayview Legacy, Llc sold 70,000 shares of Arteris stock. The shares were sold at an average price of $19.04, for a total value of $1,332,800.00.
Arteris Stock Performance
Shares of AIP stock opened at $33.51 on Thursday. Arteris, Inc. has a 1-year low of $7.92 and a 1-year high of $38.99. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of -42.42 and a beta of 1.98. The stock's fifty day simple moving average is $28.76 and its 200-day simple moving average is $20.39.
Arteris (NASDAQ:AIP - Get Free Report) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.03) earnings per share for the quarter, beating 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. On average, sell-side analysts predict that Arteris, Inc. will post -0.54 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently bought and sold shares of AIP. Raymond James Financial Inc. purchased a new position in Arteris in the second quarter valued at about $32,000. BNP Paribas Financial Markets grew its stake in Arteris by 75.0% in the third quarter. BNP Paribas Financial Markets now owns 6,053 shares of the company's stock valued at $61,000 after purchasing an additional 2,595 shares in the last quarter. Royal Bank of Canada grew its stake in Arteris by 366.7% in the first quarter. Royal Bank of Canada now owns 4,023 shares of the company's stock valued at $66,000 after purchasing an additional 3,161 shares in the last quarter. Strs Ohio purchased a new position in Arteris in the first quarter valued at about $104,000. Finally, Penn Capital Management Company LLC purchased a new position in Arteris in the third quarter valued at about $109,000. Hedge funds and other institutional investors own 64.36% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research analysts have recently weighed in on AIP shares. Weiss Ratings downgraded Arteris from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday, May 13th. Wall Street Zen downgraded Arteris from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Rosenblatt Securities boosted 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. TD Cowen boosted 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. Finally, Northland Securities set a $38.00 target price on Arteris in a research note on Wednesday, May 13th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Arteris has an average rating of "Hold" and an average target price of $37.75.
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Arteris Company Profile
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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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