Wayne Cantwell Sells 38,500 Shares of Arteris (NASDAQ:AIP) Stock

Arteris, Inc. (NASDAQ:AIP) Director Wayne Cantwell sold 38,500 shares of Arteris stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $37.23, for a total transaction of $1,433,355.00. Following the completion of the sale, the director owned 189,698 shares of the company’s stock, valued at $7,062,456.54. This trade represents a 16.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Arteris Stock Performance

NASDAQ:AIP opened at $36.92 on Friday. The company has a fifty day simple moving average of $25.25 and a two-hundred day simple moving average of $19.00. The company has a market cap of $1.70 billion, a price-to-earnings ratio of -46.73 and a beta of 1.93. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.17. Arteris, Inc. has a 52 week low of $7.53 and a 52 week high of $38.47.

Arteris (NASDAQ:AIP) last issued its earnings results on Tuesday, May 12th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.05. The firm had revenue of $22.94 million during the quarter, compared to analyst estimates 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.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC increased its holdings in 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 increased its holdings 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 buying an additional 3,161 shares in the last quarter. Quantinno Capital Management LP increased its holdings in Arteris by 21.5% in the first quarter. Quantinno Capital Management LP now owns 18,067 shares of the company’s stock valued at $297,000 after buying 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 worth approximately $2,124,000. Finally, Granahan Investment Management LLC increased its stake 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 worth $11,723,000 after purchasing an additional 476,181 shares in the last quarter. 64.36% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on AIP shares. Wall Street Zen cut shares of Arteris from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. TD Cowen upped their target price on shares of Arteris from $22.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, May 13th. Northland Securities set a $38.00 target price on shares of Arteris in a report on Wednesday, May 13th. Jefferies Financial Group upped their target price on shares of Arteris from $16.00 to $35.00 and gave the company a “hold” rating in a report on Wednesday, May 13th. Finally, Weiss Ratings cut shares of Arteris from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, May 13th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $37.75.

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.