Janac K Charles, the President and CEO of Arteris, Inc. (NASDAQ:AIP), a $393 million market cap company that has seen its stock surge 68% over the past year, recently sold shares of the company's common stock, according to a filing with the Securities and Exchange Commission. On December 13 and December 16, Charles sold a total of 65,509 shares through transactions executed under a pre-established 10b5-1 trading plan. The shares were sold at prices ranging from $10.00 to $10.60, resulting in a total transaction value of approximately $674,278. According to InvestingPro data, these transactions occurred as the stock trades near its 52-week high, with analyst price targets ranging from $7 to $15.
Following these transactions, Charles, through indirect ownership via Bayview Legacy, LLC, holds 10,221,926 shares. Additionally, Charles has direct ownership of 274,776 shares and indirect ownership through the Charles and Lydia Janac Trust of 77,286 shares. The company maintains impressive gross profit margins of 89%, though InvestingPro analysis suggests the stock is currently trading above its Fair Value.
In other recent news, Arteris Inc. has reported a strong third quarter in its recent earnings call. The company announced a record annual contract value (ACV) plus royalties of $60.5 million, an 11% year-over-year revenue increase to $14.7 million, and a positive free cash flow of $1.1 million. Despite a non-GAAP net loss of $3.1 million for the quarter, the company remains optimistic due to robust demand in the AI and automotive sectors and strong bookings.
Arteris also highlighted a significant deal with one of the top five global tech companies and positive feedback on its new NoC Tiling product. Looking ahead, the company forecasts Q4 2024 ACV plus royalties between $63 million to $67 million and full-year revenue projections for 2024 between $56.9 million and $57.9 million. These recent developments underline the company's resilience and growth potential in the competitive tech landscape.
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