Paul Alpern, Vice President and General Counsel at Arteris, Inc. (NASDAQ:AIP), has recently sold shares of the company's common stock, according to a recent SEC filing. On December 3, Alpern sold 258 shares at an average price of $8.58 per share, totaling approximately $2,213. This transaction was made to cover tax liabilities arising from the release of restricted stock units. The sale comes as Arteris, currently valued at $370 million, has shown impressive performance with a 50% gain year-to-date and maintains strong gross profit margins of 89%.
Additionally, on December 5, Alpern sold another 425 shares at an average price of $9.30 per share, amounting to roughly $3,952. This sale was conducted under a pre-established 10b5-1 trading plan adopted earlier this year on May 8. Following these transactions, Alpern holds 67,401 shares of Arteris stock. According to InvestingPro analysis, the stock's technical indicators suggest overbought conditions, with multiple additional insights available to subscribers.
In other recent news, Arteris Inc. reported a strong Q3 performance with a focus on AI and automotive SoC. The company achieved a record annual contract value 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. This success is driven by robust demand in the AI and automotive sectors, with strong bookings and new product innovations expected in the future.
Arteris has also secured a significant deal with one of the top five global tech companies and is expanding into the microcontroller market. Feedback on its new NoC Tiling product has been positive. However, it's worth noting that the revenue from new tiling and mesh network features has not yet been recognized as these are still in the early access phase.
Looking ahead, Arteris 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. The company also anticipates continued positive free cash flow for three consecutive quarters. These projections are based on the company's recent developments and analysts' estimates.
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