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Summary

Company Name

Ticker ARTG

Previous Close $4.08

Target Price $5.28

Company ProfileDetails

Sector Technology

Industry

Index membership N/A

Full time employees 545

Business summary

Source:Yahoo Finance

Share performancePrevious close 4.08

52wks high 4.88

52wks low 1.95

Average Volume (3 month) 1,871,120

Average Volume (10 days) 2198220

50 days MAV 4.25

200 days MAV 4.14

Beta 1.33

EPS 0.13

Source:Yahoo Finance

FinancialsDividends

Company Industry

Dividend Yield NA 0.29

Dividend Yield - 5 Year Avg. 0 2.1Dividend 5 Year Growth Rate -- 8.18

Payout Ratio(TTM) 0 42.5

Growth Rates

Company Industry

Sales (MRQ) vs Qtr. 1 Yr. Ago 9.4 -2.33

Sales (TTM) vs TTM 1 Yr. Ago 8.95 -2.51

Sales - 5 Yr. Growth Rate 20.98 8.75

Art TechnologyGroup Inc.

Internetsoftware &services

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Source: Thomson Financials

ValuationsCompany Industry

P/E Ratio (TTM) 32.48 19.72

P/E High - Last 5 Yrs. NA 9.15

P/E Low - Last 5 Yrs. NA 2.52

Price to Sales (TTM) 3.48 1.47Price to Book (MRQ) 3.83 3.87

Price to Tangible Book (MRQ) 9.42 11.17

Price to Cash Flow (TTM) 23.99 7.74

Price to Free Cash Flow (TTM) 25.07 40.29

Source: Thomson Financials

Analyst estimatesCurrent Estimates Qtr. Ended Qtr. Ended

Mar. 2010 Jun. 2010

Consensus(Mean) 0.04 0.05

Highest Estimate 0.05 0.06Lowest Estimate 0.04 0.05

Number of Analysts Surveyed 10 10

Year-Ago Reported Earnings ... ...

Median Estimate 0.04 0.05

Standard Deviation 0.00 0.00

Report Date * 4/26/2010 ...

Source: WSJ

Technical analysis

Source:

Insider activitiesNET SHARE PURCHASE ACTIVITY

Shares Trans

Purchases N/A 0

Sales 343,368 8

Net Shares Purchased -343368 8(Sold)

Total Insider Shares Held 6.58M N/A

% Net Shares Purchased N/A

(Sold)

Shares

Insider Purchases - Last 6 Months

Net Institutional Purchases - Prior Qtr to

Latest Qtr

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Net Shares Purchased (Sold) (12,123,800)

% Change in Institutional Shares Held -18.3%

Source:Thomson Financials

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Sector S&P 500

0.05 1.59

1.05 2.328.7 -6.39

18.51 26.08

Sector S&P 500

1.68 12.4

-3.44 -4.69

9.21 6.9

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182.76 109.56

-- --

-0.44 8.26

15.61 5.72

Sector S&P 500

1.47 0.821.74 0.96

27.47 123.54

43.43 176.97

-0.06 11.01

Sector S&P 500

11.37 30.44

33.91 27.97

-- --

21.86 13.79

0.38--

11.23 17.16

0.24 12.65

9.02 16.8

-1.07 9.94

6.17 12.23

35.35 12.9121.67 26.25

Sector S&P 500

3,501,563 261,955

(222,239) 33,420

2.11 7.77

2.8 4.89

0.37 0.44

Sector S&P 500

0.80 4.51

5.59 4.86

1.36 5.93

8.36 6.26

1.11 13.24

9.57 12.95

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ValuationsCompany Industry Sector S&P 500

P/E Ratio (TTM) 32.48 19.72 8.9 16.19

P/E High - Last 5 Yrs. NA 9.15 2.48 16.55

P/E Low - Last 5 Yrs. NA 2.52 0.5 4.4

Price to Sales (TTM) 3.48 1.47 0.6 2.1

Price to Book (MRQ) 3.83 3.87 1.85 2.72

Price to Tangible Book (MRQ) 9.42 11.17 2.55 5.84

Price to Cash Flow (TTM) 23.99 7.74 4.88 7.52

Price to Free Cash Flow (TTM) 25.07 40.29 14.45 18.46

Market RelativeCompany Industry Sector S&P 500

P/E Ratio (TTM) 200.6% 121.8% 55.0% 100.0%

Price to Sales (TTM) 165.7% 70.0% 28.6% 100.0%

Price to Book (MRQ) 140.8% 142.3% 68.0% 100.0%

Price to Tangible Book (MRQ) 161.3% 191.3% 43.7% 100.0%

Price to Cash Flow (TTM) 319.0% 102.9% 64.9% 100.0%Price to Free Cash Flow (TTM) 135.8% 218.3% 78.3% 100.0%

Average 187.2% 141.1% 56.4% 100.0%

Industry RelativeCompany Industry Sector S&P 500

P/E Ratio (TTM) 164.7% 100.0% 45.1% 82.1%

Price to Sales (TTM) 236.7% 100.0% 40.8% 142.9%

Price to Book (MRQ) 99.0% 100.0% 47.8% 70.3%

Price to Tangible Book (MRQ) 84.3% 100.0% 22.8% 52.3%

Price to Cash Flow (TTM) 309.9% 100.0% 63.0% 97.2%Price to Free Cash Flow (TTM) 62.2% 100.0% 35.9% 45.8%

Average 159.5% 100.0% 42.6% 81.7%

Sector RelativeCompany Industry Sector S&P 500

P/E Ratio (TTM) 364.9% 221.6% 100.0% 181.9%

Price to Sales (TTM) 580.0% 245.0% 100.0% 350.0%

Price to Book (MRQ) 207.0% 209.2% 100.0% 147.0%

Price to Tangible Book (MRQ) 369.4% 438.0% 100.0% 229.0%

Price to Cash Flow (TTM) 491.6% 158.6% 100.0% 154.1%Price to Free Cash Flow (TTM) 173.5% 278.8% 100.0% 127.8%

Average 364.3% 265.9% 100.0% 201.6%

Justified RelativeCompany Industry Sector S&P 500

P/E Ratio trailing #DIV/0! 12.9% 2.4% 89.9%

Price to Sales #DIV/0! 15.6% -15.0% 117.3%

Price to Book #DIV/0! 32.8% 45.0% 125.2%

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Average #DIV/0! 20.4% 10.8% 110.8%

Justified RatiosCompany Industry Sector S&P 500

P/E Ratio trailing 0.00 153.34 373.55 18.01

Price to Sales 0.00 9.40 -4.00 1.79

Price to Book 0.00 11.80 4.11 2.17

Supplimentary InfoCost of equity 13.95% 4.92% 0.95% 11.38%

Beta 1.33 N/A N/A N/A

D/Y #VALUE! 0.29% 0.05% 1.59%

ROE 13.61% 8.05% 1.11% 13.24%

Payout ratio 0.00% 42.50% 18.51% 26.08%

g 13.61% 4.63% 0.90% 9.79%

Net Profit Margin (TTM) 9.36 6.13 -1.07 9.94

10yrs T-bill 3.595%

Historical

Price/Earnings TTM Highest Lowest Mean

Stock's 30.6 64.5 25.5 38.62

S&P 500 11.8 23.4 10.9 18.14

Price/Book

Stock's 3.7 10.8 2.3 4.95

S&P 500 2.2 3.3 1.7 2.70

Price/Sales

Stock's 2.9 13.3 0.9 3.31S&P 500 0.9 1.6 0.9 1.41

Price/Cash Flow

Stock's 17.5 119.1 7.6 42.78

S&P 500 3.7 12.2 6.8 10.50

Source: Morningstar

Price calculation matrix (PE)EPS estimate 2010

High Mean Low

P/E High 15.48 14.19 13.55P/E Mean 9.27 8.50 8.11

P/E Low 6.12 5.61 5.36

Price calculation matrix (PS)RPS estimate 2010

High Mean Low

P/S High 21.05 20.89 20.63

P/S Mean 5.24 5.20 5.13

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P/S Low 1.42 1.41 1.40

Analyst estimatesCurrent EPS Estimates Qtr. Ended Qtr. Ended Fiscal Year Fiscal Year

Mar. 2010 Jun. 2010 Dec. 2010 Dec. 2011

Consensus(Mean) 0.04 0.05 0.22 0.25

Highest Estimate 0.05 0.06 0.24 0.27

Lowest Estimate 0.04 0.05 0.21 0.24

Number of Analysts Surveyed 10 10 11 9

Year-Ago Reported Earnings ... ... ... ...

Median Estimate 0.04 0.05 0.21 0.25

Standard Deviation 0.00 0.00 0.01 0.01

Report Date * 4/26/2010 ...

Current RPS Estimates Qtr. Ended Qtr. Ended Fiscal Year Fiscal Year

Mar. 2010 Jun. 2010 Dec. 2010 Dec. 2011

Consensus(Mean) 0.35 0.39 1.57 1.76

Highest Estimate 0.35 0.40 1.58 1.80Lowest Estimate 0.34 0.38 1.55 1.74

Number of Analysts Surveyed 9 9 9 9

Number of share outstanding 127.46

Source: WSJ

Impact of new share insuance

127,428

25,000

Dilution 19.6%

4.48

4.04

Gap -9.8%

3.60

Offering price of new share 3.50

Number of share outstanding

before new share issuance (in

thousand)

Number of new share issued (in

thousand)

Closing price before theannouncement (1/31/10)

Closing price after the

announcement (2/1/10)

Dilution effect on closing on

1/31/10

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Median 2000 2001 2002 2003 2004

34.7 31.4%--- --- --- 25.5 ---

18.6 2.0%--- 23.4 19.7 21.1 19

4.75 21.4% 10.8 5.6 5.5 5.3 3.8

2.8 12.5%--- 3.3 2.6 3.1 3

2 70.8% 13.3 1.7 0.9 1.6 1.71.5 0.0%--- 1.5 1.3 1.6 1.6

28.15 16.1% 119.1 --- --- --- ---

11.1 #VALUE! --- 12.2 9.6 11.9 11.4

Current

percentile

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2005 2006 2007 2008 2009

39.2 29.2 --- 64.5 34.7

17.3 16.8 16.5 10.9 18.6

4.3 2.5 5.2 2.3 4.2

2.8 2.9 2.7 1.7 2.2

2.3 2.6 4 1.6 3.41.5 1.6 1.5 0.9 1.2

53.8 35.3 21 7.6 19.9

10.8 11.1 11.6 6.8 9.1

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