Arizona State Retirement System Purchases 928 Shares of Altair Engineering Inc. (NASDAQ:ALTR)

Arizona State Retirement System boosted its holdings in Altair Engineering Inc. (NASDAQ:ALTR) by 6.2% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 15,941 shares of the software’s stock after buying an additional 928 shares during the period. Arizona State Retirement System’s holdings in Altair Engineering were worth $1,563,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Victory Capital Management Inc. raised its stake in Altair Engineering by 16.6% during the 2nd quarter. Victory Capital Management Inc. now owns 310,041 shares of the software’s stock valued at $30,409,000 after purchasing an additional 44,232 shares during the period. Oregon Public Employees Retirement Fund bought a new stake in shares of Altair Engineering during the second quarter valued at approximately $1,157,000. Rhumbline Advisers lifted its holdings in shares of Altair Engineering by 127.2% in the second quarter. Rhumbline Advisers now owns 178,788 shares of the software’s stock worth $17,536,000 after buying an additional 100,106 shares in the last quarter. Natixis Advisors LLC boosted its position in shares of Altair Engineering by 2.9% during the second quarter. Natixis Advisors LLC now owns 18,251 shares of the software’s stock worth $1,790,000 after acquiring an additional 520 shares during the last quarter. Finally, Van ECK Associates Corp grew its stake in Altair Engineering by 41.7% during the second quarter. Van ECK Associates Corp now owns 1,057 shares of the software’s stock valued at $104,000 after acquiring an additional 311 shares in the last quarter. 63.38% of the stock is owned by institutional investors.

Insider Transactions at Altair Engineering

In related news, Director Teresa A. Harris sold 620 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $82.57, for a total transaction of $51,193.40. Following the sale, the director now owns 21,242 shares in the company, valued at approximately $1,753,951.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Teresa A. Harris sold 620 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $82.57, for a total value of $51,193.40. Following the sale, the director now directly owns 21,242 shares of the company’s stock, valued at approximately $1,753,951.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Jrs Investments Llc sold 6,500 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $89.04, for a total transaction of $578,760.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 154,890 shares of company stock worth $14,838,404. 21.75% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have commented on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $100.00 price target on shares of Altair Engineering in a research note on Friday, August 2nd. The Goldman Sachs Group cut Altair Engineering from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $85.00 to $71.00 in a report on Friday, August 2nd. Finally, JPMorgan Chase & Co. lowered Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 price target for the company. in a research note on Monday, July 15th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $90.67.

Altair Engineering Stock Performance

Shares of NASDAQ:ALTR opened at $85.63 on Thursday. The firm has a fifty day simple moving average of $90.04 and a two-hundred day simple moving average of $88.26. Altair Engineering Inc. has a 52 week low of $57.59 and a 52 week high of $101.39. The company has a quick ratio of 3.14, a current ratio of 3.14 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $7.27 billion, a P/E ratio of 951.44, a PEG ratio of 10.84 and a beta of 1.45.

Altair Engineering (NASDAQ:ALTR) last released its quarterly earnings results on Thursday, August 1st. The software reported $0.16 EPS for the quarter, topping the consensus estimate of $0.15 by $0.01. Altair Engineering had a return on equity of 6.89% and a net margin of 4.26%. The company had revenue of $148.80 million during the quarter, compared to analyst estimates of $146.88 million. During the same quarter last year, the business posted ($0.15) earnings per share. The firm’s revenue was up 5.4% on a year-over-year basis. On average, analysts expect that Altair Engineering Inc. will post 0.65 earnings per share for the current fiscal year.

About Altair Engineering

Altair Engineering Inc, together with its subsidiaries, provides software and cloud solutions in the areas of simulation and design, high-performance computing, data analytics, and artificial intelligence in the United States and internationally. It operates in two segments, Software and Client Engineering Services.