Altair Engineering (NASDAQ:ALTR) Price Target Raised to $113.00

Altair Engineering (NASDAQ:ALTR) had its price target boosted by Royal Bank of Canada from $90.00 to $113.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have a sector perform rating on the software’s stock.

A number of other brokerages have also weighed in on ALTR. The Goldman Sachs Group lowered Altair Engineering from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $85.00 to $71.00 in a research report on Friday, August 2nd. William Blair reaffirmed a “market perform” rating on shares of Altair Engineering in a research note on Thursday. JPMorgan Chase & Co. downgraded shares of Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 target price for the company. in a research report on Monday, July 15th. Rosenblatt Securities upped their target price on shares of Altair Engineering from $88.00 to $113.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, Needham & Company LLC reiterated a “hold” rating and set a $100.00 price target on shares of Altair Engineering in a research note on Thursday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Altair Engineering has an average rating of “Hold” and an average price target of $100.71.

Altair Engineering Trading Up 0.0 %

NASDAQ:ALTR opened at $104.00 on Thursday. The firm has a fifty day simple moving average of $94.30 and a two-hundred day simple moving average of $91.54. Altair Engineering has a 12 month low of $57.59 and a 12 month high of $113.12. The stock has a market capitalization of $8.83 billion, a price-to-earnings ratio of 273.68, a PEG ratio of 13.87 and a beta of 1.45. The company has a current ratio of 3.14, a quick ratio of 3.14 and a debt-to-equity ratio of 0.29.

Altair Engineering (NASDAQ:ALTR) last issued its earnings results on Thursday, August 1st. The software reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.01. The business had revenue of $148.80 million during the quarter, compared to analyst estimates of $146.88 million. Altair Engineering had a return on equity of 7.70% and a net margin of 5.10%. The firm’s revenue was up 5.4% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.15) EPS. Analysts expect that Altair Engineering will post 0.65 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Christ Revocable Trust sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $106.57, for a total value of $10,657,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Teresa A. Harris sold 620 shares of the business’s 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 transaction, the director now directly owns 21,242 shares of the company’s stock, valued at approximately $1,753,951.94. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Christ Revocable Trust sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $106.57, for a total transaction of $10,657,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 360,360 shares of company stock valued at $35,476,660 in the last 90 days. 21.75% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ALTR. Blue Trust Inc. lifted its stake in Altair Engineering by 572.1% in the third quarter. Blue Trust Inc. now owns 289 shares of the software’s stock valued at $28,000 after purchasing an additional 246 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Altair Engineering by 81.7% in the second quarter. GAMMA Investing LLC now owns 418 shares of the software’s stock valued at $41,000 after buying an additional 188 shares during the period. FSC Wealth Advisors LLC lifted its position in shares of Altair Engineering by 41.3% during the 2nd quarter. FSC Wealth Advisors LLC now owns 832 shares of the software’s stock valued at $82,000 after buying an additional 243 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Altair Engineering by 41.7% during the 2nd quarter. Van ECK Associates Corp now owns 1,057 shares of the software’s stock worth $104,000 after acquiring an additional 311 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in Altair Engineering in the 1st quarter worth about $177,000. 63.38% of the stock is owned by institutional investors.

Altair Engineering Company Profile

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.