Deerfield Management Company L.P. Series C Acquires New Shares in Altair Engineering Inc. (NASDAQ:ALTR)

Deerfield Management Company L.P. Series C bought a new position in shares of Altair Engineering Inc. (NASDAQ:ALTR) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 2,113 shares of the software’s stock, valued at approximately $207,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its holdings in shares of Altair Engineering by 81.7% during the 2nd quarter. GAMMA Investing LLC now owns 418 shares of the software’s stock valued at $41,000 after purchasing an additional 188 shares in the last quarter. FSC Wealth Advisors LLC raised its holdings in Altair Engineering by 41.3% during the 2nd quarter. FSC Wealth Advisors LLC now owns 832 shares of the software’s stock worth $82,000 after buying an additional 243 shares during the period. Van ECK Associates Corp lifted its stake in Altair Engineering by 41.7% in the second quarter. Van ECK Associates Corp now owns 1,057 shares of the software’s stock valued at $104,000 after buying an additional 311 shares in the last quarter. Natixis Investment Managers International lifted its stake in Altair Engineering by 68.7% in the fourth quarter. Natixis Investment Managers International now owns 1,940 shares of the software’s stock valued at $163,000 after buying an additional 790 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in shares of Altair Engineering during the first quarter worth $177,000. 63.38% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Altair Engineering news, Director Teresa A. Harris sold 620 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $82.57, for a total value of $51,193.40. Following the completion of the sale, the director now owns 21,242 shares in the company, valued at $1,753,951.94. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Altair Engineering news, major shareholder Jrs Investments Llc sold 6,500 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $88.11, for a total value of $572,715.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Teresa A. Harris sold 620 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $82.57, for a total value of $51,193.40. Following the completion of the sale, the director now directly owns 21,242 shares of the company’s stock, valued at $1,753,951.94. The disclosure for this sale can be found here. Over the last three months, insiders have sold 40,860 shares of company stock worth $3,621,825. Insiders own 21.75% of the company’s stock.

Analysts Set New Price Targets

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

Altair Engineering Trading Down 0.2 %

Altair Engineering stock opened at $94.87 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.14 and a quick ratio of 3.14. The firm has a 50-day moving average of $89.05 and a 200-day moving average of $88.98. The company has a market cap of $7.88 billion, a price-to-earnings ratio of 1,054.11, a P/E/G ratio of 12.01 and a beta of 1.45. Altair Engineering Inc. has a one year low of $57.59 and a one year high of $101.39.

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

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.