Brokerages Set Altair Engineering Inc. (NASDAQ:ALTR) Price Target at $90.67

Shares of Altair Engineering Inc. (NASDAQ:ALTR) have received an average recommendation of “Hold” from the six analysts that are covering the firm, MarketBeat Ratings reports. One 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. The average 12-month price objective among brokerages that have covered the stock in the last year is $90.67.

Several research analysts recently commented on ALTR shares. 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 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 objective for the company. in a research note 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 research note on Friday, August 2nd.

Insider Activity

In other news, CEO James Ralph Scapa sold 13,000 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $88.11, for a total value of $1,145,430.00. Following the completion of the sale, the chief executive officer now directly owns 134,045 shares in the company, valued at approximately $11,810,704.95. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, major shareholder George J. Christ sold 97,824 shares of the firm’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $95.23, for a total value of $9,315,779.52. Following the completion of the sale, the insider now directly owns 302,176 shares in the company, valued at approximately $28,776,220.48. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO James Ralph Scapa sold 13,000 shares of the firm’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $88.11, for a total value of $1,145,430.00. Following the completion of the transaction, the chief executive officer now owns 134,045 shares in the company, valued at approximately $11,810,704.95. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 260,360 shares of company stock worth $24,537,300. 21.75% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Altair Engineering

Several hedge funds have recently added to or reduced their stakes in the company. Matrix Capital Management Company LP boosted its holdings in Altair Engineering by 1.6% in the first quarter. Matrix Capital Management Company LP now owns 12,430,000 shares of the software’s stock valued at $1,070,844,000 after acquiring an additional 196,826 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Altair Engineering by 3.2% in the first quarter. Vanguard Group Inc. now owns 5,944,285 shares of the software’s stock valued at $512,100,000 after acquiring an additional 182,840 shares during the last quarter. Conestoga Capital Advisors LLC boosted its holdings in Altair Engineering by 2.0% in the second quarter. Conestoga Capital Advisors LLC now owns 2,488,566 shares of the software’s stock valued at $244,079,000 after acquiring an additional 48,485 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Altair Engineering by 97.3% in the fourth quarter. Wellington Management Group LLP now owns 1,182,339 shares of the software’s stock valued at $99,494,000 after acquiring an additional 583,127 shares during the last quarter. Finally, William Blair Investment Management LLC bought a new position in Altair Engineering in the second quarter valued at about $91,589,000. Institutional investors own 63.38% of the company’s stock.

Altair Engineering Stock Down 0.1 %

Shares of ALTR stock opened at $95.66 on Wednesday. The stock has a market cap of $7.94 billion, a P/E ratio of 1,062.89, a price-to-earnings-growth ratio of 12.15 and a beta of 1.45. Altair Engineering has a one year low of $57.59 and a one year high of $101.39. The stock has a fifty day moving average price of $91.38 and a 200 day moving average price of $90.10. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.14 and a quick ratio of 3.14.

Altair Engineering (NASDAQ:ALTR) last issued its 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. 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%. Altair Engineering’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same period last year, the business earned ($0.15) earnings per share. Analysts predict that Altair Engineering will post 0.65 earnings per share for the current 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.