Altair Engineering (NASDAQ:ALTR) Given “Sector Perform” Rating at Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of Altair Engineering (NASDAQ:ALTR) in a report published on Wednesday morning, Benzinga reports. Royal Bank of Canada currently has a $90.00 target price on the software’s stock.

A number of other research analysts have also recently weighed in on the company. JPMorgan Chase & Co. cut Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 price target for the company. in a research report on Monday, July 15th. The Goldman Sachs Group cut Altair Engineering from a “neutral” rating to a “sell” rating and dropped their price target for the company from $85.00 to $71.00 in a research report on Friday, August 2nd. Finally, Needham & Company LLC restated a “buy” rating and issued a $100.00 price target on shares of Altair Engineering in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $90.67.

Altair Engineering Trading Up 3.5 %

NASDAQ:ALTR opened at $106.65 on Wednesday. The stock has a fifty day moving average price of $91.81 and a two-hundred day moving average price of $90.41. The stock has a market capitalization of $8.86 billion, a price-to-earnings ratio of 1,184.78, a PEG ratio of 12.15 and a beta of 1.45. The company has a debt-to-equity ratio of 0.29, a quick ratio of 3.14 and a current ratio of 3.14. Altair Engineering has a 1 year low of $57.59 and a 1 year high of $112.15.

Altair Engineering (NASDAQ:ALTR) last released its quarterly earnings data on Thursday, August 1st. The software reported $0.16 earnings per share (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 revenue was up 5.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.15) earnings per share. As a group, sell-side analysts anticipate that Altair Engineering will post 0.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder George J. Christ sold 97,824 shares of Altair Engineering stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $95.23, for a total transaction of $9,315,779.52. Following the completion of the sale, the insider now owns 302,176 shares in the company, valued at approximately $28,776,220.48. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Altair Engineering news, major shareholder George J. Christ sold 97,824 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 302,176 shares of the company’s stock, valued at approximately $28,776,220.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder George J. Christ sold 49,952 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $95.72, for a total value of $4,781,405.44. Following the completion of the sale, the insider now directly owns 100,000 shares in the company, valued at approximately $9,572,000. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 260,360 shares of company stock worth $24,537,300. 21.75% of the stock is owned by corporate insiders.

Institutional Trading of Altair Engineering

Hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its stake in Altair Engineering by 52.2% in the 3rd quarter. GAMMA Investing LLC now owns 636 shares of the software’s stock worth $61,000 after buying an additional 218 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in Altair Engineering by 5,564.8% in the 1st quarter. Russell Investments Group Ltd. now owns 31,043 shares of the software’s stock worth $2,676,000 after buying an additional 30,495 shares during the last quarter. Linden Thomas Advisory Services LLC acquired a new stake in Altair Engineering in the 2nd quarter worth about $629,000. Jane Street Group LLC boosted its stake in Altair Engineering by 960.2% in the 1st quarter. Jane Street Group LLC now owns 303,672 shares of the software’s stock worth $26,161,000 after buying an additional 275,030 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Altair Engineering by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 5,944,285 shares of the software’s stock valued at $512,100,000 after purchasing an additional 182,840 shares in the last quarter. 63.38% of the stock is owned by institutional investors and hedge funds.

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.