Shares of Altair Engineering Inc. (NASDAQ:ALTR – Get Free Report) rose 3.7% during mid-day trading on Wednesday . The company traded as high as $112.15 and last traded at $106.80. Approximately 1,188,808 shares were traded during trading, an increase of 156% from the average daily volume of 463,475 shares. The stock had previously closed at $103.00.
Analyst Ratings Changes
ALTR has been the subject of a number of research analyst reports. JPMorgan Chase & Co. cut shares of Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 price objective for the company. in a research report on Monday, July 15th. Needham & Company LLC reiterated a “buy” rating and set a $100.00 price objective on shares of Altair Engineering in a research report on Friday, August 2nd. The Goldman Sachs Group lowered shares of Altair Engineering from a “neutral” rating to a “sell” rating and cut their target price for the stock from $85.00 to $71.00 in a research note on Friday, August 2nd. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $90.00 target price on shares of Altair Engineering in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $90.67.
Altair Engineering Price Performance
The stock has a market cap of $8.86 billion, a PE ratio of 1,184.78, a P/E/G ratio of 12.15 and a beta of 1.45. 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’s 50 day moving average price is $91.81 and its two-hundred day moving average price is $90.41.
Altair Engineering (NASDAQ:ALTR – Get Free Report) last announced its earnings results on Thursday, August 1st. The software reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.01. Altair Engineering had a net margin of 4.26% and a return on equity of 6.89%. The business had revenue of $148.80 million during the quarter, compared to analyst estimates of $146.88 million. During the same period in the previous year, the business posted ($0.15) earnings per share. Altair Engineering’s revenue for the quarter was up 5.4% on a year-over-year basis. On average, research analysts expect that Altair Engineering Inc. will post 0.65 earnings per share for the current year.
Insiders Place Their Bets
In other news, major shareholder George J. Christ sold 49,952 shares of the business’s stock in a transaction that occurred on 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 sale, the insider now directly owns 100,000 shares of the company’s stock, valued at $9,572,000. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, major shareholder George J. Christ sold 49,952 shares of the company’s stock in a transaction on 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 $9,572,000. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder George J. Christ sold 97,824 shares of the 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 owns 302,176 shares of the company’s stock, valued at $28,776,220.48. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 260,360 shares of company stock worth $24,537,300. Company insiders own 21.75% of the company’s stock.
Institutional Trading of Altair Engineering
Institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. grew its holdings in Altair Engineering by 572.1% in the third quarter. Blue Trust Inc. now owns 289 shares of the software’s stock worth $28,000 after purchasing an additional 246 shares during the last quarter. GAMMA Investing LLC raised its holdings in Altair Engineering by 81.7% in the 2nd quarter. GAMMA Investing LLC now owns 418 shares of the software’s stock valued at $41,000 after acquiring an additional 188 shares during the last quarter. FSC Wealth Advisors LLC increased its holdings 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 worth $82,000 after buying an additional 243 shares during the last quarter. Van ECK Associates Corp increased its holdings 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 buying an additional 311 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of Altair Engineering during the 1st quarter worth approximately $177,000. Institutional investors own 63.38% of the company’s stock.
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.