Royal Bank of Canada Boosts Altair Engineering (NASDAQ:ALTR) Price Target to $113.00

Altair Engineering (NASDAQ:ALTR) had its price objective upped by investment analysts at Royal Bank of Canada from $90.00 to $113.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “sector perform” rating on the software’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 8.58% from the stock’s current price.

Several other equities research analysts have also commented on ALTR. Loop Capital reiterated a “hold” rating and issued a $113.00 price objective on shares of Altair Engineering in a research report on Thursday. Needham & Company LLC reissued a “hold” rating and set a $100.00 price objective on shares of Altair Engineering in a research note on Thursday. Rosenblatt Securities upped their target price on Altair Engineering from $88.00 to $113.00 and gave the company a “neutral” rating in a research note on Thursday. The Goldman Sachs Group cut Altair Engineering from a “neutral” rating to a “sell” rating and lowered their target price for the company from $85.00 to $71.00 in a report on Friday, August 2nd. Finally, 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 report on Monday, July 15th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $100.71.

Altair Engineering Price Performance

Altair Engineering stock traded down $4.56 during mid-day trading on Thursday, reaching $104.07. The company had a trading volume of 5,242,871 shares, compared to its average volume of 503,788. The stock’s 50-day simple moving average is $93.72 and its 200-day simple moving average is $91.29. The company has a market capitalization of $8.64 billion, a P/E ratio of 1,155.44, 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. Altair Engineering has a 1 year low of $57.59 and a 1 year high of $113.12.

Altair Engineering (NASDAQ:ALTR) last issued its quarterly earnings data on Wednesday, October 30th. The software reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.07. The firm had revenue of $151.45 million during the quarter, compared to analysts’ expectations of $146.55 million. Altair Engineering had a return on equity of 6.89% and a net margin of 4.26%. On average, equities analysts predict that Altair Engineering will post 0.65 EPS for the current year.

Insider Transactions at Altair Engineering

In related news, Director Teresa A. Harris sold 620 shares of the company’s 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 sale, the director now directly owns 21,242 shares of the company’s stock, valued at $1,753,951.94. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible 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 stock was 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 trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Christ Revocable Trust sold 100,000 shares of the 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 360,360 shares of company stock valued at $35,476,660. 21.75% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Altair Engineering

A number of large investors have recently bought and sold shares of ALTR. Matrix Capital Management Company LP grew its holdings in shares of Altair Engineering by 1.6% during 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 purchasing an additional 196,826 shares during the last quarter. Vanguard Group Inc. grew its stake in Altair Engineering by 3.2% during the 1st quarter. Vanguard Group Inc. now owns 5,944,285 shares of the software’s stock worth $512,100,000 after buying an additional 182,840 shares during the last quarter. Conestoga Capital Advisors LLC increased its position in Altair Engineering by 1.4% in the third quarter. Conestoga Capital Advisors LLC now owns 2,522,551 shares of the software’s stock worth $240,929,000 after buying an additional 33,985 shares during the period. William Blair Investment Management LLC bought a new stake in Altair Engineering in the second quarter valued at $91,589,000. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Altair Engineering by 121.7% during the second quarter. Bank of New York Mellon Corp now owns 569,109 shares of the software’s stock valued at $55,818,000 after acquiring an additional 312,448 shares during the period. Institutional investors own 63.38% of the company’s stock.

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.