Altair Engineering (NASDAQ:ALTR) Downgraded to Hold Rating by Wolfe Research

Altair Engineering (NASDAQ:ALTR) was downgraded by Wolfe Research from a “strong-buy” rating to a “hold” rating in a report issued on Sunday, Zacks.com reports.

Several other equities research analysts also recently issued reports on ALTR. Needham & Company LLC reaffirmed a “hold” rating and issued a $100.00 price target on shares of Altair Engineering in a research report on Thursday, October 31st. The Goldman Sachs Group lowered 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. William Blair reissued a “market perform” rating on shares of Altair Engineering in a research report on Thursday, October 31st. Loop Capital restated a “hold” rating and issued a $113.00 price objective on shares of Altair Engineering in a research note on Thursday, October 31st. Finally, Rosenblatt Securities upped their target price on shares of Altair Engineering from $88.00 to $113.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $100.71.

Altair Engineering Stock Performance

NASDAQ:ALTR opened at $104.52 on Friday. The firm has a market capitalization of $8.87 billion, a PE ratio of 275.05, a PEG ratio of 13.28 and a beta of 1.44. Altair Engineering has a 1 year low of $65.25 and a 1 year high of $113.12. The company has a current ratio of 3.27, a quick ratio of 3.27 and a debt-to-equity ratio of 0.27. The firm’s fifty day simple moving average is $94.57 and its 200 day simple moving average is $91.85.

Insider Buying and Selling at Altair Engineering

In other news, major shareholder Christ Revocable Trust sold 50,048 shares of the firm’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $95.07, for a total transaction of $4,758,063.36. Following the completion of the transaction, the insider now directly owns 149,952 shares of the company’s stock, valued at approximately $14,255,936.64. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Altair Engineering news, major shareholder Christ Revocable Trust sold 50,048 shares of Altair Engineering stock in a transaction on Friday, September 27th. The stock was sold at an average price of $95.07, for a total transaction of $4,758,063.36. Following the completion of the transaction, the insider now directly owns 149,952 shares of the company’s stock, valued at approximately $14,255,936.64. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO James Ralph Scapa sold 13,000 shares of Altair Engineering stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $89.04, for a total value of $1,157,520.00. Following the completion of the transaction, the chief executive officer now owns 134,045 shares of the company’s stock, valued at approximately $11,935,366.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 359,740 shares of company stock valued at $35,425,466 in the last 90 days. 21.75% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Altair Engineering

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. grew its stake in shares of Altair Engineering by 572.1% during the third quarter. Blue Trust Inc. now owns 289 shares of the software’s stock valued at $28,000 after purchasing an additional 246 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Altair Engineering by 81.7% during the second quarter. GAMMA Investing LLC now owns 418 shares of the software’s stock worth $41,000 after acquiring an additional 188 shares during the last quarter. FSC Wealth Advisors LLC lifted its stake in shares of Altair Engineering by 41.3% during the second quarter. FSC Wealth Advisors LLC now owns 832 shares of the software’s stock valued at $82,000 after acquiring an additional 243 shares during the period. Van ECK Associates Corp increased its position in Altair Engineering by 41.7% in the second quarter. Van ECK Associates Corp now owns 1,057 shares of the software’s stock worth $104,000 after purchasing an additional 311 shares during the period. Finally, SG Americas Securities LLC acquired a new position in Altair Engineering during the 1st quarter valued at about $177,000. Institutional investors and hedge funds 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.