Altair Engineering Inc. (NASDAQ:ALTR) Receives $90.67 Consensus Price Target from Brokerages

Altair Engineering Inc. (NASDAQ:ALTR) has been assigned an average rating of “Hold” from the six analysts that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $90.67.

ALTR has been the subject of several recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $100.00 target price on shares of Altair Engineering in a report on Friday, August 2nd. JPMorgan Chase & Co. cut shares of Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 price target on the stock. in a research note on Monday, July 15th. Finally, The Goldman Sachs Group cut shares of Altair Engineering from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $85.00 to $71.00 in a research note on Friday, August 2nd.

Altair Engineering Trading Up 8.2 %

Shares of Altair Engineering stock opened at $103.00 on Wednesday. The company has a market capitalization of $8.55 billion, a P/E ratio of 1,144.44, 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 quick ratio of 3.14 and a current ratio of 3.14. The company has a fifty day moving average of $91.53 and a 200 day moving average of $90.28. Altair Engineering has a fifty-two week low of $57.59 and a fifty-two week high of $108.72.

Altair Engineering (NASDAQ:ALTR) last issued its earnings results on Thursday, August 1st. The software reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.01. The company had revenue of $148.80 million during the quarter, compared to the consensus estimate of $146.88 million. Altair Engineering had a net margin of 4.26% and a return on equity of 6.89%. Altair Engineering’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.15) EPS. On average, sell-side analysts anticipate that Altair Engineering will post 0.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Christ Revocable Trust sold 50,048 shares of the company’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 sale, the insider now directly owns 149,952 shares in the company, valued at approximately $14,255,936.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, major shareholder Christ Revocable Trust sold 50,048 shares of the company’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 sale, the insider now directly owns 149,952 shares in the company, valued at approximately $14,255,936.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Teresa A. Harris sold 620 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $82.57, for a total transaction of $51,193.40. Following the sale, the director now owns 21,242 shares in the company, valued at $1,753,951.94. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 260,360 shares of company stock worth $24,537,300 in the last 90 days. 21.75% of the stock is currently 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. ProShare Advisors LLC grew its holdings in Altair Engineering by 1.6% during the 2nd quarter. ProShare Advisors LLC now owns 10,219 shares of the software’s stock valued at $1,002,000 after purchasing an additional 160 shares during the last quarter. GAMMA Investing LLC grew its holdings in Altair Engineering by 81.7% during the 2nd quarter. GAMMA Investing LLC now owns 418 shares of the software’s stock valued at $41,000 after purchasing an additional 188 shares during the last quarter. American International Group Inc. grew its holdings in Altair Engineering by 0.7% during the 4th quarter. American International Group Inc. now owns 27,018 shares of the software’s stock valued at $2,274,000 after purchasing an additional 189 shares during the last quarter. FSC Wealth Advisors LLC grew its holdings in Altair Engineering by 41.3% during the 2nd quarter. FSC Wealth Advisors LLC now owns 832 shares of the software’s stock valued at $82,000 after purchasing an additional 243 shares during the last quarter. Finally, Blue Trust Inc. grew its holdings in Altair Engineering by 572.1% during the 3rd 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. 63.38% of the stock is currently owned by institutional investors.

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.