Altair Engineering Inc. (NASDAQ:ALTR) Short Interest Down 29.7% in November

Altair Engineering Inc. (NASDAQ:ALTR) was the recipient of a significant drop in short interest in November. As of November 15th, there was short interest totalling 3,150,000 shares, a drop of 29.7% from the October 31st total of 4,480,000 shares. Based on an average daily trading volume, of 830,400 shares, the short-interest ratio is currently 3.8 days.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on ALTR shares. Needham & Company LLC reaffirmed a “hold” rating and issued a $100.00 price target on shares of Altair Engineering in a research note on Thursday, October 31st. The Goldman Sachs Group cut shares of Altair Engineering from a “neutral” rating to a “sell” rating and decreased their target price for the company from $85.00 to $71.00 in a research report on Friday, August 2nd. William Blair reiterated a “market perform” rating on shares of Altair Engineering in a research report on Thursday, October 31st. Wolfe Research downgraded shares of Altair Engineering from a “strong-buy” rating to a “hold” rating in a research note on Sunday, November 3rd. Finally, Royal Bank of Canada increased their price objective on shares of Altair Engineering from $90.00 to $113.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 31st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Altair Engineering presently has a consensus rating of “Hold” and an average target price of $100.71.

Altair Engineering Stock Performance

NASDAQ:ALTR traded up $0.19 during mid-day trading on Friday, reaching $105.61. 285,644 shares of the stock were exchanged, compared to its average volume of 587,791. The stock has a market capitalization of $8.99 billion, a P/E ratio of 277.93, a P/E/G ratio of 12.12 and a beta of 1.44. Altair Engineering has a 1 year low of $70.07 and a 1 year high of $113.12. The company has a 50 day simple moving average of $100.49 and a 200-day simple moving average of $94.52. The company has a quick ratio of 3.27, a current ratio of 3.27 and a debt-to-equity ratio of 0.27.

Insider Transactions at Altair Engineering

In other Altair Engineering news, insider Ravi Kunju sold 360 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $103.65, for a total value of $37,314.00. Following the completion of the sale, the insider now directly owns 30,305 shares of the company’s stock, valued at $3,141,113.25. This trade represents a 1.17 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Teresa A. Harris sold 620 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $89.70, for a total transaction of $55,614.00. Following the transaction, the director now directly owns 21,242 shares in the company, valued at approximately $1,905,407.40. The trade was a 2.84 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 343,044 shares of company stock valued at $33,980,921. Corporate insiders own 21.75% of the company’s stock.

Institutional Trading of Altair Engineering

A number of large investors have recently bought and sold shares of the business. William Blair Investment Management LLC acquired a new position in shares of Altair Engineering in the second quarter valued at approximately $91,589,000. Bank of New York Mellon Corp raised its position in Altair Engineering by 121.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 569,109 shares of the software’s stock worth $55,818,000 after buying an additional 312,448 shares during the last quarter. Jane Street Group LLC lifted its stake in shares of 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 acquiring an additional 275,030 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Altair Engineering by 772.7% in the second quarter. Principal Financial Group Inc. now owns 212,560 shares of the software’s stock valued at $20,848,000 after acquiring an additional 188,203 shares in the last quarter. Finally, Great Lakes Advisors LLC acquired a new position in shares of Altair Engineering during the second quarter worth about $13,343,000. 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.