Altair Engineering (NASDAQ:ALTR) Earns “Sector Perform” Rating from Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of Altair Engineering (NASDAQ:ALTR) in a report released on Wednesday morning, Benzinga reports. The firm currently has a $90.00 price target on the software’s stock.

Several other analysts have also issued reports on the stock. The Goldman Sachs Group lowered shares of Altair Engineering from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $85.00 to $71.00 in a research report on Friday, August 2nd. Needham & Company LLC reiterated a “buy” rating and set a $100.00 price target on shares of Altair Engineering in a research report on Friday, August 2nd. Finally, JPMorgan Chase & Co. lowered 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 report on Monday, July 15th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Altair Engineering has a consensus rating of “Hold” and a consensus price target of $90.67.

Altair Engineering Stock Down 1.0 %

Shares of ALTR stock opened at $103.44 on Wednesday. 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 firm’s 50-day moving average is $92.65 and its 200-day moving average is $90.74. The stock has a market cap of $8.59 billion, a price-to-earnings ratio of 1,149.33, a PEG ratio of 12.15 and a beta of 1.45. Altair Engineering has a 52-week low of $57.59 and a 52-week high of $112.15.

Altair Engineering (NASDAQ:ALTR) last released its quarterly earnings results on Thursday, August 1st. The software reported $0.16 earnings per share 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 firm had revenue of $148.80 million for the quarter, compared to analysts’ expectations of $146.88 million. During the same period in the prior year, the firm earned ($0.15) EPS. The business’s revenue was up 5.4% on a year-over-year basis. Sell-side analysts predict that Altair Engineering will post 0.65 EPS for the current year.

Insider Buying and Selling at Altair Engineering

In other Altair Engineering news, CEO James Ralph Scapa sold 13,000 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $88.11, for a total value of $1,145,430.00. Following the sale, the chief executive officer now owns 134,045 shares in the company, valued at $11,810,704.95. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, CEO James Ralph Scapa sold 13,000 shares of Altair Engineering stock in a transaction on Monday, July 29th. The shares were sold at an average price of $88.11, for a total transaction of $1,145,430.00. Following the transaction, the chief executive officer now owns 134,045 shares in the company, valued at approximately $11,810,704.95. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Jrs Investments Llc sold 6,500 shares of Altair Engineering stock in a transaction on Monday, July 29th. The stock was sold at an average price of $88.11, for a total transaction of $572,715.00. The disclosure for this sale can be found here. Insiders have sold 360,360 shares of company stock worth $35,194,300 over the last quarter. Corporate insiders own 21.75% of the company’s stock.

Hedge Funds Weigh In On Altair Engineering

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC lifted its holdings in shares of Altair Engineering by 52.2% during the third quarter. GAMMA Investing LLC now owns 636 shares of the software’s stock worth $61,000 after purchasing an additional 218 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Altair Engineering by 5,564.8% during the first quarter. Russell Investments Group Ltd. now owns 31,043 shares of the software’s stock worth $2,676,000 after purchasing an additional 30,495 shares during the period. Moody Aldrich Partners LLC lifted its holdings in shares of Altair Engineering by 15.2% during the third quarter. Moody Aldrich Partners LLC now owns 75,233 shares of the software’s stock worth $7,186,000 after purchasing an additional 9,907 shares during the period. Linden Thomas Advisory Services LLC acquired a new position in shares of Altair Engineering during the second quarter worth $629,000. Finally, Jane Street Group LLC raised its stake in Altair Engineering by 960.2% during the first quarter. Jane Street Group LLC now owns 303,672 shares of the software’s stock worth $26,161,000 after buying an additional 275,030 shares during the last quarter. 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.