Altair Engineering (NASDAQ:ALTR - Get Free Report)'s stock had its "sector perform" rating reissued by stock analysts at Royal Bank of Canada in a research report issued to clients and investors on Wednesday, Benzinga reports. They presently have a $90.00 price target on the software's stock. Royal Bank of Canada's price objective suggests a potential downside of 10.35% from the company's previous close.
Several other equities research analysts have also recently commented on the stock. JPMorgan Chase & Co. cut shares of Altair Engineering from an "overweight" rating to a "neutral" rating and set a $95.00 price target for the company. in a research report on Monday, July 15th. The Goldman Sachs Group cut shares of Altair Engineering from a "neutral" rating to a "sell" rating and decreased their price objective for the company from $85.00 to $71.00 in a report on Friday, August 2nd. Finally, Needham & Company LLC restated a "buy" rating and set a $100.00 price objective on shares of Altair Engineering in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $90.67.
Read Our Latest Stock Report on ALTR
Shares of NASDAQ:ALTR traded down $2.61 during trading on Wednesday, hitting $100.39. 309,288 shares of the company's stock were exchanged, compared to its average volume of 463,325. Altair Engineering has a 1-year low of $57.59 and a 1-year high of $108.72. The firm has a 50-day moving average price of $91.81 and a two-hundred day moving average price of $90.41. The company has a current ratio of 3.14, a quick ratio of 3.14 and a debt-to-equity ratio of 0.29. The firm has a market cap of $8.34 billion, a P/E ratio of 1,116.89, a PEG ratio of 12.15 and a beta of 1.45.
Altair Engineering (NASDAQ:ALTR - Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The software reported $0.16 EPS for the quarter, topping 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 company had revenue of $148.80 million during the quarter, compared to analysts' expectations of $146.88 million. During the same quarter in the previous year, the company earned ($0.15) EPS. Altair Engineering's revenue was up 5.4% on a year-over-year basis. Equities analysts predict that Altair Engineering will post 0.65 earnings per share for the current year.
In other news, Director Teresa A. Harris sold 620 shares of the business'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 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 document filed with the SEC, which can be accessed through the SEC website. In other Altair Engineering 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 transaction of $51,193.40. Following the sale, the director now directly owns 21,242 shares of the company's stock, valued at approximately $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 available through this hyperlink. Also, major shareholder George J. Christ sold 2,176 shares of the company's stock in a transaction on Monday, October 14th. The stock was sold at an average price of $95.31, for a total transaction of $207,394.56. Following the sale, the insider now directly owns 300,000 shares in the company, valued at $28,593,000. This trade 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 valued at $24,537,300 over the last 90 days. 21.75% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Moody Aldrich Partners LLC increased its holdings in shares of Altair Engineering by 15.2% in the third quarter. Moody Aldrich Partners LLC now owns 75,233 shares of the software's stock valued at $7,186,000 after purchasing an additional 9,907 shares during the last quarter. Private Advisor Group LLC acquired a new position in shares of Altair Engineering in the third quarter valued at $208,000. Blue Trust Inc. increased its holdings in shares of Altair Engineering by 572.1% in 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. nVerses Capital LLC acquired a new position in shares of Altair Engineering in the third quarter valued at $334,000. Finally, Rheos Capital Works Inc. acquired a new position in shares of Altair Engineering in the third quarter valued at about $716,000. 63.38% of the stock is currently owned by institutional investors and hedge funds.
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.
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