Altair Engineering (NASDAQ:ALTR) Price Target Raised to $113.00

Altair Engineering (NASDAQ:ALTR) had its price objective lifted by Rosenblatt Securities from $88.00 to $113.00 in a research report sent to investors on Thursday morning, Benzinga reports. Rosenblatt Securities currently has a neutral rating on the software’s stock.

A number of other brokerages have also recently commented on ALTR. The Goldman Sachs Group cut Altair Engineering from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $85.00 to $71.00 in a report on Friday, August 2nd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $90.00 price objective on shares of Altair Engineering in a research note on Wednesday, October 23rd. Needham & Company LLC reiterated a “buy” rating and set a $100.00 price objective on shares of Altair Engineering in a research note 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 target price for the company. in a report on Monday, July 15th. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $100.71.

Altair Engineering Price Performance

NASDAQ ALTR opened at $104.00 on Thursday. The company has a 50-day moving average price of $94.30 and a 200-day moving average price of $91.54. Altair Engineering has a 52 week low of $57.59 and a 52 week high of $113.12. The company has a quick ratio of 3.14, a current ratio of 3.14 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $8.83 billion, a P/E ratio of 273.68, a PEG ratio of 13.87 and a beta of 1.45.

Altair Engineering (NASDAQ:ALTR) last announced its earnings results on Thursday, August 1st. The software reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.01. Altair Engineering had a net margin of 5.10% and a return on equity of 7.70%. The business had revenue of $148.80 million during the quarter, compared to analysts’ expectations of $146.88 million. During the same period in the prior year, the company earned ($0.15) earnings per share. The firm’s revenue was up 5.4% on a year-over-year basis. Equities research analysts anticipate that Altair Engineering will post 0.65 earnings per share for the current year.

Insider Buying and Selling

In other Altair Engineering news, major shareholder Jrs Investments Llc sold 6,500 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $102.59, for a total value of $666,835.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Altair Engineering news, major shareholder Jrs Investments Llc sold 6,500 shares of Altair Engineering stock in a transaction on Monday, October 28th. The shares were sold at an average price of $102.59, for a total value of $666,835.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Christ Revocable Trust sold 50,048 shares of the 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 transaction, the insider now directly owns 149,952 shares of the company’s stock, valued at $14,255,936.64. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 360,360 shares of company stock worth $35,476,660. 21.75% of the stock is owned by corporate insiders.

Institutional Trading of Altair Engineering

A number of large investors have recently added to or reduced their stakes in the company. William Blair Investment Management LLC bought a new position in shares of Altair Engineering during the 2nd quarter valued at approximately $91,589,000. Bank of New York Mellon Corp lifted its position in Altair Engineering by 121.7% during the second quarter. Bank of New York Mellon Corp now owns 569,109 shares of the software’s stock valued at $55,818,000 after purchasing an additional 312,448 shares during the last quarter. Jane Street Group LLC grew 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 buying an additional 275,030 shares in the last quarter. Matrix Capital Management Company LP increased its holdings in shares of Altair Engineering by 1.6% in the 1st quarter. Matrix Capital Management Company LP now owns 12,430,000 shares of the software’s stock worth $1,070,844,000 after buying an additional 196,826 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Altair Engineering by 772.7% during the 2nd quarter. Principal Financial Group Inc. now owns 212,560 shares of the software’s stock valued at $20,848,000 after buying an additional 188,203 shares in the last quarter. Institutional investors own 63.38% of the company’s stock.

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.