Altair Engineering (NASDAQ:ALTR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Friday.
According to Zacks, “Altair Engineering Inc. is focused on the development and broad application of simulation technology to synthesize and optimize designs, processes and decisions for business performance. The company serves broad industry segments. Altair Engineering Inc. is headquartered in Michigan, USA. “
A number of other research firms have also recently issued reports on ALTR. JPMorgan Chase & Co. increased their target price on Altair Engineering to $34.00 and gave the stock a “neutral” rating in a report on Thursday. Canaccord Genuity increased their target price on Altair Engineering from $25.00 to $30.00 and gave the stock a “hold” rating in a report on Thursday. Citigroup increased their target price on Altair Engineering to $37.00 and gave the stock a “buy” rating in a report on Thursday. Royal Bank of Canada increased their target price on Altair Engineering to $29.00 and gave the stock a “sector perform” rating in a report on Monday, March 12th. They noted that the move was a valuation call. Finally, Berenberg Bank initiated coverage on Altair Engineering in a report on Tuesday, January 30th. They set a “buy” rating and a $33.00 target price for the company. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $31.83.
Altair Engineering (NASDAQ:ALTR) last released its earnings results on Wednesday, March 21st. The semiconductor manufacturer reported $0.18 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.12. The firm had revenue of $89.90 million for the quarter, compared to the consensus estimate of $87.56 million. The company’s revenue was up 8.6% on a year-over-year basis. analysts anticipate that Altair Engineering will post 0.26 EPS for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Virtu Financial LLC bought a new position in shares of Altair Engineering in the 4th quarter valued at about $894,000. Tygh Capital Management Inc. bought a new position in shares of Altair Engineering in the 4th quarter valued at about $5,675,000. Ascend Capital LLC bought a new position in shares of Altair Engineering in the 4th quarter valued at about $4,464,000. Fairview Capital Investment Management LLC bought a new position in shares of Altair Engineering in the 4th quarter valued at about $4,784,000. Finally, State of Wisconsin Investment Board bought a new position in shares of Altair Engineering in the 4th quarter valued at about $2,631,000. Institutional investors own 20.51% of the company’s stock.
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About Altair Engineering
Altair Engineering Inc is a United States-based software company. The Company is focused on developing engineering software and computing technologies. The Company’s products include HyperWorks, solidThinking, PBS Works, and Carriots. The Company offers a range of solutions such as product engineering, industrial design, and tailored solutions.
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