Altair Engineering (NASDAQ:ALTR) Stock Rating Upgraded by Zacks Investment Research

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Zacks Investment Research upgraded shares of Altair Engineering (NASDAQ:ALTR) from a strong sell rating to a hold rating in a report issued on Monday morning, Zacks.com reports.

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 analysts have also issued reports on ALTR. Goldman Sachs Group initiated coverage on shares of Altair Engineering in a research note on Tuesday, November 12th. They set a neutral rating and a $34.00 price target on the stock. JPMorgan Chase & Co. dropped their price target on shares of Altair Engineering from $34.00 to $30.00 and set an underweight rating on the stock in a research note on Friday, November 8th. Needham & Company LLC reiterated a buy rating and set a $38.00 price target on shares of Altair Engineering in a research note on Friday, November 8th. Finally, William Blair lowered shares of Altair Engineering from an outperform rating to a market perform rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the stock. Altair Engineering currently has an average rating of Hold and a consensus price target of $36.95.

Shares of Altair Engineering stock opened at $39.41 on Monday. Altair Engineering has a 52-week low of $27.91 and a 52-week high of $43.28. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.57. The company’s 50-day simple moving average is $35.20 and its 200-day simple moving average is $35.73. The firm has a market cap of $2.79 billion, a price-to-earnings ratio of 106.51 and a beta of 1.40.

Altair Engineering (NASDAQ:ALTR) last issued its quarterly earnings results on Thursday, November 7th. The software reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.14). Altair Engineering had a positive return on equity of 4.40% and a negative net margin of 3.85%. The firm had revenue of $102.70 million for the quarter, compared to analyst estimates of $105.04 million. During the same quarter last year, the firm earned $0.10 earnings per share. The company’s revenue was up 18.3% compared to the same quarter last year. Equities research analysts anticipate that Altair Engineering will post 0.2 EPS for the current year.

In related news, insider James Dagg sold 16,000 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $35.00, for a total transaction of $560,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder George J. Christ sold 80,000 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $34.82, for a total transaction of $2,785,600.00. Following the sale, the insider now directly owns 80,000 shares in the company, valued at approximately $2,785,600. The disclosure for this sale can be found here. In the last three months, insiders have sold 204,810 shares of company stock worth $7,072,731. 29.27% of the stock is owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in ALTR. Captrust Financial Advisors purchased a new stake in Altair Engineering during the second quarter worth about $39,000. Carroll Financial Associates Inc. boosted its holdings in Altair Engineering by 3,846.4% during the fourth quarter. Carroll Financial Associates Inc. now owns 1,105 shares of the software’s stock worth $39,000 after buying an additional 1,077 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Altair Engineering by 116.4% in the second quarter. Tower Research Capital LLC TRC now owns 1,751 shares of the software’s stock valued at $71,000 after purchasing an additional 942 shares in the last quarter. US Bancorp DE lifted its holdings in shares of Altair Engineering by 83.5% in the second quarter. US Bancorp DE now owns 2,299 shares of the software’s stock valued at $93,000 after purchasing an additional 1,046 shares in the last quarter. Finally, Bank of Montreal Can purchased a new stake in shares of Altair Engineering in the second quarter valued at about $130,000. 69.91% of the stock is currently owned by hedge funds and other institutional investors.

Altair Engineering Company Profile

Altair Engineering Inc, together with its subsidiaries, provides software and cloud solutions worldwide. The company operates through two segments, Software and Client Engineering Services. Its integrated suite of multi-disciplinary computer aided engineering software optimizes design performance across various disciplines, including structures, motion, fluids, thermal management, electromagnetics, system modeling and embedded systems.

Further Reading: The limitations of an equal weight rating

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