Altair Engineering (NASDAQ:ALTR) Trading 3.7% Higher – What’s Next?

Shares of Altair Engineering Inc. (NASDAQ:ALTR) rose 3.7% during mid-day trading on Wednesday . The company traded as high as $112.15 and last traded at $106.80. Approximately 1,188,808 shares traded hands during mid-day trading, an increase of 156% from the average daily volume of 463,475 shares. The stock had previously closed at $103.00.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. The Goldman Sachs Group downgraded Altair Engineering from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $85.00 to $71.00 in a research report on Friday, August 2nd. Needham & Company LLC restated a “buy” rating and issued a $100.00 target price on shares of Altair Engineering in a report on Friday, August 2nd. JPMorgan Chase & Co. cut 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 note on Monday, July 15th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $90.00 price objective on shares of Altair Engineering in a research report on Wednesday. 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’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $90.67.

Altair Engineering Stock Performance

The stock’s 50 day moving average price is $91.81 and its 200 day moving average price is $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 company has a market cap of $8.85 billion, a price-to-earnings ratio of 1,116.89, a P/E/G ratio of 12.15 and a beta of 1.45.

Altair Engineering (NASDAQ:ALTR) last announced its quarterly earnings data on Thursday, August 1st. The software reported $0.16 earnings per share (EPS) 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 company had revenue of $148.80 million during the quarter, compared to analysts’ expectations of $146.88 million. During the same period in the previous year, the company earned ($0.15) EPS. The business’s quarterly revenue was up 5.4% compared to the same quarter last year. On average, analysts expect that Altair Engineering Inc. will post 0.65 EPS for the current fiscal year.

Insider Transactions at Altair Engineering

In other Altair Engineering news, major shareholder Jrs Investments Llc sold 6,500 shares of Altair Engineering stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $88.11, for a total transaction of $572,715.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Altair Engineering news, major shareholder Jrs Investments Llc sold 6,500 shares of the firm’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $88.11, for a total value of $572,715.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder George J. Christ sold 2,176 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $95.31, for a total value of $207,394.56. Following the completion of the sale, the insider now directly owns 300,000 shares of the company’s stock, valued at $28,593,000. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 260,360 shares of company stock worth $24,537,300 in the last three months. 21.75% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ALTR. ProShare Advisors LLC boosted its holdings in Altair Engineering by 1.6% in the second quarter. ProShare Advisors LLC now owns 10,219 shares of the software’s stock valued at $1,002,000 after purchasing an additional 160 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Altair Engineering by 81.7% during the 2nd quarter. GAMMA Investing LLC now owns 418 shares of the software’s stock valued at $41,000 after buying an additional 188 shares during the last quarter. American International Group Inc. grew its position in shares of Altair Engineering by 0.7% during the fourth quarter. American International Group Inc. now owns 27,018 shares of the software’s stock worth $2,274,000 after buying an additional 189 shares in the last quarter. FSC Wealth Advisors LLC increased its stake in shares of Altair Engineering by 41.3% in the second quarter. FSC Wealth Advisors LLC now owns 832 shares of the software’s stock worth $82,000 after buying an additional 243 shares during the last quarter. Finally, Blue Trust Inc. raised its holdings in 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 acquiring an additional 246 shares in the last quarter. 63.38% of the stock is owned by institutional investors and hedge funds.

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.