William Blair Reaffirms Market Perform Rating for Altair Engineering (NASDAQ:ALTR)

William Blair reaffirmed their market perform rating on shares of Altair Engineering (NASDAQ:ALTR) in a research note published on Thursday, Marketbeat Ratings reports.

A number of other brokerages have also issued reports on ALTR. Rosenblatt Securities lifted their price target on shares of Altair Engineering from $88.00 to $113.00 and gave the stock a “neutral” rating in a research note on Thursday. Royal Bank of Canada reissued a “sector perform” rating and set a $90.00 price target on shares of Altair Engineering in a report on Wednesday, October 23rd. Needham & Company LLC reissued a “buy” rating and set a $100.00 price target on shares of Altair Engineering in a report on Friday, August 2nd. The Goldman Sachs Group downgraded shares of Altair Engineering from a “neutral” rating to a “sell” rating and reduced their price target for the company from $85.00 to $71.00 in a report on Friday, August 2nd. Finally, JPMorgan Chase & Co. downgraded shares of Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 price target for the company. in a report on Monday, July 15th. One analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Altair Engineering currently has an average rating of “Hold” and a consensus target price of $100.71.

Altair Engineering Stock Performance

Altair Engineering stock traded up $0.14 during trading hours on Thursday, reaching $104.13. 316,376 shares of the stock were exchanged, compared to its average volume of 508,298. The stock has a market cap of $8.84 billion, a P/E ratio of 273.67, a P/E/G ratio of 13.87 and a beta of 1.45. The company has a debt-to-equity ratio of 0.29, a quick ratio of 3.14 and a current ratio of 3.14. Altair Engineering has a 52-week low of $57.59 and a 52-week high of $113.12. The firm’s 50 day moving average is $94.03 and its 200 day moving average is $91.38.

Altair Engineering (NASDAQ:ALTR) last released its earnings results on Wednesday, October 30th. The software reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.07. Altair Engineering had a net margin of 5.10% and a return on equity of 7.70%. The business had revenue of $151.45 million for the quarter, compared to analysts’ expectations of $146.55 million. Analysts predict that Altair Engineering will post 0.65 EPS for the current fiscal year.

Insiders Place Their Bets

In other Altair Engineering news, major shareholder Christ Revocable Trust sold 50,048 shares of the business’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $95.07, for a total value of $4,758,063.36. Following the sale, the insider now directly owns 149,952 shares in the company, valued at approximately $14,255,936.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Altair Engineering news, Director Teresa A. Harris sold 620 shares of Altair Engineering stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $82.57, for a total transaction of $51,193.40. Following the transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Christ Revocable Trust sold 50,048 shares of Altair Engineering stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $95.07, for a total value of $4,758,063.36. Following the transaction, the insider now directly owns 149,952 shares in the company, valued at approximately $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 three months, insiders have sold 360,360 shares of company stock worth $35,476,660. 21.75% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ALTR. Matrix Capital Management Company LP increased its holdings in shares of Altair Engineering by 1.6% during 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 purchasing an additional 196,826 shares during the period. Vanguard Group Inc. increased its holdings in shares of Altair Engineering by 3.2% during the 1st quarter. Vanguard Group Inc. now owns 5,944,285 shares of the software’s stock worth $512,100,000 after purchasing an additional 182,840 shares during the period. Conestoga Capital Advisors LLC increased its holdings in shares of Altair Engineering by 1.4% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 2,522,551 shares of the software’s stock worth $240,929,000 after purchasing an additional 33,985 shares during the period. William Blair Investment Management LLC bought a new position in shares of Altair Engineering during the 2nd quarter worth about $91,589,000. Finally, Bank of New York Mellon Corp increased its holdings in shares of Altair Engineering by 121.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 569,109 shares of the software’s stock worth $55,818,000 after purchasing an additional 312,448 shares during the period. Institutional investors and hedge funds 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.