Rosenblatt Securities Reaffirms Neutral Rating for Altair Engineering (NASDAQ:ALTR)

Altair Engineering (NASDAQ:ALTR)‘s stock had its “neutral” rating reiterated by investment analysts at Rosenblatt Securities in a research report issued to clients and investors on Monday,Benzinga reports. They presently have a $113.00 price objective on the software’s stock. Rosenblatt Securities’ target price suggests a potential upside of 1.09% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. Royal Bank of Canada upped their target price on shares of Altair Engineering from $90.00 to $113.00 and gave the company a “sector perform” rating in a research note on Thursday, October 31st. Wolfe Research cut shares of Altair Engineering from a “strong-buy” rating to a “hold” rating in a research report on Sunday, November 3rd. William Blair reaffirmed a “market perform” rating on shares of Altair Engineering in a research note on Thursday, October 31st. Loop Capital reissued a “hold” rating and issued a $113.00 target price on shares of Altair Engineering in a research note on Thursday, October 31st. Finally, Needham & Company LLC restated a “hold” rating on shares of Altair Engineering in a report on Friday. One research analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. Based on data from MarketBeat, Altair Engineering currently has an average rating of “Hold” and a consensus price target of $100.83.

Altair Engineering Price Performance

NASDAQ:ALTR opened at $111.78 on Monday. The company has a market cap of $9.51 billion, a price-to-earnings ratio of 657.53, a P/E/G ratio of 10.75 and a beta of 1.42. The company has a debt-to-equity ratio of 0.27, a quick ratio of 3.27 and a current ratio of 3.27. The stock’s fifty day moving average price is $109.90 and its two-hundred day moving average price is $101.65. Altair Engineering has a 52-week low of $75.71 and a 52-week high of $113.12.

Altair Engineering (NASDAQ:ALTR) last posted its quarterly earnings results on Thursday, February 20th. The software reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.15). Altair Engineering had a net margin of 2.13% and a return on equity of 8.23%. The firm had revenue of $192.63 million during the quarter, compared to the consensus estimate of $182.98 million. On average, analysts anticipate that Altair Engineering will post 0.87 EPS for the current year.

Insider Buying and Selling

In related news, CEO James Ralph Scapa sold 16,095 shares of Altair Engineering stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $105.65, for a total value of $1,700,436.75. Following the sale, the chief executive officer now owns 117,950 shares of the company’s stock, valued at approximately $12,461,417.50. This trade represents a 12.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Jrs Investments Llc sold 6,500 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $105.69, for a total value of $686,985.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 59,143 shares of company stock valued at $6,265,694. Company insiders own 21.75% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ALTR. Vanguard Group Inc. grew its holdings in shares of Altair Engineering by 4.8% in the 4th quarter. Vanguard Group Inc. now owns 6,894,230 shares of the software’s stock valued at $752,229,000 after acquiring an additional 317,575 shares in the last quarter. Conestoga Capital Advisors LLC grew its stake in Altair Engineering by 1.4% in the third quarter. Conestoga Capital Advisors LLC now owns 2,522,551 shares of the software’s stock valued at $240,929,000 after purchasing an additional 33,985 shares in the last quarter. State Street Corp grew its stake in Altair Engineering by 3.3% in the third quarter. State Street Corp now owns 2,053,957 shares of the software’s stock valued at $196,173,000 after purchasing an additional 65,589 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Altair Engineering by 3.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,423,880 shares of the software’s stock worth $136,020,000 after purchasing an additional 53,088 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of Altair Engineering by 9.2% during the 4th quarter. Northern Trust Corp now owns 751,191 shares of the software’s stock worth $81,962,000 after purchasing an additional 63,368 shares in the last quarter. Institutional investors own 63.38% of the company’s stock.

About Altair Engineering

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.