Swiss National Bank Increases Position in Altair Engineering Inc. (NASDAQ:ALTR)

Swiss National Bank lifted its position in Altair Engineering Inc. (NASDAQ:ALTRGet Rating) by 1.2% in the second quarter, HoldingsChannel.com reports. The firm owned 121,500 shares of the software’s stock after purchasing an additional 1,400 shares during the quarter. Swiss National Bank’s holdings in Altair Engineering were worth $6,379,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Mercer Global Advisors Inc. ADV increased its stake in shares of Altair Engineering by 0.5% in the first quarter. Mercer Global Advisors Inc. ADV now owns 74,530 shares of the software’s stock worth $4,800,000 after purchasing an additional 336 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Altair Engineering in the first quarter worth $41,000. Raymond James & Associates increased its stake in shares of Altair Engineering by 3.8% in the first quarter. Raymond James & Associates now owns 103,075 shares of the software’s stock worth $6,638,000 after purchasing an additional 3,763 shares in the last quarter. Teacher Retirement System of Texas increased its stake in shares of Altair Engineering by 14.7% in the first quarter. Teacher Retirement System of Texas now owns 10,359 shares of the software’s stock worth $667,000 after purchasing an additional 1,327 shares in the last quarter. Finally, Qube Research & Technologies Ltd purchased a new stake in shares of Altair Engineering in the first quarter worth $1,012,000. 62.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ALTR. Oppenheimer reaffirmed an “initiates” rating on shares of Altair Engineering in a research note on Wednesday, July 27th. Wolfe Research began coverage on shares of Altair Engineering in a research note on Tuesday, August 16th. They set an “outperform” rating and a $70.00 target price for the company. Rosenblatt Securities cut their target price on shares of Altair Engineering from $70.00 to $63.00 and set a “buy” rating for the company in a research note on Monday, October 24th. Needham & Company LLC began coverage on shares of Altair Engineering in a research note on Wednesday, November 16th. They set a “buy” rating and a $60.00 target price for the company. Finally, TheStreet cut shares of Altair Engineering from a “c-” rating to a “d+” rating in a research note on Monday, September 19th. One equities research analyst has rated the stock with a sell rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $58.80.

Altair Engineering Stock Performance

Shares of NASDAQ:ALTR opened at $47.25 on Thursday. Altair Engineering Inc. has a 52 week low of $43.17 and a 52 week high of $78.38. The stock has a market capitalization of $3.79 billion, a P/E ratio of -63.85, a PEG ratio of 190.83 and a beta of 1.50. The firm has a fifty day simple moving average of $46.65 and a two-hundred day simple moving average of $50.96. The company has a quick ratio of 2.35, a current ratio of 2.35 and a debt-to-equity ratio of 0.57.

Insiders Place Their Bets

In other Altair Engineering news, CEO James Ralph Scapa sold 57,915 shares of Altair Engineering stock in a transaction on Tuesday, November 15th. The shares were sold at an average price of $49.97, for a total value of $2,894,012.55. Following the completion of the transaction, the chief executive officer now directly owns 103,224 shares of the company’s stock, valued at approximately $5,158,103.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 22.65% of the company’s stock.

Altair Engineering Profile

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Altair Engineering Inc, together with its subsidiaries, provides software and cloud solutions in the areas of simulation, high-performance computing, data analytics, and artificial intelligence worldwide. The company operates in two segments, Software and Client Engineering Services. The Software segment includes solvers and optimization technology products, high-performance computing software applications and hardware products, modeling and visualization tools, data analytics and analysis products, and Internet of Things platform and analytics tools, as well as support and the complementary software products.

Further Reading

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Institutional Ownership by Quarter for Altair Engineering (NASDAQ:ALTR)

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