Altair Engineering (NASDAQ:ALTR) Hits New 1-Year High at $67.24

Altair Engineering Inc. (NASDAQ:ALTR – Get Rating)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $67.24 and last traded at $67.21, with a volume of 37563 shares. The stock had previously closed at $66.32.

Wall Street Analyst Weigh In

ALTR has been the subject of several analyst reports. The Goldman Sachs Group increased their target price on shares of Altair Engineering from $39.00 to $44.00 and gave the stock a “sell” rating in a report on Monday, February 27th. Rosenblatt Securities increased their target price on shares of Altair Engineering from $63.00 to $67.00 and gave the stock a “buy” rating in a report on Friday, February 24th. Loop Capital upped their price target on Altair Engineering from $60.00 to $70.00 in a research note on Friday, February 24th. TheStreet upgraded Altair Engineering from a “d+” rating to a “c” rating in a research note on Friday, February 24th. Finally, Oppenheimer upped their price target on Altair Engineering from $60.00 to $65.00 and gave the stock an “outperform” rating in a research note on Friday, February 24th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $64.33.

Altair Engineering Stock Up 1.2 %

The company has a fifty day moving average of $54.88 and a two-hundred day moving average of $50.14. The company has a market cap of $5.39 billion, a PE ratio of -115.98, a price-to-earnings-growth ratio of 21.82 and a beta of 1.45. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.26 and a current ratio of 2.26.

Insider Activity at Altair Engineering

In related news, Director Shekar G. Ayyar sold 4,177 shares of the stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $64.76, for a total transaction of $270,502.52. Following the sale, the director now owns 5,991 shares in the company, valued at approximately $387,977.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Altair Engineering news, Director Shekar G. Ayyar sold 4,177 shares of the stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $64.76, for a total value of $270,502.52. Following the sale, the director now owns 5,991 shares in the company, valued at $387,977.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Brian Gayle sold 1,156 shares of the stock in a transaction on Tuesday, February 28th. The stock was sold at an average price of $64.50, for a total value of $74,562.00. Following the completion of the sale, the chief accounting officer now owns 16,135 shares in the company, valued at approximately $1,040,707.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 162,376 shares of company stock worth $8,599,415. Company insiders own 22.65% of the company’s stock.

Hedge Funds Weigh In On Altair Engineering

Institutional investors have recently made changes to their positions in the company. Impax Asset Management Group plc increased its stake in shares of Altair Engineering by 14.8% during the third quarter. Impax Asset Management Group plc now owns 2,429,397 shares of the software’s stock valued at $106,842,000 after buying an additional 312,662 shares during the period. Great West Life Assurance Co. Can bought a new stake in Altair Engineering during the third quarter valued at about $422,000. Needham Investment Management LLC boosted its position in Altair Engineering by 55.0% during the second quarter. Needham Investment Management LLC now owns 15,500 shares of the software’s stock valued at $814,000 after purchasing an additional 5,500 shares in the last quarter. YorkBridge Wealth Partners LLC boosted its position in Altair Engineering by 23.9% during the third quarter. YorkBridge Wealth Partners LLC now owns 4,852 shares of the software’s stock valued at $215,000 after purchasing an additional 935 shares in the last quarter. Finally, Engineers Gate Manager LP bought a new stake in Altair Engineering during the third quarter valued at about $1,280,000. Hedge funds and other institutional investors own 61.66% of the company’s stock.

About Altair Engineering

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Altair Engineering, Inc engages in the provision of software and cloud solutions for product design & development, high performance cloud computing, and data intelligence. It operates through the following segments: Software and Client Engineering Services. The Software segment includes a portfolio of software products, as well as solvers and optimization technology products, modelling and visualization tools.