Raymond James & Associates Cuts Holdings in Altair Engineering Inc. (NASDAQ:ALTR)

Raymond James & Associates decreased its position in Altair Engineering Inc. (NASDAQ:ALTR – Get Rating) by 1.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 106,042 shares of the software’s stock after selling 1,891 shares during the period. Raymond James & Associates owned about 0.13% of Altair Engineering worth $4,822,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ALTR. UBS Group AG grew its position in shares of Altair Engineering by 48.7% in the fourth quarter. UBS Group AG now owns 938 shares of the software’s stock valued at $43,000 after purchasing an additional 307 shares during the period. Counterpoint Mutual Funds LLC acquired a new stake in shares of Altair Engineering in the fourth quarter valued at about $123,000. Prudential Financial Inc. grew its position in shares of Altair Engineering by 12.0% in the second quarter. Prudential Financial Inc. now owns 3,875 shares of the software’s stock valued at $202,000 after purchasing an additional 415 shares during the period. Captrust Financial Advisors grew its position in shares of Altair Engineering by 193.8% in the second quarter. Captrust Financial Advisors now owns 4,152 shares of the software’s stock valued at $218,000 after purchasing an additional 2,739 shares during the period. Finally, Boothbay Fund Management LLC acquired a new stake in shares of Altair Engineering in the third quarter valued at about $211,000. Hedge funds and other institutional investors own 61.66% of the company’s stock.

Altair Engineering Stock Performance

NASDAQ:ALTR opened at $69.91 on Wednesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.83 and a quick ratio of 1.83. The firm has a market capitalization of $5.64 billion, a price-to-earnings ratio of -95.77, a PEG ratio of 27.09 and a beta of 1.50. The company’s 50-day moving average is $69.48 and its two-hundred day moving average is $58.19. Altair Engineering Inc. has a 1-year low of $43.17 and a 1-year high of $72.66.

Altair Engineering (NASDAQ:ALTR – Get Rating) last posted its earnings results on Thursday, February 23rd. The software reported $0.14 earnings per share for the quarter. The company had revenue of $160.43 million for the quarter, compared to analyst estimates of $146.01 million. Altair Engineering had a negative net margin of 9.84% and a negative return on equity of 0.23%. Analysts forecast that Altair Engineering Inc. will post 0.22 EPS for the current year.

Insider Buying and Selling at Altair Engineering

In related news, major shareholder George J. Christ sold 50,000 shares of the stock in a transaction that occurred on Thursday, April 13th. The shares were sold at an average price of $71.34, for a total transaction of $3,567,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Altair Engineering news, CAO Brian Gayle sold 1,156 shares of the company’s stock in a transaction on Tuesday, February 28th. The stock was sold at an average price of $64.50, for a total transaction of $74,562.00. Following the transaction, the chief accounting officer now directly owns 16,135 shares in the company, valued at $1,040,707.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder George J. Christ sold 50,000 shares of the company’s stock in a transaction on Thursday, April 13th. The stock was sold at an average price of $71.34, for a total value of $3,567,000.00. The disclosure for this sale can be found here. Insiders have sold 303,301 shares of company stock worth $20,770,979 in the last ninety days. 22.65% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. The Goldman Sachs Group upgraded shares of Altair Engineering from a “sell” rating to a “neutral” rating and lifted their target price for the company from $44.00 to $67.00 in a research report on Friday, May 5th. Loop Capital boosted their price target on shares of Altair Engineering from $70.00 to $81.00 and gave the stock a “buy” rating in a research report on Tuesday, April 18th. TheStreet upgraded shares of Altair Engineering from a “d+” rating to a “c” rating in a research report on Friday, February 24th. Needham & Company LLC boosted their price target on shares of Altair Engineering from $70.00 to $77.00 in a research report on Monday, May 8th. Finally, Rosenblatt Securities boosted their price target on shares of Altair Engineering from $63.00 to $67.00 and gave the stock a “buy” rating in a research report on Friday, February 24th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Altair Engineering presently has a consensus rating of “Moderate Buy” and an average price target of $71.17.

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.