Altair Engineering (NASDAQ:ALTR) Given Neutral Rating at Rosenblatt Securities

Rosenblatt Securities reaffirmed their neutral rating on shares of Altair Engineering (NASDAQ:ALTR) in a research report released on Monday, Benzinga reports. Rosenblatt Securities currently has a $88.00 price target on the software’s stock.

ALTR has been the subject of several other reports. Oppenheimer raised their price target on Altair Engineering from $95.00 to $100.00 and gave the company an outperform rating in a report on Friday, February 23rd. Needham & Company LLC restated a buy rating and set a $100.00 target price on shares of Altair Engineering in a research report on Monday, March 25th. Royal Bank of Canada reiterated a sector perform rating and issued a $90.00 price target on shares of Altair Engineering in a report on Thursday, March 21st. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Altair Engineering from $86.00 to $95.00 and gave the stock an overweight rating in a report on Tuesday, March 26th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Altair Engineering currently has an average rating of Moderate Buy and an average price target of $90.00.

Altair Engineering Stock Performance

NASDAQ:ALTR opened at $82.46 on Monday. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.16 and a quick ratio of 2.16. The firm has a market cap of $6.80 billion, a price-to-earnings ratio of -634.31, a price-to-earnings-growth ratio of 11.14 and a beta of 1.42. The firm’s fifty day moving average price is $83.71 and its 200 day moving average price is $79.02. Altair Engineering has a 1-year low of $57.59 and a 1-year high of $92.92.

Altair Engineering (NASDAQ:ALTR) last issued its earnings results on Thursday, February 22nd. The software reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.07. The business had revenue of $171.50 million for the quarter, compared to the consensus estimate of $172.48 million. Altair Engineering had a negative net margin of 1.46% and a positive return on equity of 3.77%. On average, sell-side analysts expect that Altair Engineering will post 0.63 EPS for the current year.

Insider Activity

In related news, Director Teresa A. Harris sold 620 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $84.00, for a total value of $52,080.00. Following the sale, the director now owns 18,895 shares of the company’s stock, valued at approximately $1,587,180. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CEO James Ralph Scapa sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $91.07, for a total transaction of $910,700.00. Following the transaction, the chief executive officer now owns 103,591 shares of the company’s stock, valued at $9,434,032.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Teresa A. Harris sold 620 shares of Altair Engineering stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $84.00, for a total transaction of $52,080.00. Following the completion of the sale, the director now directly owns 18,895 shares of the company’s stock, valued at $1,587,180. The disclosure for this sale can be found here. Insiders have sold 161,830 shares of company stock worth $13,876,320 over the last ninety days. 21.75% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Altair Engineering

Hedge funds have recently made changes to their positions in the business. Matrix Capital Management Company LP lifted its position in Altair Engineering by 8.3% during the fourth quarter. Matrix Capital Management Company LP now owns 12,233,174 shares of the software’s stock worth $1,029,422,000 after buying an additional 932,717 shares during the period. Bain Capital Public Equity Management II LLC purchased a new position in shares of Altair Engineering during the 4th quarter worth about $57,728,000. Wellington Management Group LLP acquired a new stake in shares of Altair Engineering in the third quarter worth approximately $37,487,000. Victory Capital Management Inc. grew its holdings in Altair Engineering by 95.7% in the third quarter. Victory Capital Management Inc. now owns 392,414 shares of the software’s stock valued at $24,549,000 after purchasing an additional 191,866 shares during the period. Finally, Vanguard Group Inc. increased its position in Altair Engineering by 3.2% during the third quarter. Vanguard Group Inc. now owns 5,727,942 shares of the software’s stock worth $358,340,000 after purchasing an additional 179,838 shares during the last quarter. 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.