Altair Engineering (NASDAQ:ALTR) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Altair Engineering (NASDAQ:ALTR) in a research note published on Friday, Benzinga reports. Needham & Company LLC currently has a $100.00 price objective on the software’s stock.

Several other research firms have also commented on ALTR. Royal Bank of Canada reissued a sector perform rating and set a $90.00 price objective on shares of Altair Engineering in a research note on Thursday, March 21st. JPMorgan Chase & Co. upped their price target on Altair Engineering from $86.00 to $95.00 and gave the stock an overweight rating in a research note on Tuesday, March 26th. Rosenblatt Securities reiterated a neutral rating and set a $88.00 price objective on shares of Altair Engineering in a research note on Monday, April 29th. Finally, Oppenheimer increased their target price on Altair Engineering from $95.00 to $100.00 and gave the stock an outperform rating in a research note on Friday, February 23rd. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Altair Engineering presently has a consensus rating of Moderate Buy and a consensus price target of $94.60.

Altair Engineering Stock Down 0.3 %

ALTR stock opened at $81.47 on Friday. Altair Engineering has a fifty-two week low of $57.59 and a fifty-two week high of $92.92. The company has a market capitalization of $6.72 billion, a price-to-earnings ratio of 905.22, a price-to-earnings-growth ratio of 10.86 and a beta of 1.42. The business’s 50 day moving average price is $83.21 and its two-hundred day moving average price is $79.37. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.16 and a current ratio of 2.16.

Altair Engineering (NASDAQ:ALTR) last issued its quarterly earnings results on Thursday, May 2nd. The software reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.06. The company had revenue of $172.91 million for the quarter, compared to analysts’ expectations of $169.29 million. Altair Engineering had a return on equity of 5.83% and a net margin of 1.55%. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.13 earnings per share. As a group, analysts forecast that Altair Engineering will post 0.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Altair Engineering news, CEO James Ralph Scapa sold 10,000 shares of Altair Engineering stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $80.74, for a total value of $807,400.00. Following the completion of the transaction, the chief executive officer now directly owns 139,605 shares of the company’s stock, valued at $11,271,707.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, major shareholder Jrs Investments Llc sold 5,000 shares of Altair Engineering stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $91.07, for a total value of $455,350.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO James Ralph Scapa sold 10,000 shares of Altair Engineering stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $80.74, for a total transaction of $807,400.00. Following the completion of the sale, the chief executive officer now owns 139,605 shares of the company’s stock, valued at $11,271,707.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 161,830 shares of company stock valued at $13,876,320. Insiders own 21.75% of the company’s stock.

Institutional Trading of Altair Engineering

Large investors have recently made changes to their positions in the stock. McGlone Suttner Wealth Management Inc. bought a new stake in Altair Engineering during the fourth quarter valued at approximately $31,000. EdgeRock Capital LLC bought a new position in shares of Altair Engineering in the fourth quarter worth approximately $33,000. Harvest Fund Management Co. Ltd boosted its position in shares of Altair Engineering by 1,157.7% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 981 shares of the software’s stock worth $83,000 after purchasing an additional 903 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of Altair Engineering by 10.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,991 shares of the software’s stock worth $125,000 after purchasing an additional 190 shares during the period. Finally, SG Americas Securities LLC boosted its position in shares of Altair Engineering by 31.3% in the third quarter. SG Americas Securities LLC now owns 2,171 shares of the software’s stock worth $136,000 after purchasing an additional 518 shares during the period. 63.38% of the stock is currently owned by institutional investors.

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.