Altair Engineering (NASDAQ:ALTR) Reaches New 12-Month High – What’s Next?

Shares of Altair Engineering Inc. (NASDAQ:ALTR) hit a new 52-week high on Tuesday . The company traded as high as $104.97 and last traded at $102.52, with a volume of 253765 shares changing hands. The stock had previously closed at $95.18.

Analysts Set New Price Targets

Several research firms recently weighed in on ALTR. Needham & Company LLC restated a “buy” rating and issued a $100.00 target price on shares of Altair Engineering in a report on Friday, August 2nd. The Goldman Sachs Group lowered shares of Altair Engineering from a “neutral” rating to a “sell” rating and lowered their target price for the company from $85.00 to $71.00 in a research note on Friday, August 2nd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $90.00 target price on shares of Altair Engineering in a report on Wednesday. Finally, JPMorgan Chase & Co. downgraded Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 price target on the stock. in a research report on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, Altair Engineering presently has a consensus rating of “Hold” and a consensus target price of $90.67.

Altair Engineering Stock Up 3.5 %

The firm’s 50-day simple moving average is $92.15 and its 200-day simple moving average is $90.52. The company has a market capitalization of $8.86 billion, a price-to-earnings ratio of 1,185.00, a price-to-earnings-growth ratio of 12.15 and a beta of 1.45. The company has a debt-to-equity ratio of 0.29, a quick ratio of 3.14 and a current ratio of 3.14.

Altair Engineering (NASDAQ:ALTR) last issued its quarterly earnings results on Thursday, August 1st. The software reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.01. The firm had revenue of $148.80 million for the quarter, compared to analyst estimates of $146.88 million. Altair Engineering had a return on equity of 6.89% and a net margin of 4.26%. During the same period in the previous year, the company posted ($0.15) earnings per share. The company’s quarterly revenue was up 5.4% compared to the same quarter last year. Sell-side analysts forecast that Altair Engineering Inc. will post 0.65 earnings per share for the current year.

Insider Activity at Altair Engineering

In related news, Director Teresa A. Harris sold 620 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $82.57, for a total value of $51,193.40. Following the completion of the transaction, the director now owns 21,242 shares of the company’s stock, valued at $1,753,951.94. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, major shareholder George J. Christ sold 2,176 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $95.31, for a total value of $207,394.56. Following the sale, the insider now owns 300,000 shares in the company, valued at approximately $28,593,000. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Teresa A. Harris sold 620 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $82.57, for a total transaction of $51,193.40. Following the completion of the sale, the director now directly owns 21,242 shares in the company, valued at approximately $1,753,951.94. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 260,360 shares of company stock worth $24,537,300. 21.75% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Altair Engineering

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its stake in shares of Altair Engineering by 52.2% in the third quarter. GAMMA Investing LLC now owns 636 shares of the software’s stock valued at $61,000 after acquiring an additional 218 shares during the last quarter. Russell Investments Group Ltd. raised its position in Altair Engineering by 5,564.8% in the 1st quarter. Russell Investments Group Ltd. now owns 31,043 shares of the software’s stock valued at $2,676,000 after purchasing an additional 30,495 shares during the last quarter. Linden Thomas Advisory Services LLC acquired a new position in Altair Engineering in the second quarter worth $629,000. Jane Street Group LLC boosted its stake in Altair Engineering by 960.2% in the first quarter. Jane Street Group LLC now owns 303,672 shares of the software’s stock worth $26,161,000 after purchasing an additional 275,030 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Altair Engineering by 3.2% during the first quarter. Vanguard Group Inc. now owns 5,944,285 shares of the software’s stock worth $512,100,000 after purchasing an additional 182,840 shares during the last quarter. 63.38% of the stock is currently owned by institutional investors and hedge funds.

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.