Altair Engineering (NASDAQ:ALTR) Rating Reiterated by Royal Bank of Canada

Altair Engineering (NASDAQ:ALTR)‘s stock had its “sector perform” rating reissued by analysts at Royal Bank of Canada in a research report issued on Wednesday, Benzinga reports. They presently have a $90.00 price target on the software’s stock. Royal Bank of Canada’s target price indicates a potential downside of 13.87% from the company’s current price.

ALTR has been the subject of a number of other reports. JPMorgan Chase & Co. lowered shares of Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 target price for the company. in a research note on Monday, July 15th. The Goldman Sachs Group cut shares of Altair Engineering from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $85.00 to $71.00 in a research report on Friday, August 2nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $100.00 target price on shares of Altair Engineering in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Altair Engineering presently has an average rating of “Hold” and an average target price of $90.67.

Altair Engineering Stock Down 2.0 %

Shares of ALTR opened at $104.49 on Wednesday. The company has a quick ratio of 3.14, a current ratio of 3.14 and a debt-to-equity ratio of 0.29. The business has a fifty day moving average of $92.41 and a 200 day moving average of $90.62. The company has a market cap of $8.68 billion, a PE ratio of 1,161.00, a P/E/G ratio of 12.15 and a beta of 1.45. Altair Engineering has a 52-week low of $57.59 and a 52-week high of $112.15.

Altair Engineering (NASDAQ:ALTR) last released its quarterly earnings results on Thursday, August 1st. The software reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.01. The firm had revenue of $148.80 million during the quarter, compared to analysts’ expectations of $146.88 million. Altair Engineering had a net margin of 4.26% and a return on equity of 6.89%. The firm’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.15) EPS. On average, sell-side analysts expect that Altair Engineering will post 0.65 EPS for the current year.

Insider Buying and Selling at Altair Engineering

In other news, major shareholder George J. Christ sold 49,952 shares of the stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $95.72, for a total transaction of $4,781,405.44. Following the transaction, the insider now directly owns 100,000 shares in the company, valued at approximately $9,572,000. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, major shareholder George J. Christ sold 49,952 shares of the business’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $95.72, for a total value of $4,781,405.44. Following the completion of the transaction, the insider now directly owns 100,000 shares of the company’s stock, valued at approximately $9,572,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder George J. Christ sold 2,176 shares of the firm’s stock in a transaction dated 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 directly owns 300,000 shares in the company, valued at approximately $28,593,000. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 260,360 shares of company stock valued at $24,537,300. Company insiders own 21.75% of the company’s stock.

Institutional Investors Weigh In On Altair Engineering

A number of hedge funds and other institutional investors have recently bought and sold shares of ALTR. Matrix Capital Management Company LP increased its position in shares of Altair Engineering by 1.6% during the first quarter. Matrix Capital Management Company LP now owns 12,430,000 shares of the software’s stock worth $1,070,844,000 after purchasing an additional 196,826 shares in the last quarter. Vanguard Group Inc. increased its position in Altair Engineering by 3.2% during the 1st quarter. Vanguard Group Inc. now owns 5,944,285 shares of the software’s stock valued at $512,100,000 after buying an additional 182,840 shares in the last quarter. Conestoga Capital Advisors LLC raised its stake in Altair Engineering by 2.0% in the second quarter. Conestoga Capital Advisors LLC now owns 2,488,566 shares of the software’s stock valued at $244,079,000 after buying an additional 48,485 shares during the last quarter. William Blair Investment Management LLC acquired a new stake in Altair Engineering in the second quarter worth about $91,589,000. Finally, Bank of New York Mellon Corp grew its stake in shares of Altair Engineering by 121.7% during the second quarter. Bank of New York Mellon Corp now owns 569,109 shares of the software’s stock worth $55,818,000 after acquiring an additional 312,448 shares during the last quarter. Hedge funds and other institutional investors own 63.38% of the company’s stock.

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.