Altair Engineering (NASDAQ:ALTR) Downgraded to Hold Rating by Wolfe Research

Wolfe Research cut shares of Altair Engineering (NASDAQ:ALTR) from a strong-buy rating to a hold rating in a report released on Sunday, Zacks.com reports.

ALTR has been the subject of a number of other research reports. Needham & Company LLC reiterated a “hold” rating and set a $100.00 price objective on shares of Altair Engineering in a research note on Thursday, October 31st. Rosenblatt Securities lifted their price objective on Altair Engineering from $88.00 to $113.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. JPMorgan Chase & Co. cut Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 price objective for the company. in a research note on Monday, July 15th. The Goldman Sachs Group cut 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 note on Friday, August 2nd. Finally, Loop Capital restated a “hold” rating and issued a $113.00 price target on shares of Altair Engineering in a research note on Thursday, October 31st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $100.71.

Altair Engineering Stock Down 0.5 %

Shares of NASDAQ:ALTR opened at $103.99 on Friday. The stock has a fifty day simple moving average of $94.86 and a two-hundred day simple moving average of $92.01. The stock has a market capitalization of $8.83 billion, a price-to-earnings ratio of 275.05, a PEG ratio of 13.28 and a beta of 1.44. Altair Engineering has a 12-month low of $66.51 and a 12-month high of $113.12. The company has a current ratio of 3.27, a quick ratio of 3.27 and a debt-to-equity ratio of 0.27.

Insider Buying and Selling at Altair Engineering

In other news, Director Teresa A. Harris sold 620 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $89.70, for a total value of $55,614.00. Following the completion of the transaction, the director now owns 21,242 shares of the company’s stock, valued at $1,905,407.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Teresa A. Harris sold 620 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $89.70, for a total value of $55,614.00. Following the completion of the transaction, the director now owns 21,242 shares of the company’s stock, valued at $1,905,407.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Jrs Investments Llc sold 6,500 shares of the company’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $89.04, for a total value of $578,760.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 360,360 shares of company stock valued at $35,490,008. Company insiders own 21.75% of the company’s stock.

Institutional Investors Weigh In On Altair Engineering

A number of hedge funds have recently made changes to their positions in the company. Matrix Capital Management Company LP lifted its position in shares of Altair Engineering by 1.6% in 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 buying an additional 196,826 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Altair Engineering by 3.2% in the first quarter. Vanguard Group Inc. now owns 5,944,285 shares of the software’s stock worth $512,100,000 after buying an additional 182,840 shares in the last quarter. Conestoga Capital Advisors LLC lifted its position in shares of Altair Engineering by 1.4% in the third quarter. Conestoga Capital Advisors LLC now owns 2,522,551 shares of the software’s stock worth $240,929,000 after buying an additional 33,985 shares in the last quarter. William Blair Investment Management LLC purchased a new stake in shares of Altair Engineering in the second quarter worth about $91,589,000. Finally, Bank of New York Mellon Corp lifted its position in shares of Altair Engineering by 121.7% in the second quarter. Bank of New York Mellon Corp now owns 569,109 shares of the software’s stock worth $55,818,000 after buying an additional 312,448 shares in the last quarter. 63.38% of the stock is currently owned by hedge funds and other 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.