Altair Engineering (NASDAQ:ALTR) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Altair Engineering (NASDAQ:ALTR) had its target price upped by stock analysts at Royal Bank of Canada from $90.00 to $113.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “sector perform” rating on the software’s stock. Royal Bank of Canada’s target price indicates a potential upside of 8.65% from the company’s current price.

Several other brokerages have also weighed in on ALTR. William Blair reiterated a “market perform” rating on shares of Altair Engineering in a research report on Thursday. Needham & Company LLC reiterated a “hold” rating and issued a $100.00 price objective on shares of Altair Engineering in a research report on Thursday. Loop Capital reiterated a “hold” rating and issued a $113.00 price objective on shares of Altair Engineering in a research report on Thursday. Rosenblatt Securities increased their price objective on Altair Engineering from $88.00 to $113.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, The Goldman Sachs Group lowered Altair Engineering from a “neutral” rating to a “sell” rating and lowered their price objective for the stock from $85.00 to $71.00 in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $100.71.

Altair Engineering Price Performance

ALTR stock opened at $104.00 on Thursday. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.14 and a quick ratio of 3.14. The business has a 50 day simple moving average of $94.30 and a 200-day simple moving average of $91.54. The firm has a market capitalization of $8.83 billion, a PE ratio of 273.68, a price-to-earnings-growth ratio of 13.87 and a beta of 1.45. Altair Engineering has a 1 year low of $57.59 and a 1 year high of $113.12.

Altair Engineering (NASDAQ:ALTR) last posted its quarterly earnings results on Wednesday, October 30th. The software reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.07. The business had revenue of $151.45 million during the quarter, compared to analyst estimates of $146.55 million. Altair Engineering had a return on equity of 7.70% and a net margin of 5.10%. Equities research analysts anticipate that Altair Engineering will post 0.65 earnings per share for the current fiscal year.

Insider Transactions at Altair Engineering

In other news, CEO James Ralph Scapa sold 13,000 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $102.59, for a total transaction of $1,333,670.00. Following the completion of the transaction, the chief executive officer now directly owns 134,045 shares in the company, valued at $13,751,676.55. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Teresa A. Harris sold 620 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $82.57, for a total value of $51,193.40. Following the sale, the director now directly owns 21,242 shares in the company, valued at approximately $1,753,951.94. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James Ralph Scapa sold 13,000 shares of the stock in a transaction on Monday, October 28th. The shares were sold at an average price of $102.59, for a total value of $1,333,670.00. Following the completion of the sale, the chief executive officer now owns 134,045 shares in the company, valued at approximately $13,751,676.55. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 360,360 shares of company stock worth $35,476,660 over the last ninety days. Company insiders own 21.75% of the company’s stock.

Institutional Trading of Altair Engineering

Several hedge funds have recently modified their holdings of ALTR. William Blair Investment Management LLC acquired a new stake in shares of Altair Engineering in the second quarter valued at $91,589,000. Bank of New York Mellon Corp raised its stake 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 valued at $55,818,000 after acquiring an additional 312,448 shares in the last quarter. Jane Street Group LLC raised its stake in shares of Altair Engineering by 960.2% in the first quarter. Jane Street Group LLC now owns 303,672 shares of the software’s stock valued at $26,161,000 after acquiring an additional 275,030 shares in the last quarter. Matrix Capital Management Company LP raised its stake 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 valued at $1,070,844,000 after acquiring an additional 196,826 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of Altair Engineering by 772.7% in the second quarter. Principal Financial Group Inc. now owns 212,560 shares of the software’s stock valued at $20,848,000 after acquiring an additional 188,203 shares in 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.