JPMorgan Chase & Co. lifted its holdings in shares of Altair Engineering Inc (NASDAQ:ALTR) by 1,542.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 83,207 shares of the software’s stock after purchasing an additional 78,140 shares during the quarter. JPMorgan Chase & Co. owned 0.12% of Altair Engineering worth $3,616,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. boosted its stake in Altair Engineering by 15.3% in the third quarter. BlackRock Inc. now owns 2,536,341 shares of the software’s stock worth $110,204,000 after buying an additional 337,323 shares in the last quarter. Alliancebernstein L.P. boosted its stake in Altair Engineering by 870.0% in the third quarter. Alliancebernstein L.P. now owns 1,457,602 shares of the software’s stock worth $63,333,000 after buying an additional 1,307,332 shares in the last quarter. Wells Fargo & Company MN boosted its stake in Altair Engineering by 12.2% in the third quarter. Wells Fargo & Company MN now owns 648,576 shares of the software’s stock worth $28,181,000 after buying an additional 70,432 shares in the last quarter. Franklin Resources Inc. boosted its stake in Altair Engineering by 66.3% in the third quarter. Franklin Resources Inc. now owns 505,822 shares of the software’s stock worth $21,978,000 after buying an additional 201,642 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in Altair Engineering by 350.2% in the second quarter. Northern Trust Corp now owns 299,141 shares of the software’s stock worth $10,224,000 after buying an additional 232,698 shares in the last quarter. 37.68% of the stock is owned by institutional investors.
Several analysts have issued reports on ALTR shares. Zacks Investment Research raised Altair Engineering from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a research note on Wednesday, November 21st. ValuEngine raised Altair Engineering from a “hold” rating to a “buy” rating in a research note on Saturday, December 1st. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $38.29.
NASDAQ:ALTR opened at $35.46 on Friday. The company has a market cap of $2.33 billion, a PE ratio of -56.29 and a beta of 1.62. Altair Engineering Inc has a fifty-two week low of $25.28 and a fifty-two week high of $43.99.
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Altair Engineering Profile
Altair Engineering Inc, together with its subsidiaries, provides enterprise-class engineering software worldwide. The company operates through two segments, Software and Client Engineering Services. Its integrated suite of multi-disciplinary computer aided engineering software optimizes design performance across various disciplines, including structures, motion, fluids, thermal management, electromagnetics, system modeling and embedded systems, as well as provides data analytics and true-to-life visualization and rendering.
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