Altair Engineering Inc. (NASDAQ:ALTR) Receives Consensus Rating of “Reduce” from Analysts

Shares of Altair Engineering Inc. (NASDAQ:ALTR) have earned a consensus recommendation of “Reduce” from the eight research firms that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $100.83.

Several research analysts recently commented on ALTR shares. Rosenblatt Securities reiterated a “neutral” rating and issued a $113.00 price target on shares of Altair Engineering in a research report on Monday, February 24th. Needham & Company LLC reiterated a “hold” rating on shares of Altair Engineering in a report on Friday, February 21st.

Insider Buying and Selling at Altair Engineering

In other Altair Engineering news, CFO Matthew Charles Brown sold 3,811 shares of the business’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $111.53, for a total value of $425,040.83. Following the transaction, the chief financial officer now directly owns 69,394 shares in the company, valued at $7,739,512.82. The trade was a 5.21 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Teresa A. Harris sold 2,700 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $111.61, for a total value of $301,347.00. Following the completion of the transaction, the director now owns 18,542 shares in the company, valued at $2,069,472.62. This represents a 12.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,172 shares of company stock worth $1,356,847. Corporate insiders own 21.75% of the company’s stock.

Hedge Funds Weigh In On Altair Engineering

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Altair Engineering by 4.8% in the 4th quarter. Vanguard Group Inc. now owns 6,894,230 shares of the software’s stock valued at $752,229,000 after purchasing an additional 317,575 shares in the last quarter. State Street Corp raised its holdings in Altair Engineering by 3.3% in the third quarter. State Street Corp now owns 2,053,957 shares of the software’s stock valued at $196,173,000 after acquiring an additional 65,589 shares in the last quarter. Geode Capital Management LLC lifted its stake in Altair Engineering by 3.9% in the third quarter. Geode Capital Management LLC now owns 1,423,880 shares of the software’s stock worth $136,020,000 after acquiring an additional 53,088 shares during the last quarter. Northern Trust Corp grew its holdings in Altair Engineering by 9.2% during the 4th quarter. Northern Trust Corp now owns 751,191 shares of the software’s stock worth $81,962,000 after acquiring an additional 63,368 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Altair Engineering by 2.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 591,573 shares of the software’s stock valued at $64,547,000 after purchasing an additional 12,585 shares during the last quarter. 63.38% of the stock is currently owned by hedge funds and other institutional investors.

Altair Engineering Stock Performance

NASDAQ ALTR opened at $111.85 on Friday. The business’s fifty day moving average is $111.51 and its 200 day moving average is $107.41. Altair Engineering has a fifty-two week low of $75.71 and a fifty-two week high of $113.12. The company has a market capitalization of $9.60 billion, a PE ratio of 657.94, a price-to-earnings-growth ratio of 10.75 and a beta of 1.45.

Altair Engineering (NASDAQ:ALTR) last posted its quarterly earnings results on Thursday, February 20th. The software reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.15). Altair Engineering had a return on equity of 8.08% and a net margin of 2.13%. The firm had revenue of $192.63 million during the quarter, compared to the consensus estimate of $182.98 million. On average, sell-side analysts forecast that Altair Engineering will post 0.87 EPS for the current year.

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.