Altair Engineering (ALTR) Stock Price Down 7.9%

Altair Engineering Inc (NASDAQ:ALTR)’s share price fell 7.9% on Tuesday . The stock traded as low as $30.28 and last traded at $30.39. 582,918 shares changed hands during mid-day trading, an increase of 68% from the average session volume of 347,071 shares. The stock had previously closed at $32.99.

Several research firms have weighed in on ALTR. JPMorgan Chase & Co. lifted their target price on Altair Engineering from $34.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, August 10th. Canaccord Genuity lifted their target price on Altair Engineering from $32.00 to $38.00 and gave the company a “hold” rating in a research report on Friday, August 10th. 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 report on Tuesday, November 27th. Needham & Company LLC lifted their target price on Altair Engineering from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, August 10th. Finally, ValuEngine raised Altair Engineering from a “hold” rating to a “buy” rating in a research report on Saturday. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Altair Engineering has an average rating of “Buy” and an average target price of $38.43.

The stock has a market cap of $2.27 billion and a price-to-earnings ratio of -48.24.

Altair Engineering (NASDAQ:ALTR) last announced its quarterly earnings data on Thursday, November 8th. The semiconductor manufacturer reported $0.06 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.06. Altair Engineering had a positive return on equity of 13.76% and a negative net margin of 12.83%. The business had revenue of $93.87 million during the quarter, compared to the consensus estimate of $95.48 million. As a group, analysts anticipate that Altair Engineering Inc will post 0.32 EPS for the current fiscal year.

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Altair Engineering by 11.4% during the third quarter. Vanguard Group Inc. now owns 2,733,081 shares of the semiconductor manufacturer’s stock worth $118,752,000 after buying an additional 280,056 shares in the last quarter. Morgan Stanley grew its position in shares of Altair Engineering by 21.9% during the third quarter. Morgan Stanley now owns 104,510 shares of the semiconductor manufacturer’s stock worth $4,541,000 after buying an additional 18,799 shares in the last quarter. TIAA CREF Investment Management LLC grew its position in shares of Altair Engineering by 48.2% during the third quarter. TIAA CREF Investment Management LLC now owns 127,881 shares of the semiconductor manufacturer’s stock worth $5,556,000 after buying an additional 41,581 shares in the last quarter. Teachers Advisors LLC grew its position in shares of Altair Engineering by 15.8% during the third quarter. Teachers Advisors LLC now owns 54,986 shares of the semiconductor manufacturer’s stock worth $2,389,000 after buying an additional 7,500 shares in the last quarter. Finally, Neuberger Berman Group LLC grew its position in shares of Altair Engineering by 32.9% during the third quarter. Neuberger Berman Group LLC now owns 1,958,100 shares of the semiconductor manufacturer’s stock worth $85,079,000 after buying an additional 484,855 shares in the last quarter. 38.30% of the stock is owned by institutional investors and hedge funds.

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Altair Engineering Company Profile (NASDAQ:ALTR)

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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