Brokerages Set Altair Engineering Inc. (NASDAQ:ALTR) PT at $69.40

Shares of Altair Engineering Inc. (NASDAQ:ALTR) have received an average recommendation of “Buy” from the nine brokerages that are presently covering the firm, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $69.40.

A number of research firms recently issued reports on ALTR. Zacks Investment Research downgraded Altair Engineering from a “buy” rating to a “hold” rating in a research note on Tuesday, October 5th. Royal Bank of Canada lifted their price target on Altair Engineering from $64.00 to $74.00 and gave the company a “sector perform” rating in a research note on Friday, August 6th. William Blair reaffirmed a “buy” rating on shares of Altair Engineering in a report on Tuesday, September 7th. Finally, Rosenblatt Securities boosted their target price on shares of Altair Engineering from $79.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, August 6th.

In other news, major shareholder George J. Christ sold 35,465 shares of Altair Engineering stock in a transaction dated Friday, July 23rd. The shares were sold at an average price of $68.00, for a total transaction of $2,411,620.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder George J. Christ sold 44,514 shares of the business’s stock in a transaction on Wednesday, August 11th. The shares were sold at an average price of $70.76, for a total transaction of $3,149,810.64. The disclosure for this sale can be found here. Insiders sold 331,758 shares of company stock worth $23,922,686 in the last ninety days. Insiders own 25.26% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ALTR. First Trust Advisors LP lifted its holdings in shares of Altair Engineering by 0.9% during the 1st quarter. First Trust Advisors LP now owns 59,237 shares of the software’s stock valued at $2,181,000 after acquiring an additional 511 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of Altair Engineering by 41.0% in the first quarter. Russell Investments Group Ltd. now owns 36,923 shares of the software’s stock worth $2,309,000 after buying an additional 10,741 shares during the period. Teacher Retirement System of Texas grew its stake in shares of Altair Engineering by 22.9% in the first quarter. Teacher Retirement System of Texas now owns 4,389 shares of the software’s stock valued at $275,000 after buying an additional 819 shares in the last quarter. Acadian Asset Management LLC acquired a new position in Altair Engineering during the 1st quarter worth approximately $613,000. Finally, Sei Investments Co. acquired a new stake in Altair Engineering in the first quarter valued at approximately $3,386,000. Institutional investors own 58.53% of the company’s stock.

NASDAQ ALTR traded up $1.09 during trading on Monday, reaching $73.70. 701 shares of the company’s stock were exchanged, compared to its average volume of 263,002. Altair Engineering has a 1 year low of $42.48 and a 1 year high of $76.91. The stock has a market cap of $5.57 billion, a P/E ratio of -806.78 and a beta of 1.50. The company has a 50 day moving average price of $72.82 and a two-hundred day moving average price of $68.51.

Altair Engineering (NASDAQ:ALTR) last released its quarterly earnings data on Thursday, August 5th. The software reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.07. Altair Engineering had a negative net margin of 1.10% and a positive return on equity of 4.74%. The company had revenue of $119.91 million during the quarter, compared to the consensus estimate of $111.50 million. As a group, research analysts anticipate that Altair Engineering will post 0.13 earnings per share for the current fiscal year.

About Altair Engineering

Altair Engineering, Inc engages in the provision of software and cloud solutions for product design & development, high performance cloud computing and data intelligence. It operates through the following segments: Software and Client Engineering Services. The Software segment includes a portfolio of software products; as well as solvers and optimization technology products, modelling and visualization tools.

Featured Article: Dividend Yield

Analyst Recommendations for Altair Engineering (NASDAQ:ALTR)

Receive News & Ratings for Altair Engineering Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Altair Engineering and related companies with MarketBeat.com's FREE daily email newsletter.