Rosenblatt Securities Reiterates “Neutral” Rating for Altair Engineering (NASDAQ:ALTR)

Rosenblatt Securities reissued their neutral rating on shares of Altair Engineering (NASDAQ:ALTR) in a research report released on Monday morning, Benzinga reports. The firm currently has a $88.00 price objective on the software’s stock.

Several other analysts also recently issued reports on ALTR. JPMorgan Chase & Co. upped their price objective on Altair Engineering from $86.00 to $95.00 and gave the company an overweight rating in a research report on Tuesday, March 26th. Royal Bank of Canada reiterated a sector perform rating and set a $90.00 target price on shares of Altair Engineering in a research report on Thursday, March 21st. Needham & Company LLC reiterated a buy rating and set a $100.00 target price on shares of Altair Engineering in a research report on Monday, March 25th. Finally, Oppenheimer increased their target price on Altair Engineering from $95.00 to $100.00 and gave the stock an outperform rating in a research report on Friday, February 23rd. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $90.00.

Altair Engineering Stock Up 1.2 %

Shares of NASDAQ:ALTR opened at $81.41 on Monday. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.32. Altair Engineering has a 52-week low of $57.59 and a 52-week high of $92.92. The stock’s fifty day simple moving average is $83.57 and its 200-day simple moving average is $79.12. The company has a market capitalization of $6.72 billion, a P/E ratio of -619.23, a P/E/G ratio of 10.99 and a beta of 1.42.

Altair Engineering (NASDAQ:ALTR) last issued its quarterly earnings data on Thursday, February 22nd. The software reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.07. Altair Engineering had a positive return on equity of 3.77% and a negative net margin of 1.46%. The business had revenue of $171.50 million for the quarter, compared to the consensus estimate of $172.48 million. As a group, equities research analysts forecast that Altair Engineering will post 0.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Altair Engineering news, major shareholder Christ Revocable Trust sold 3,904 shares of the company’s stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $85.42, for a total transaction of $333,479.68. Following the completion of the sale, the insider now directly owns 283,336 shares in the company, valued at $24,202,561.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Altair Engineering news, CEO James Ralph Scapa sold 10,000 shares of the company’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $80.74, for a total transaction of $807,400.00. Following the completion of the sale, the chief executive officer now directly owns 139,605 shares in the company, valued at $11,271,707.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Christ Revocable Trust sold 3,904 shares of the company’s stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $85.42, for a total value of $333,479.68. Following the sale, the insider now owns 283,336 shares of the company’s stock, valued at $24,202,561.12. The disclosure for this sale can be found here. Insiders sold 161,830 shares of company stock worth $13,876,320 over the last three months. 21.75% of the stock is owned by insiders.

Institutional Investors Weigh In On Altair Engineering

Several hedge funds have recently modified their holdings of ALTR. McGlone Suttner Wealth Management Inc. purchased a new position in Altair Engineering in the 4th quarter worth approximately $31,000. EdgeRock Capital LLC purchased a new stake in shares of Altair Engineering during the fourth quarter valued at approximately $33,000. Harvest Fund Management Co. Ltd raised its stake in shares of Altair Engineering by 1,157.7% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 981 shares of the software’s stock valued at $83,000 after purchasing an additional 903 shares during the period. Natixis Investment Managers International raised its stake in shares of Altair Engineering by 68.7% during the fourth quarter. Natixis Investment Managers International now owns 1,940 shares of the software’s stock valued at $163,000 after purchasing an additional 790 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Altair Engineering by 10.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,991 shares of the software’s stock valued at $125,000 after purchasing an additional 190 shares during the period. 63.38% of the stock is currently owned by hedge funds and other institutional investors.

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.