Altair Engineering (NASDAQ:ALTR) Shares Gap Down to $81.75

Shares of Altair Engineering Inc. (NASDAQ:ALTR) gapped down before the market opened on Friday . The stock had previously closed at $81.75, but opened at $78.21. Altair Engineering shares last traded at $80.42, with a volume of 67,879 shares traded.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ALTR. Rosenblatt Securities reiterated a “neutral” rating and issued a $88.00 price target on shares of Altair Engineering in a research note on Monday. Needham & Company LLC reaffirmed a “buy” rating and set a $100.00 price objective on shares of Altair Engineering in a research report on Friday. Royal Bank of Canada reiterated a “sector perform” rating and set a $90.00 target price on shares of Altair Engineering in a research note on Thursday, March 21st. JPMorgan Chase & Co. raised their price target on Altair Engineering from $86.00 to $95.00 and gave the company an “overweight” rating in a research note on Tuesday, March 26th. Finally, Oppenheimer lifted their price target on Altair Engineering from $95.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, February 23rd. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $90.00.

Altair Engineering Trading Down 0.3 %

The business’s 50-day moving average is $83.29 and its two-hundred day moving average is $79.16. The stock has a market capitalization of $6.72 billion, a PE ratio of -626.69, a PEG ratio of 10.85 and a beta of 1.42. 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 (NASDAQ:ALTR) last posted its earnings results on Thursday, February 22nd. The software reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.07. The business had revenue of $171.50 million during the quarter, compared to the consensus estimate of $172.48 million. Altair Engineering had a positive return on equity of 3.77% and a negative net margin of 1.46%. On average, analysts anticipate that Altair Engineering Inc. will post 0.63 earnings per share for the current fiscal year.

Insider Activity

In other Altair Engineering news, major shareholder George J. Christ sold 83,336 shares of the firm’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $85.99, for a total transaction of $7,166,062.64. Following the transaction, the insider now directly owns 200,000 shares of the company’s stock, valued at approximately $17,198,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Altair Engineering news, major shareholder George J. Christ sold 83,336 shares of the stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $85.99, for a total transaction of $7,166,062.64. Following the completion of the sale, the insider now directly owns 200,000 shares of the company’s stock, valued at approximately $17,198,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO Nelson Dias sold 375 shares of Altair Engineering stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $83.65, for a total value of $31,368.75. Following the completion of the transaction, the executive now owns 33,838 shares in the company, valued at $2,830,548.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 161,830 shares of company stock valued at $13,876,320. 21.75% of the stock is currently owned by company insiders.

Institutional Trading of Altair Engineering

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

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.