Teresa A. Harris Sells 620 Shares of Altair Engineering Inc. (NASDAQ:ALTR) Stock

Altair Engineering Inc. (NASDAQ:ALTR) Director Teresa A. Harris sold 620 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $82.89, for a total transaction of $51,391.80. Following the sale, the director now directly owns 18,895 shares of the company’s stock, valued at $1,566,206.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Altair Engineering Price Performance

NASDAQ ALTR traded down $1.26 during trading hours on Wednesday, reaching $84.83. The company’s stock had a trading volume of 294,648 shares, compared to its average volume of 411,822. The company has a market capitalization of $7.00 billion, a price-to-earnings ratio of 956.56, a PEG ratio of 10.86 and a beta of 1.42. The company has a quick ratio of 2.46, a current ratio of 2.46 and a debt-to-equity ratio of 0.30. Altair Engineering Inc. has a 1 year low of $57.59 and a 1 year high of $92.92. The firm’s 50-day moving average price is $83.20 and its 200-day moving average price is $79.80.

Altair Engineering (NASDAQ:ALTR) last posted its earnings results on Thursday, May 2nd. The software reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.06. Altair Engineering had a net margin of 1.55% and a return on equity of 5.60%. The company had revenue of $172.91 million during the quarter, compared to analysts’ expectations of $169.29 million. During the same period last year, the company posted $0.13 earnings per share. Altair Engineering’s quarterly revenue was up 4.1% on a year-over-year basis. On average, equities research analysts predict that Altair Engineering Inc. will post 0.63 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently commented on ALTR. JPMorgan Chase & Co. upped their price objective on Altair Engineering from $86.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 26th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $90.00 price objective on shares of Altair Engineering in a research note on Thursday, March 21st. Oppenheimer boosted their price objective on Altair Engineering from $95.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, February 23rd. Needham & Company LLC restated a “buy” rating and set a $100.00 target price on shares of Altair Engineering in a research note on Friday, May 3rd. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $88.00 price target on shares of Altair Engineering in a report on Monday, April 29th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $94.60.

Institutional Investors Weigh In On Altair Engineering

Hedge funds have recently made changes to their positions in the company. Teachers Retirement System of The State of Kentucky purchased a new stake in Altair Engineering during the third quarter valued at approximately $1,049,000. Comerica Bank bought a new stake in shares of Altair Engineering in the 3rd quarter worth about $11,051,000. Lazard Asset Management LLC boosted its stake in shares of Altair Engineering by 168,148.1% during the 3rd quarter. Lazard Asset Management LLC now owns 45,427 shares of the software’s stock worth $2,841,000 after purchasing an additional 45,400 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Altair Engineering by 4.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 415,538 shares of the software’s stock valued at $25,996,000 after purchasing an additional 16,075 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its position in Altair Engineering by 22.8% in the 3rd quarter. Ameriprise Financial Inc. now owns 951,698 shares of the software’s stock worth $59,538,000 after purchasing an additional 176,780 shares during the period. 63.38% of the stock is currently owned by hedge funds and other institutional investors.

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.