Altair Engineering (NASDAQ:ALTR) Reaches New 52-Week High at $99.18

Shares of Altair Engineering Inc. (NASDAQ:ALTR) reached a new 52-week high on Monday . The company traded as high as $99.18 and last traded at $98.79, with a volume of 279550 shares traded. The stock had previously closed at $96.61.

Analysts Set New Price Targets

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

Altair Engineering Price Performance

The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.30. The company has a market cap of $8.24 billion, a PE ratio of 1,104.56, a P/E/G ratio of 12.15 and a beta of 1.45. The firm has a 50 day moving average of $86.74 and a two-hundred day moving average of $84.19.

Altair Engineering (NASDAQ:ALTR) last posted its quarterly earnings results on Thursday, May 2nd. The software reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.06. The company had revenue of $172.91 million for the quarter, compared to the consensus estimate of $169.29 million. Altair Engineering had a return on equity of 5.60% and a net margin of 1.55%. The firm’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.13 EPS. Research analysts predict that Altair Engineering Inc. will post 0.66 earnings per share for the current fiscal year.

Insider Buying and Selling at Altair Engineering

In other Altair Engineering news, major shareholder George J. Christ sold 12,760 shares of the stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $86.71, for a total transaction of $1,106,419.60. Following the sale, the insider now directly owns 287,240 shares in the company, valued at approximately $24,906,580.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, major shareholder George J. Christ sold 12,760 shares of the stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $86.71, for a total transaction of $1,106,419.60. Following the transaction, the insider now directly owns 287,240 shares of the company’s stock, valued at approximately $24,906,580.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Teresa A. Harris sold 620 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $82.89, for a total value of $51,391.80. Following the transaction, the director now directly owns 18,895 shares in the company, valued at $1,566,206.55. The disclosure for this sale can be found here. In the last three months, insiders have sold 466,007 shares of company stock worth $41,874,391. Insiders own 21.75% of the company’s stock.

Hedge Funds Weigh In On Altair Engineering

Several hedge funds and other institutional investors have recently modified their holdings of the company. American International Group Inc. lifted its holdings in shares of Altair Engineering by 0.7% during the 4th quarter. American International Group Inc. now owns 27,018 shares of the software’s stock valued at $2,274,000 after buying an additional 189 shares during the period. Natixis Advisors L.P. raised its holdings in Altair Engineering by 1.3% in the 4th quarter. Natixis Advisors L.P. now owns 17,333 shares of the software’s stock worth $1,458,000 after purchasing an additional 229 shares during the period. McGlone Suttner Wealth Management Inc. bought a new position in Altair Engineering in the 4th quarter worth $31,000. New York Life Investment Management LLC raised its holdings in Altair Engineering by 6.7% in the 4th quarter. New York Life Investment Management LLC now owns 5,982 shares of the software’s stock worth $503,000 after purchasing an additional 376 shares during the period. Finally, EdgeRock Capital LLC bought a new position in Altair Engineering in the 4th quarter worth $33,000. 63.38% of the stock is owned by 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.