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 firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $95.12, for a total value of $58,974.40. Following the transaction, the director now directly owns 21,242 shares in the company, valued at approximately $2,020,539.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Altair Engineering Stock Up 3.3 %

Altair Engineering stock opened at $94.83 on Thursday. The stock’s 50 day moving average price is $89.27 and its 200 day moving average price is $89.26. The company has a market cap of $7.87 billion, a PE ratio of 1,053.67, a price-to-earnings-growth ratio of 12.01 and a beta of 1.45. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.14 and a quick ratio of 3.14. Altair Engineering Inc. has a 1-year low of $57.59 and a 1-year high of $101.39.

Altair Engineering (NASDAQ:ALTR) last posted its quarterly earnings results on Thursday, August 1st. The software reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.01. Altair Engineering had a net margin of 4.26% and a return on equity of 6.89%. The business had revenue of $148.80 million for the quarter, compared to analysts’ expectations of $146.88 million. During the same period in the prior year, the company posted ($0.15) EPS. The business’s revenue for the quarter was up 5.4% on a year-over-year basis. On average, sell-side analysts predict that Altair Engineering Inc. will post 0.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ALTR. The Goldman Sachs Group downgraded Altair Engineering from a “neutral” rating to a “sell” rating and lowered their target price for the company from $85.00 to $71.00 in a research note on Friday, August 2nd. JPMorgan Chase & Co. lowered shares of Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 price objective on the stock. in a research report on Monday, July 15th. Finally, Needham & Company LLC restated a “buy” rating and set a $100.00 price objective on shares of Altair Engineering in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $90.67.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC purchased a new stake in shares of Altair Engineering during the 2nd quarter worth approximately $293,000. Teachers Retirement System of The State of Kentucky raised its holdings in Altair Engineering by 59.9% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 26,261 shares of the software’s stock worth $2,576,000 after purchasing an additional 9,834 shares during the last quarter. Creative Planning boosted its position in Altair Engineering by 97.3% during the second quarter. Creative Planning now owns 10,648 shares of the software’s stock worth $1,044,000 after purchasing an additional 5,252 shares in the last quarter. Algert Global LLC acquired a new stake in Altair Engineering in the second quarter valued at $562,000. Finally, Select Equity Group L.P. increased its position in shares of Altair Engineering by 2.3% in the second quarter. Select Equity Group L.P. now owns 21,789 shares of the software’s stock valued at $2,137,000 after buying an additional 495 shares in the last quarter. 63.38% of the stock is 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.