Altair Engineering Inc. (NASDAQ:ALTR) Short Interest Update

Altair Engineering Inc. (NASDAQ:ALTR) saw a large drop in short interest in November. As of November 15th, there was short interest totalling 3,150,000 shares, a drop of 29.7% from the October 31st total of 4,480,000 shares. Based on an average daily trading volume, of 830,400 shares, the days-to-cover ratio is currently 3.8 days.

Insider Activity at Altair Engineering

In other Altair Engineering news, major shareholder Christ Revocable Trust sold 50,048 shares of the stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $95.07, for a total transaction of $4,758,063.36. Following the transaction, the insider now directly owns 149,952 shares in the company, valued at $14,255,936.64. This represents a 25.02 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ravi Kunju sold 360 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $103.65, for a total transaction of $37,314.00. Following the transaction, the insider now directly owns 30,305 shares in the company, valued at $3,141,113.25. This trade represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 343,044 shares of company stock worth $33,980,921 in the last 90 days. 21.75% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Altair Engineering

Several institutional investors and hedge funds have recently made changes to their positions in ALTR. Jane Street Group LLC lifted its holdings in shares of Altair Engineering by 960.2% during the first quarter. Jane Street Group LLC now owns 303,672 shares of the software’s stock worth $26,161,000 after purchasing an additional 275,030 shares during the period. GAMMA Investing LLC lifted its stake in Altair Engineering by 81.7% during the 2nd quarter. GAMMA Investing LLC now owns 418 shares of the software’s stock valued at $41,000 after acquiring an additional 188 shares during the period. Harbor Capital Advisors Inc. boosted its holdings in shares of Altair Engineering by 9.2% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 9,738 shares of the software’s stock valued at $955,000 after acquiring an additional 817 shares during the last quarter. CWM LLC raised its holdings in shares of Altair Engineering by 169.4% during the second quarter. CWM LLC now owns 11,536 shares of the software’s stock worth $1,131,000 after purchasing an additional 7,254 shares during the last quarter. Finally, PFW Advisors LLC purchased a new position in shares of Altair Engineering during the second quarter worth $204,000. 63.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on ALTR shares. Needham & Company LLC reaffirmed a “hold” rating and set a $100.00 price objective on shares of Altair Engineering in a research report on Thursday, October 31st. Royal Bank of Canada raised their price target on shares of Altair Engineering from $90.00 to $113.00 and gave the company a “sector perform” rating in a report on Thursday, October 31st. Wolfe Research lowered shares of Altair Engineering from a “strong-buy” rating to a “hold” rating in a research note on Sunday, November 3rd. The Goldman Sachs Group downgraded shares of 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. Finally, William Blair reaffirmed a “market perform” rating on shares of Altair Engineering in a research report on Thursday, October 31st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $100.71.

Altair Engineering Stock Performance

NASDAQ:ALTR traded up $0.19 during trading hours on Friday, hitting $105.61. 285,644 shares of the company were exchanged, compared to its average volume of 587,791. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.27 and a quick ratio of 3.27. Altair Engineering has a 52-week low of $70.07 and a 52-week high of $113.12. The stock has a market capitalization of $8.99 billion, a price-to-earnings ratio of 278.30, a PEG ratio of 12.12 and a beta of 1.44. The company’s 50 day moving average price is $100.26 and its 200-day moving average price is $94.38.

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.