Rosenblatt Securities Reiterates Neutral Rating for Altair Engineering (NASDAQ:ALTR)

Rosenblatt Securities reiterated their neutral rating on shares of Altair Engineering (NASDAQ:ALTR) in a research report report published on Monday,Benzinga reports. The brokerage currently has a $113.00 price target on the software’s stock.

Several other research analysts have also recently weighed in on ALTR. Wolfe Research cut shares of Altair Engineering from a “strong-buy” rating to a “hold” rating in a research report on Sunday, November 3rd. Needham & Company LLC reaffirmed a “hold” rating on shares of Altair Engineering in a research note on Friday, February 21st. Royal Bank of Canada upped their target price on shares of Altair Engineering from $90.00 to $113.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 31st. William Blair reiterated a “market perform” rating on shares of Altair Engineering in a research note on Thursday, October 31st. Finally, Loop Capital restated a “hold” rating and set a $113.00 target price on shares of Altair Engineering in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating and seven have issued a hold rating to the stock. Based on data from MarketBeat.com, Altair Engineering currently has an average rating of “Hold” and an average target price of $100.83.

Altair Engineering Price Performance

Shares of ALTR stock opened at $111.60 on Monday. The business has a fifty day moving average of $110.21 and a 200 day moving average of $102.03. The firm has a market capitalization of $9.49 billion, a price-to-earnings ratio of 656.47, a price-to-earnings-growth ratio of 10.75 and a beta of 1.42. Altair Engineering has a 1 year low of $75.71 and a 1 year high of $113.12.

Altair Engineering (NASDAQ:ALTR) last announced its quarterly earnings results on Thursday, February 20th. The software reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.15). Altair Engineering had a net margin of 2.13% and a return on equity of 8.08%. The business had revenue of $192.63 million during the quarter, compared to analysts’ expectations of $182.98 million. As a group, equities research analysts expect that Altair Engineering will post 0.87 earnings per share for the current year.

Insider Activity

In other Altair Engineering news, major shareholder Jrs Investments Llc sold 6,500 shares of the firm’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $105.69, for a total transaction of $686,985.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Matthew Charles Brown sold 1,048 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $108.90, for a total transaction of $114,127.20. Following the completion of the sale, the chief financial officer now directly owns 55,519 shares of the company’s stock, valued at $6,046,019.10. The trade was a 1.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 59,143 shares of company stock valued at $6,265,694. Insiders own 21.75% of the company’s stock.

Hedge Funds Weigh In On Altair Engineering

Several institutional investors have recently added to or reduced their stakes in the stock. Creative Planning raised its stake in shares of Altair Engineering by 5.9% during the third quarter. Creative Planning now owns 11,279 shares of the software’s stock worth $1,077,000 after purchasing an additional 631 shares during the last quarter. Blue Trust Inc. lifted its stake in shares of Altair Engineering by 572.1% in the 3rd quarter. Blue Trust Inc. now owns 289 shares of the software’s stock worth $28,000 after acquiring an additional 246 shares during the period. Private Advisor Group LLC purchased a new position in Altair Engineering during the third quarter worth about $208,000. Ballentine Partners LLC boosted its stake in shares of Altair Engineering by 8.5% in the third quarter. Ballentine Partners LLC now owns 2,236 shares of the software’s stock valued at $214,000 after buying an additional 175 shares in the last quarter. Finally, Louisiana State Employees Retirement System grew its stake in shares of Altair Engineering by 2.5% during the 3rd quarter. Louisiana State Employees Retirement System now owns 16,500 shares of the software’s stock worth $1,576,000 after purchasing an additional 400 shares during the period. Institutional investors and hedge funds own 63.38% of the company’s stock.

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.