Altair Engineering (NASDAQ:ALTR) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Altair Engineering (NASDAQ:ALTR) from a strong-buy rating to a hold rating in a research report report published on Tuesday, Zacks.com reports.

According to Zacks, “Altair Engineering Inc. is focused on the development and broad application of simulation technology to synthesize and optimize designs, processes and decisions for business performance. The company serves broad industry segments. Altair Engineering Inc. is headquartered in Michigan, USA. “

Other research analysts have also issued reports about the company. Guggenheim assumed coverage on Altair Engineering in a report on Tuesday, March 19th. They set a neutral rating and a $37.70 target price on the stock. ValuEngine lowered Zymeworks from a buy rating to a hold rating in a report on Saturday, May 18th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $39.28.



ALTR stock opened at $41.40 on Tuesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.09 and a quick ratio of 1.06. The firm has a market cap of $2.99 billion, a price-to-earnings ratio of 110.74 and a beta of 1.40. Altair Engineering has a 1-year low of $25.28 and a 1-year high of $43.99. The business’s 50 day simple moving average is $39.22.

Altair Engineering (NASDAQ:ALTR) last posted its earnings results on Thursday, May 9th. The software reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. The business had revenue of $127.86 million for the quarter, compared to analyst estimates of $125.82 million. Altair Engineering had a return on equity of 11.56% and a net margin of 2.62%. The firm’s revenue was up 12.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.35 EPS. As a group, research analysts predict that Altair Engineering will post 0.52 EPS for the current fiscal year.

In other Altair Engineering news, major shareholder Gc Investments Llc sold 20,076 shares of the company’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $42.21, for a total value of $847,407.96. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO James Ralph Scapa sold 20,112 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $38.30, for a total value of $770,289.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 373,436 shares of company stock worth $14,326,255. Insiders own 29.27% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Neuberger Berman Group LLC grew its holdings in Altair Engineering by 20.9% in the 1st quarter. Neuberger Berman Group LLC now owns 2,707,777 shares of the software’s stock valued at $99,673,000 after buying an additional 467,553 shares in the last quarter. Primecap Management Co. CA grew its holdings in Altair Engineering by 21.3% in the 1st quarter. Primecap Management Co. CA now owns 1,150,000 shares of the software’s stock valued at $42,331,000 after buying an additional 201,800 shares in the last quarter. Wasatch Advisors Inc. grew its holdings in Altair Engineering by 14.4% in the 1st quarter. Wasatch Advisors Inc. now owns 944,091 shares of the software’s stock valued at $34,752,000 after buying an additional 118,943 shares in the last quarter. Janus Henderson Group PLC grew its holdings in Altair Engineering by 17.1% in the 1st quarter. Janus Henderson Group PLC now owns 598,860 shares of the software’s stock valued at $22,044,000 after buying an additional 87,374 shares in the last quarter. Finally, Lord Abbett & CO. LLC grew its holdings in Altair Engineering by 12.7% in the 4th quarter. Lord Abbett & CO. LLC now owns 399,317 shares of the software’s stock valued at $11,013,000 after buying an additional 45,000 shares in the last quarter. 38.54% of the stock is currently owned by hedge funds and other institutional investors.

Altair Engineering Company Profile

Altair Engineering Inc, together with its subsidiaries, provides software and cloud solutions worldwide. The company operates through two segments, Software and Client Engineering Services. Its integrated suite of multi-disciplinary computer aided engineering software optimizes design performance across various disciplines, including structures, motion, fluids, thermal management, electromagnetics, system modeling and embedded systems.

See Also: How Do Investors Open a Backdoor Roth IRA?

Get a free copy of the Zacks research report on Altair Engineering (ALTR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Altair Engineering (NASDAQ:ALTR)

Receive News & Ratings for Altair Engineering Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Altair Engineering and related companies with MarketBeat.com's FREE daily email newsletter.