Altair Engineering (NASDAQ:ALTR) Rating Increased to Buy at Zacks Investment Research

Altair Engineering (NASDAQ:ALTR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday, Zacks.com reports. The brokerage presently has a $46.00 price objective on the software’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 9.03% from the company’s current price.

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. “

Separately, 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 an average rating of “Hold” and an average price target of $40.28.



ALTR stock opened at $42.19 on Monday. The company has a market capitalization of $3.00 billion, a price-to-earnings ratio of 114.03 and a beta of 1.40. The company has a current ratio of 1.09, a quick ratio of 1.06 and a debt-to-equity ratio of 0.12. The firm has a 50 day simple moving average of $39.53. Altair Engineering has a 12-month low of $25.28 and a 12-month high of $43.99.

Altair Engineering (NASDAQ:ALTR) last released its earnings results on Thursday, May 9th. The software reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.04. The company had revenue of $127.86 million during 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%. Altair Engineering’s quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.35 earnings per share. On average, equities research analysts anticipate that Altair Engineering will post 0.52 earnings per share for the current year.

In other Altair Engineering news, CEO James Ralph Scapa sold 20,112 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $38.30, for a total transaction of $770,289.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Howard N. Morof sold 4,000 shares of the stock in a transaction on Friday, May 17th. The shares were sold at an average price of $36.14, for a total value of $144,560.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 373,436 shares of company stock valued at $14,326,255. 29.27% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in ALTR. Prudential Financial Inc. bought a new position in Altair Engineering during the fourth quarter valued at $579,000. California Public Employees Retirement System lifted its position in shares of Altair Engineering by 173.0% during the fourth quarter. California Public Employees Retirement System now owns 15,779 shares of the software’s stock worth $435,000 after acquiring an additional 10,000 shares in the last quarter. Dimensional Fund Advisors LP purchased a new stake in shares of Altair Engineering during the fourth quarter worth $536,000. Geode Capital Management LLC lifted its position in shares of Altair Engineering by 10.6% during the fourth quarter. Geode Capital Management LLC now owns 310,603 shares of the software’s stock worth $8,566,000 after acquiring an additional 29,726 shares in the last quarter. Finally, Barclays PLC lifted its position in shares of Altair Engineering by 32.0% during the fourth quarter. Barclays PLC now owns 15,727 shares of the software’s stock worth $435,000 after acquiring an additional 3,815 shares in the last quarter. 38.54% of the stock is owned by institutional investors and hedge funds.

About Altair Engineering

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.

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