Altair Engineering (NASDAQ:ALTR) Downgraded by Zacks Investment Research to “Sell”

Altair Engineering (NASDAQ:ALTR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday, 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. “

Several other equities analysts have also issued reports on ALTR. Deutsche Bank lowered Altair Engineering from a “buy” rating to a “hold” rating and set a $36.00 target price for the company. in a report on Friday, August 9th. Needham & Company LLC reissued a “buy” rating and set a $40.00 price objective (down from $42.00) on shares of Altair Engineering in a report on Monday. Finally, ValuEngine lowered Altair Engineering from a “buy” rating to a “hold” rating in a report on Saturday, May 18th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $39.14.



Shares of ALTR stock traded down $0.69 during trading on Wednesday, hitting $34.12. The company’s stock had a trading volume of 16,823 shares, compared to its average volume of 338,105. The company has a market cap of $2.47 billion, a P/E ratio of 92.22 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 business’s fifty day moving average is $40.76. Altair Engineering has a 52 week low of $25.28 and a 52 week high of $43.99.

Altair Engineering (NASDAQ:ALTR) last released its earnings results on Thursday, August 8th. The software reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.02. The company had revenue of $106.80 million during the quarter, compared to analyst estimates of $108.69 million. Altair Engineering had a return on equity of 10.57% and a net margin of 1.48%. Altair Engineering’s quarterly revenue was up 13.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.05 earnings per share. On average, sell-side analysts expect that Altair Engineering will post 0.52 EPS for the current fiscal year.

In other Altair Engineering news, CEO James Ralph Scapa sold 83,700 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $36.86, for a total transaction of $3,085,182.00. 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 429,795 shares of company stock valued at $17,021,625. 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. Dimensional Fund Advisors LP bought a new position in shares of Altair Engineering during the 4th quarter worth approximately $536,000. Bank of America Corp DE boosted its stake in shares of Altair Engineering by 19.7% during the 4th quarter. Bank of America Corp DE now owns 44,284 shares of the software’s stock worth $1,222,000 after acquiring an additional 7,282 shares during the period. Legal & General Group Plc boosted its stake in shares of Altair Engineering by 313.6% during the 4th quarter. Legal & General Group Plc now owns 18,869 shares of the software’s stock worth $520,000 after acquiring an additional 14,307 shares during the period. American Century Companies Inc. bought a new position in shares of Altair Engineering during the 4th quarter worth approximately $676,000. Finally, Deutsche Bank AG boosted its stake in shares of Altair Engineering by 34.6% during the 4th quarter. Deutsche Bank AG now owns 81,545 shares of the software’s stock worth $2,248,000 after acquiring an additional 20,967 shares during the period. 39.85% of the stock is owned by institutional investors and hedge funds.

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.

Featured Article: What is a CD ladder?

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.