Altair Engineering’s (ALTR) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Altair Engineering (NASDAQ:ALTR) in a report issued on Friday, AnalystRatings.com reports. The firm currently has a $38.00 price target on the software’s stock.

Several other equities research analysts have also commented on the company. JPMorgan Chase & Co. restated an underweight rating on shares of Altair Engineering in a research note on Wednesday, September 11th. Deutsche Bank lowered Altair Engineering from a buy rating to a hold rating and set a $36.00 price target for the company. in a research note on Friday, August 9th. Finally, Zacks Investment Research upgraded Altair Engineering from a sell rating to a hold rating in a research note on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $37.28.

NASDAQ:ALTR traded down $1.13 on Friday, hitting $28.87. 1,083,723 shares of the stock were exchanged, compared to its average volume of 360,965. The stock has a market cap of $2.72 billion, a PE ratio of 78.03 and a beta of 1.50. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.54. The stock has a fifty day moving average of $34.80 and a 200-day moving average of $36.84. Altair Engineering has a fifty-two week low of $25.28 and a fifty-two week high of $43.28.

Altair Engineering (NASDAQ:ALTR) last announced its quarterly earnings results on Thursday, November 7th. The software reported ($0.09) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($0.14). The firm had revenue of $102.70 million for the quarter, compared to analyst estimates of $105.04 million. Altair Engineering had a return on equity of 9.71% and a net margin of 1.48%. The business’s revenue was up 18.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.10 earnings per share. As a group, analysts predict that Altair Engineering will post 0.49 earnings per share for the current year.

In other news, insider Uwe Schramm sold 8,000 shares of the stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $30.00, for a total value of $240,000.00. Also, major shareholder Christ Revocable Trust sold 69,806 shares of the stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $34.79, for a total value of $2,428,550.74. Insiders have sold 368,555 shares of company stock valued at $12,470,855 over the last 90 days. 29.27% of the stock is currently owned by insiders.

Several hedge funds have recently bought and sold shares of the company. Comerica Bank acquired a new stake in shares of Altair Engineering in the third quarter valued at about $2,052,000. California Public Employees Retirement System grew its stake in shares of Altair Engineering by 287.2% in the third quarter. California Public Employees Retirement System now owns 80,336 shares of the software’s stock valued at $2,781,000 after buying an additional 59,590 shares in the last quarter. BB&T Securities LLC grew its stake in shares of Altair Engineering by 20.7% in the third quarter. BB&T Securities LLC now owns 7,283 shares of the software’s stock valued at $242,000 after buying an additional 1,251 shares in the last quarter. Conestoga Capital Advisors LLC acquired a new stake in shares of Altair Engineering in the third quarter valued at about $55,379,000. Finally, Rhumbline Advisers grew its stake in shares of Altair Engineering by 0.8% in the third quarter. Rhumbline Advisers now owns 49,082 shares of the software’s stock valued at $1,699,000 after buying an additional 386 shares in the last quarter. Institutional investors and hedge funds own 66.40% of the company’s stock.

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.

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Analyst Recommendations for Altair Engineering (NASDAQ:ALTR)

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