Eagle Asset Management Inc. trimmed its holdings in shares of Altair Engineering Inc (NASDAQ:ALTR) by 0.4% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 182,294 shares of the software’s stock after selling 788 shares during the quarter. Eagle Asset Management Inc.’s holdings in Altair Engineering were worth $6,311,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Atria Investments LLC bought a new stake in Altair Engineering during the 2nd quarter worth approximately $197,000. Janus Henderson Group PLC increased its stake in Altair Engineering by 8.1% during the 2nd quarter. Janus Henderson Group PLC now owns 647,520 shares of the software’s stock worth $26,153,000 after purchasing an additional 48,660 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Altair Engineering during the 2nd quarter worth approximately $73,000. BB&T Securities LLC bought a new stake in Altair Engineering during the 2nd quarter worth approximately $243,000. Finally, Renaissance Technologies LLC increased its stake in Altair Engineering by 127.4% during the 2nd quarter. Renaissance Technologies LLC now owns 87,500 shares of the software’s stock worth $3,534,000 after purchasing an additional 49,024 shares in the last quarter. 66.43% of the stock is owned by institutional investors and hedge funds.
A number of analysts recently issued reports on the company. Deutsche Bank cut Altair Engineering from a “buy” rating to a “hold” rating and set a $36.00 target price for the company. in a research note on Friday, August 9th. JPMorgan Chase & Co. reduced their price target on Altair Engineering from $34.00 to $30.00 and set an “underweight” rating for the company in a research report on Friday. Zacks Investment Research raised Altair Engineering from a “sell” rating to a “hold” rating in a research report on Wednesday, October 9th. Goldman Sachs Group assumed coverage on Altair Engineering in a research report on Tuesday. They set a “neutral” rating and a $34.00 price target for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $38.00 price target on shares of Altair Engineering in a research report on Friday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. Altair Engineering presently has a consensus rating of “Hold” and a consensus target price of $36.81.
Altair Engineering (NASDAQ:ALTR) last released its quarterly earnings results on Thursday, November 7th. The software reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.14). Altair Engineering had a positive return on equity of 4.40% and a negative net margin of 3.85%. The firm had revenue of $102.70 million for the quarter, compared to analyst estimates of $105.04 million. During the same period last year, the company earned $0.10 EPS. The company’s revenue was up 18.3% compared to the same quarter last year. As a group, analysts anticipate that Altair Engineering Inc will post 0.49 earnings per share for the current fiscal year.
In other news, major shareholder R. Scapa Declaration Of James sold 80,000 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $33.51, for a total value of $2,680,800.00. Following the completion of the sale, the insider now owns 75,960 shares of the company’s stock, valued at approximately $2,545,419.60. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Uwe Schramm sold 8,000 shares of the stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $30.00, for a total value of $240,000.00. In the last ninety days, insiders have sold 368,555 shares of company stock valued at $12,470,855. Insiders own 29.27% of the company’s stock.
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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