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

Zacks Investment Research downgraded shares of Altair Engineering (NASDAQ:ALTR) from a hold rating to a strong sell rating in a research note released 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. “

A number of other research analysts also recently issued reports on the stock. Needham & Company LLC restated a buy rating and issued a $38.00 price target on shares of Altair Engineering in a research report on Friday, November 8th. William Blair downgraded shares of Altair Engineering from an outperform rating to a market perform rating in a research report on Friday, November 8th. Deutsche Bank downgraded shares of Altair Engineering from a buy rating to a hold rating and set a $36.00 price objective on the stock. in a research report on Friday, August 9th. Goldman Sachs Group began coverage on shares of Altair Engineering in a research report on Tuesday, November 12th. They issued a neutral rating and a $34.00 price objective on the stock. Finally, JPMorgan Chase & Co. cut their price objective on shares of Altair Engineering from $34.00 to $30.00 and set an underweight rating on the stock in a research report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. Altair Engineering presently has an average rating of Hold and a consensus target price of $36.95.

NASDAQ:ALTR traded up $0.50 during trading hours on Wednesday, reaching $28.88. 319,800 shares of the company were exchanged, compared to its average volume of 491,480. The stock has a 50 day simple moving average of $34.20 and a 200 day simple moving average of $36.57. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.52 and a quick ratio of 2.52. Altair Engineering has a 52-week low of $25.28 and a 52-week high of $43.28. The firm has a market cap of $2.04 billion, a price-to-earnings ratio of 78.05 and a beta of 1.50.

Altair Engineering (NASDAQ:ALTR) last posted its quarterly earnings results on Thursday, November 7th. The software reported ($0.09) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate 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 business had revenue of $102.70 million during the quarter, compared to the consensus estimate of $105.04 million. During the same quarter in the previous year, the business posted $0.10 earnings per share. The company’s quarterly revenue was up 18.3% compared to the same quarter last year. On average, analysts predict that Altair Engineering will post 0.2 EPS for the current fiscal year.

In related news, insider Martin E. Nichols sold 2,500 shares of Altair Engineering stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $33.79, for a total value of $84,475.00. Also, CEO James Ralph Scapa sold 90,000 shares of Altair Engineering stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $33.54, for a total transaction of $3,018,600.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 366,055 shares of company stock worth $12,385,980. 29.27% of the stock is currently owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in ALTR. First Trust Advisors LP increased its stake in Altair Engineering by 0.9% during the 1st quarter. First Trust Advisors LP now owns 59,237 shares of the software’s stock valued at $2,181,000 after buying an additional 511 shares during the period. Redwood Investments LLC acquired a new position in Altair Engineering during the 2nd quarter valued at about $10,555,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Altair Engineering during the 2nd quarter valued at about $73,000. ARK Investment Management LLC acquired a new position in Altair Engineering during the 2nd quarter valued at about $1,225,000. Finally, Advisor Group Inc. increased its stake in Altair Engineering by 63.7% during the 2nd quarter. Advisor Group Inc. now owns 1,020 shares of the software’s stock valued at $41,000 after buying an additional 397 shares during the period. 66.43% of the stock is currently owned by hedge funds and other institutional investors.

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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