Shares of Altair Engineering Inc (NASDAQ:ALTR) saw unusually-strong trading volume on Wednesday . Approximately 748,479 shares were traded during mid-day trading, an increase of 107% from the previous session’s volume of 361,941 shares.The stock last traded at $32.48 and had previously closed at $31.36.
A number of brokerages have recently issued reports on ALTR. Needham & Company LLC restated a “buy” rating and issued a $38.00 price objective on shares of Altair Engineering in a research note on Friday, November 8th. JPMorgan Chase & Co. decreased their target price 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. William Blair lowered shares of Altair Engineering from an “outperform” rating to a “market perform” rating in a research report on Friday, November 8th. Zacks Investment Research cut shares of Altair Engineering from a “hold” rating to a “strong sell” rating in a research note on Wednesday, November 13th. Finally, 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 target for the company. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. Altair Engineering has a consensus rating of “Hold” and a consensus target price of $36.95.
The company has a 50-day moving average of $33.05 and a 200 day moving average of $35.96. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.52 and a current ratio of 2.52. The firm has a market cap of $2.25 billion, a P/E ratio of 87.84 and a beta of 1.39.
In other news, insider Martin E. Nichols sold 2,500 shares of the company’s 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, insider James Dagg sold 8,000 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $35.00, for a total transaction of $280,000.00. Insiders sold a total of 189,215 shares of company stock worth $6,437,429 in the last 90 days. 29.27% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the business. Captrust Financial Advisors bought a new stake in Altair Engineering during the second quarter worth about $39,000. Advisor Group Inc. raised its stake in shares of Altair Engineering by 63.7% in the second quarter. Advisor Group Inc. now owns 1,020 shares of the software’s stock valued at $41,000 after acquiring an additional 397 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Altair Engineering by 116.4% in the second quarter. Tower Research Capital LLC TRC now owns 1,751 shares of the software’s stock valued at $71,000 after acquiring an additional 942 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Altair Engineering in the 2nd quarter worth approximately $73,000. Finally, US Bancorp DE boosted its holdings in shares of Altair Engineering by 83.5% in the 2nd quarter. US Bancorp DE now owns 2,299 shares of the software’s stock worth $93,000 after acquiring an additional 1,046 shares in the last quarter. Hedge funds and other institutional investors own 70.75% of the company’s stock.
About Altair Engineering (NASDAQ:ALTR)
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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