Altair Engineering (NASDAQ:ALTR) Sees Strong Trading Volume

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.

Altair Engineering (NASDAQ:ALTR) last announced 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 negative net margin of 3.85% and a positive return on equity of 4.40%. The company had revenue of $102.70 million during the quarter, compared to the consensus estimate of $105.04 million. During the same quarter last year, the company earned $0.10 earnings per share. The business’s revenue was up 18.3% on a year-over-year basis. Sell-side analysts anticipate that Altair Engineering Inc will post 0.2 EPS for the current fiscal year.

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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