Analysts Set Altair Engineering Inc. (NASDAQ:ALTR) Price Target at $90.00

Shares of Altair Engineering Inc. (NASDAQ:ALTR) have been assigned an average recommendation of “Moderate Buy” from the six brokerages that are covering the company, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $90.00.

Several equities analysts recently commented on ALTR shares. Rosenblatt Securities reaffirmed a “neutral” rating and set a $88.00 price objective (up previously from $74.00) on shares of Altair Engineering in a research note on Friday, February 23rd. Royal Bank of Canada restated a “sector perform” rating and set a $90.00 target price on shares of Altair Engineering in a research report on Thursday, March 21st. Needham & Company LLC reiterated a “buy” rating and set a $100.00 price target on shares of Altair Engineering in a research report on Monday, March 25th. Oppenheimer raised their target price on shares of Altair Engineering from $95.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, February 23rd. Finally, JPMorgan Chase & Co. lifted their price target on Altair Engineering from $86.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 26th.

Insider Activity at Altair Engineering

In other Altair Engineering news, major shareholder Jrs Investments Llc sold 5,000 shares of Altair Engineering stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $91.07, for a total transaction of $455,350.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Altair Engineering news, major shareholder Christ Revocable Trust sold 3,904 shares of the firm’s stock in a transaction on Tuesday, March 26th. The stock was sold at an average price of $85.42, for a total value of $333,479.68. Following the transaction, the insider now owns 283,336 shares in the company, valued at approximately $24,202,561.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Jrs Investments Llc sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $91.07, for a total value of $455,350.00. The disclosure for this sale can be found here. Insiders have sold a total of 161,830 shares of company stock valued at $13,876,320 in the last ninety days. Company insiders own 21.75% of the company’s stock.

Institutional Trading of Altair Engineering

A number of hedge funds and other institutional investors have recently made changes to their positions in ALTR. Matrix Capital Management Company LP boosted its stake in shares of Altair Engineering by 8.3% in the fourth quarter. Matrix Capital Management Company LP now owns 12,233,174 shares of the software’s stock valued at $1,029,422,000 after purchasing an additional 932,717 shares during the period. Bain Capital Public Equity Management II LLC acquired a new position in shares of Altair Engineering during the fourth quarter worth about $57,728,000. Wellington Management Group LLP purchased a new stake in shares of Altair Engineering during the third quarter worth approximately $37,487,000. Victory Capital Management Inc. raised its holdings in Altair Engineering by 95.7% in the third quarter. Victory Capital Management Inc. now owns 392,414 shares of the software’s stock valued at $24,549,000 after acquiring an additional 191,866 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in Altair Engineering by 3.2% in the third quarter. Vanguard Group Inc. now owns 5,727,942 shares of the software’s stock worth $358,340,000 after acquiring an additional 179,838 shares during the last quarter. Institutional investors and hedge funds own 63.38% of the company’s stock.

Altair Engineering Stock Performance

NASDAQ:ALTR opened at $83.58 on Thursday. The company has a market capitalization of $6.89 billion, a P/E ratio of -642.92, a P/E/G ratio of 11.09 and a beta of 1.42. The business has a fifty day simple moving average of $83.87 and a two-hundred day simple moving average of $78.83. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.16 and a quick ratio of 2.16. Altair Engineering has a 1 year low of $57.59 and a 1 year high of $92.92.

Altair Engineering (NASDAQ:ALTR) last released its quarterly earnings data on Thursday, February 22nd. The software reported $0.29 EPS for the quarter, topping the consensus estimate of $0.22 by $0.07. The company had revenue of $171.50 million during the quarter, compared to the consensus estimate of $172.48 million. Altair Engineering had a negative net margin of 1.46% and a positive return on equity of 3.77%. On average, analysts expect that Altair Engineering will post 0.63 earnings per share for the current year.

About Altair Engineering

Altair Engineering Inc, together with its subsidiaries, provides software and cloud solutions in the areas of simulation and design, high-performance computing, data analytics, and artificial intelligence in the United States and internationally. It operates in two segments, Software and Client Engineering Services.