New York Life Investment Management LLC Has $503,000 Stake in Altair Engineering Inc. (NASDAQ:ALTR)

New York Life Investment Management LLC increased its holdings in Altair Engineering Inc. (NASDAQ:ALTR) by 6.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,982 shares of the software’s stock after buying an additional 376 shares during the period. New York Life Investment Management LLC’s holdings in Altair Engineering were worth $503,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. Teachers Retirement System of The State of Kentucky bought a new stake in Altair Engineering during the third quarter worth about $1,049,000. Comerica Bank bought a new stake in Altair Engineering during the third quarter worth $11,051,000. Lazard Asset Management LLC boosted its holdings in shares of Altair Engineering by 168,148.1% in the 3rd quarter. Lazard Asset Management LLC now owns 45,427 shares of the software’s stock valued at $2,841,000 after purchasing an additional 45,400 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Altair Engineering by 4.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 415,538 shares of the software’s stock valued at $25,996,000 after purchasing an additional 16,075 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its stake in shares of Altair Engineering by 22.8% in the 3rd quarter. Ameriprise Financial Inc. now owns 951,698 shares of the software’s stock valued at $59,538,000 after purchasing an additional 176,780 shares during the last quarter. 63.38% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Rosenblatt Securities restated a “neutral” rating and issued a $88.00 price target on shares of Altair Engineering in a research note on Monday, April 29th. Needham & Company LLC reiterated a “buy” rating and issued a $100.00 price target on shares of Altair Engineering in a research note on Friday, May 3rd. JPMorgan Chase & Co. boosted their price objective on Altair Engineering from $86.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 26th. Oppenheimer increased their target price on Altair Engineering from $95.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, February 23rd. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $90.00 price target on shares of Altair Engineering in a report on Thursday, March 21st. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $94.60.

Insider Activity

In other Altair Engineering news, major shareholder George J. Christ sold 87,217 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $85.12, for a total transaction of $7,423,911.04. Following the sale, the insider now owns 100,000 shares of the company’s stock, valued at $8,512,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Altair Engineering news, Director Teresa A. Harris sold 620 shares of Altair Engineering stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $82.89, for a total value of $51,391.80. Following the completion of the sale, the director now directly owns 18,895 shares of the company’s stock, valued at $1,566,206.55. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder George J. Christ sold 87,217 shares of the business’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $85.12, for a total value of $7,423,911.04. Following the completion of the sale, the insider now directly owns 100,000 shares of the company’s stock, valued at $8,512,000. The disclosure for this sale can be found here. In the last three months, insiders have sold 249,667 shares of company stock valued at $21,351,623. 21.75% of the stock is currently owned by insiders.

Altair Engineering Stock Up 0.6 %

Shares of ALTR opened at $85.68 on Friday. The stock’s 50-day moving average price is $83.22 and its two-hundred day moving average price is $79.88. Altair Engineering Inc. has a 12 month low of $57.59 and a 12 month high of $92.92. The company has a market capitalization of $7.07 billion, a PE ratio of 952.00, a PEG ratio of 10.86 and a beta of 1.42. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.30.

Altair Engineering (NASDAQ:ALTR) last announced its earnings results on Thursday, May 2nd. The software reported $0.40 EPS for the quarter, beating the consensus estimate of $0.34 by $0.06. Altair Engineering had a return on equity of 5.60% and a net margin of 1.55%. The business had revenue of $172.91 million for the quarter, compared to analysts’ expectations of $169.29 million. During the same period in the prior year, the business posted $0.13 earnings per share. The firm’s revenue was up 4.1% on a year-over-year basis. On average, analysts anticipate that Altair Engineering Inc. will post 0.63 EPS for the current year.

Altair Engineering Company Profile

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.