Altair Engineering (NASDAQ:ALTR) Sees Large Volume Increase – Here’s Why

Altair Engineering Inc. (NASDAQ:ALTR) shares saw an uptick in trading volume on Wednesday . 2,470,905 shares traded hands during trading, an increase of 355% from the previous session’s volume of 543,271 shares.The stock last traded at $103.93 and had previously closed at $104.52.

Analyst Ratings Changes

A number of brokerages have weighed in on ALTR. The Goldman Sachs Group cut shares of Altair Engineering from a “neutral” rating to a “sell” rating and dropped their price target for the company from $85.00 to $71.00 in a research report on Friday, August 2nd. Rosenblatt Securities raised their price objective on shares of Altair Engineering from $88.00 to $113.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Loop Capital reissued a “hold” rating and issued a $113.00 price objective on shares of Altair Engineering in a research note on Thursday, October 31st. Needham & Company LLC reissued a “hold” rating and issued a $100.00 price objective on shares of Altair Engineering in a research note on Thursday, October 31st. Finally, Royal Bank of Canada raised their price objective on shares of Altair Engineering from $90.00 to $113.00 and gave the company a “sector perform” rating in a research note on Thursday, October 31st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, Altair Engineering currently has an average rating of “Hold” and an average price target of $100.71.

Altair Engineering Stock Down 0.5 %

The firm has a market cap of $8.83 billion, a PE ratio of 275.05, a P/E/G ratio of 13.28 and a beta of 1.44. The company has a debt-to-equity ratio of 0.27, a quick ratio of 3.27 and a current ratio of 3.27. The firm’s 50-day moving average price is $94.86 and its two-hundred day moving average price is $92.01.

Insider Activity

In other news, major shareholder Jrs Investments Llc sold 6,500 shares of Altair Engineering stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $89.04, for a total value of $578,760.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Altair Engineering news, Director Teresa A. Harris sold 620 shares of the business’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $104.10, for a total value of $64,542.00. Following the transaction, the director now directly owns 21,242 shares of the company’s stock, valued at approximately $2,211,292.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Jrs Investments Llc sold 6,500 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $89.04, for a total transaction of $578,760.00. The disclosure for this sale can be found here. Insiders have sold 360,360 shares of company stock valued at $35,490,008 in the last ninety days. 21.75% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Altair Engineering

Institutional investors have recently bought and sold shares of the company. Blue Trust Inc. increased its stake in Altair Engineering by 572.1% in the 3rd quarter. Blue Trust Inc. now owns 289 shares of the software’s stock valued at $28,000 after buying an additional 246 shares during the period. GAMMA Investing LLC boosted its position in shares of Altair Engineering by 81.7% during the 2nd quarter. GAMMA Investing LLC now owns 418 shares of the software’s stock worth $41,000 after purchasing an additional 188 shares in the last quarter. FSC Wealth Advisors LLC boosted its position in shares of Altair Engineering by 41.3% during the 2nd quarter. FSC Wealth Advisors LLC now owns 832 shares of the software’s stock worth $82,000 after purchasing an additional 243 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Altair Engineering by 41.7% during the 2nd quarter. Van ECK Associates Corp now owns 1,057 shares of the software’s stock worth $104,000 after purchasing an additional 311 shares in the last quarter. Finally, KBC Group NV boosted its position in shares of Altair Engineering by 17.9% during the 3rd quarter. KBC Group NV now owns 1,640 shares of the software’s stock worth $157,000 after purchasing an additional 249 shares in the last quarter. 63.38% of the stock is owned by institutional investors and hedge funds.

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.