Short Interest in Altair Engineering Inc. (NASDAQ:ALTR) Drops By 29.7%

Altair Engineering Inc. (NASDAQ:ALTR) saw a significant decline in short interest in November. As of November 15th, there was short interest totalling 3,150,000 shares, a decline of 29.7% from the October 31st total of 4,480,000 shares. Based on an average daily trading volume, of 830,400 shares, the short-interest ratio is currently 3.8 days.

Altair Engineering Stock Performance

NASDAQ ALTR traded up $0.19 during mid-day trading on Friday, reaching $105.61. 285,644 shares of the stock were exchanged, compared to its average volume of 587,791. The company has a market capitalization of $8.99 billion, a P/E ratio of 277.93, a P/E/G ratio of 12.12 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 business’s 50 day moving average is $100.49 and its 200-day moving average is $94.52. Altair Engineering has a 1 year low of $70.07 and a 1 year high of $113.12.

Insider Buying and Selling

In other news, insider Ravi Kunju sold 360 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $103.65, for a total transaction of $37,314.00. Following the transaction, the insider now owns 30,305 shares of the company’s stock, valued at approximately $3,141,113.25. The trade was a 1.17 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jeffrey Marraccini sold 1,824 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $104.10, for a total transaction of $189,878.40. Following the completion of the sale, the insider now owns 4,680 shares of the company’s stock, valued at $487,188. This trade represents a 28.04 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 343,044 shares of company stock worth $33,980,921. Corporate insiders own 21.75% of the company’s stock.

Hedge Funds Weigh In On Altair Engineering

A number of large investors have recently bought and sold shares of the business. Blue Trust Inc. lifted its holdings in Altair Engineering by 572.1% during the third quarter. Blue Trust Inc. now owns 289 shares of the software’s stock valued at $28,000 after purchasing an additional 246 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Altair Engineering by 81.7% in the 2nd quarter. GAMMA Investing LLC now owns 418 shares of the software’s stock worth $41,000 after buying an additional 188 shares during the last quarter. FSC Wealth Advisors LLC increased its stake in 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 buying an additional 243 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Altair Engineering by 41.7% during the second quarter. Van ECK Associates Corp now owns 1,057 shares of the software’s stock valued at $104,000 after acquiring an additional 311 shares during the last quarter. Finally, KBC Group NV raised its holdings in shares of Altair Engineering by 17.9% during the third quarter. KBC Group NV now owns 1,640 shares of the software’s stock valued at $157,000 after acquiring an additional 249 shares during the last quarter. Institutional investors and hedge funds own 63.38% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on ALTR shares. Loop Capital reissued a “hold” rating and set a $113.00 target price on shares of Altair Engineering in a research report on Thursday, October 31st. William Blair reiterated a “market perform” rating on shares of Altair Engineering in a research note on Thursday, October 31st. Rosenblatt Securities raised their price objective on Altair Engineering from $88.00 to $113.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Needham & Company LLC reiterated a “hold” rating and issued a $100.00 target price on shares of Altair Engineering in a research report on Thursday, October 31st. Finally, The Goldman Sachs Group lowered shares of Altair Engineering from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $85.00 to $71.00 in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Altair Engineering presently has an average rating of “Hold” and a consensus price target of $100.71.

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.