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

Shares of Altair Engineering Inc. (NASDAQ:ALTRGet Free Report) have earned an average recommendation of “Moderate Buy” from the six analysts that are presently covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $90.00.

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

Check Out Our Latest Research Report on Altair Engineering

Insider Transactions at Altair Engineering

In related news, CEO James Ralph Scapa sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $91.07, for a total value of $910,700.00. Following the completion of the transaction, the chief executive officer now directly owns 103,591 shares of the company’s stock, valued at $9,434,032.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO James Ralph Scapa sold 10,000 shares of Altair Engineering stock in a transaction on Friday, February 16th. The shares were sold at an average price of $91.07, for a total value of $910,700.00. Following the transaction, the chief executive officer now directly owns 103,591 shares in the company, valued at approximately $9,434,032.37. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder George J. Christ sold 12,783 shares of the stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $85.85, for a total transaction of $1,097,420.55. Following the transaction, the insider now directly owns 187,217 shares of the company’s stock, valued at $16,072,579.45. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 161,830 shares of company stock valued at $13,876,320. 21.75% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Altair Engineering

Large investors have recently made changes to their positions in the stock. Matrix Capital Management Company LP boosted its holdings in Altair Engineering by 8.3% during the fourth quarter. Matrix Capital Management Company LP now owns 12,233,174 shares of the software’s stock worth $1,029,422,000 after buying an additional 932,717 shares in the last quarter. Bain Capital Public Equity Management II LLC purchased a new position in Altair Engineering in the fourth quarter valued at about $57,728,000. Wellington Management Group LLP acquired a new stake in shares of Altair Engineering during the 3rd quarter valued at approximately $37,487,000. Victory Capital Management Inc. boosted its stake in shares of Altair Engineering by 95.7% during the 3rd quarter. Victory Capital Management Inc. now owns 392,414 shares of the software’s stock worth $24,549,000 after acquiring an additional 191,866 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Altair Engineering by 3.2% in the 3rd 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 period. Hedge funds and other institutional investors own 63.38% of the company’s stock.

Altair Engineering Price Performance

Altair Engineering stock opened at $83.58 on Thursday. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.32. Altair Engineering has a 52-week low of $57.59 and a 52-week high of $92.92. The firm’s fifty day moving average is $83.87 and its 200 day moving average is $78.83. The company has a market cap of $6.89 billion, a price-to-earnings ratio of -642.92, a PEG ratio of 11.09 and a beta of 1.42.

Altair Engineering (NASDAQ:ALTRGet Free Report) last released its earnings results on Thursday, February 22nd. The software reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.07. Altair Engineering had a positive return on equity of 3.77% and a negative net margin of 1.46%. The firm had revenue of $171.50 million for the quarter, compared to analysts’ expectations of $172.48 million. Sell-side analysts forecast that Altair Engineering will post 0.63 EPS for the current fiscal year.

About Altair Engineering

(Get Free Report

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.

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Analyst Recommendations for Altair Engineering (NASDAQ:ALTR)

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