Shares of Altair Engineering Inc. (NASDAQ:ALTR – Get Free Report) saw unusually-high trading volume on Thursday after the company announced better than expected quarterly earnings. Approximately 1,206,100 shares traded hands during mid-day trading, an increase of 149% from the previous session’s volume of 484,657 shares.The stock last traded at $103.81 and had previously closed at $108.63.
The software reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.07. Altair Engineering had a return on equity of 6.89% and a net margin of 4.26%. The business had revenue of $151.45 million during the quarter, compared to analysts’ expectations of $146.55 million.
Wall Street Analysts Forecast Growth
ALTR has been the topic of several research analyst reports. JPMorgan Chase & Co. cut shares of Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 price target on the stock. in a report on Monday, July 15th. Royal Bank of Canada reissued a “sector perform” rating and set a $90.00 price objective on shares of Altair Engineering in a report on Wednesday, October 23rd. Loop Capital reaffirmed a “hold” rating and issued a $113.00 price target on shares of Altair Engineering in a research report on Thursday. William Blair restated a “market perform” rating on shares of Altair Engineering in a research note on Thursday. Finally, The Goldman Sachs Group lowered Altair Engineering from a “neutral” rating to a “sell” rating and lowered their price target for the company from $85.00 to $71.00 in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Altair Engineering presently has an average rating of “Hold” and an average price target of $97.43.
Insider Activity
In related news, CEO James Ralph Scapa sold 13,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $89.04, for a total value of $1,157,520.00. Following the sale, the chief executive officer now owns 134,045 shares in the company, valued at approximately $11,935,366.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Teresa A. Harris sold 620 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $82.57, for a total value of $51,193.40. Following the completion of the sale, the director now owns 21,242 shares of the company’s stock, valued at $1,753,951.94. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO James Ralph Scapa sold 13,000 shares of Altair Engineering stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $89.04, for a total transaction of $1,157,520.00. Following the sale, the chief executive officer now owns 134,045 shares of the company’s stock, valued at $11,935,366.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 360,360 shares of company stock valued at $35,476,660. Insiders own 21.75% of the company’s stock.
Institutional Trading of Altair Engineering
A number of hedge funds have recently added to or reduced their stakes in the company. William Blair Investment Management LLC acquired a new position in shares of Altair Engineering in the second quarter valued at approximately $91,589,000. Bank of New York Mellon Corp increased its position in Altair Engineering by 121.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 569,109 shares of the software’s stock worth $55,818,000 after purchasing an additional 312,448 shares during the period. Jane Street Group LLC lifted its holdings in Altair Engineering by 960.2% in the first quarter. Jane Street Group LLC now owns 303,672 shares of the software’s stock valued at $26,161,000 after acquiring an additional 275,030 shares during the period. Matrix Capital Management Company LP boosted its holdings in Altair Engineering by 1.6% during the first quarter. Matrix Capital Management Company LP now owns 12,430,000 shares of the software’s stock worth $1,070,844,000 after buying an additional 196,826 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Altair Engineering by 772.7% during the second quarter. Principal Financial Group Inc. now owns 212,560 shares of the software’s stock worth $20,848,000 after buying an additional 188,203 shares in the last quarter. 63.38% of the stock is owned by hedge funds and other institutional investors.
Altair Engineering Price Performance
The company has a debt-to-equity ratio of 0.29, a current ratio of 3.14 and a quick ratio of 3.14. The company has a 50-day moving average price of $93.72 and a two-hundred day moving average price of $91.29. The company has a market cap of $8.66 billion, a PE ratio of 1,158.89, a P/E/G ratio of 12.15 and a beta of 1.45.
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.
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