Altair Engineering (NASDAQ:ALTR) Releases Earnings Results, Beats Expectations By $0.07 EPS

Altair Engineering (NASDAQ:ALTR) posted its quarterly earnings results on Wednesday. The software reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.07, reports. Altair Engineering had a net margin of 5.10% and a return on equity of 7.70%. The firm had revenue of $151.45 million for the quarter, compared to the consensus estimate of $146.55 million.

Altair Engineering Stock Up 0.0 %

NASDAQ:ALTR opened at $104.00 on Friday. Altair Engineering has a 52 week low of $57.59 and a 52 week high of $113.12. The stock’s fifty day moving average is $94.30 and its two-hundred day moving average is $91.54. The stock has a market capitalization of $8.83 billion, a price-to-earnings ratio of 273.68, a price-to-earnings-growth ratio of 13.87 and a beta of 1.45. The company has a quick ratio of 3.14, a current ratio of 3.14 and a debt-to-equity ratio of 0.29.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Loop Capital reissued a “hold” rating and issued a $113.00 target price on shares of Altair Engineering in a research note on Thursday. Needham & Company LLC reiterated a “hold” rating and set a $100.00 price objective on shares of Altair Engineering in a research report on Thursday. William Blair reissued a “market perform” rating on shares of Altair Engineering in a research note on Thursday. The Goldman Sachs Group downgraded Altair Engineering from a “neutral” rating to a “sell” rating and cut their target price for the stock from $85.00 to $71.00 in a research note on Friday, August 2nd. Finally, JPMorgan Chase & Co. lowered shares of Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 price objective for the company. in a report on Monday, July 15th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $100.71.

Insider Activity at Altair Engineering

In related news, Director Teresa A. Harris sold 620 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $82.57, for a total transaction of $51,193.40. Following the sale, the director now directly owns 21,242 shares of the company’s stock, valued at $1,753,951.94. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, major shareholder Christ Revocable Trust sold 100,000 shares of the stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $106.57, for a total value of $10,657,000.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Teresa A. Harris sold 620 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $82.57, for a total value of $51,193.40. Following the completion of the transaction, the director now owns 21,242 shares in the company, valued at approximately $1,753,951.94. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 360,360 shares of company stock worth $35,476,660 in the last three months. 21.75% of the stock is owned by company insiders.

Hedge Funds Weigh In On Altair Engineering

Several large investors have recently bought and sold shares of the stock. Matrix Capital Management Company LP increased its position 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 during the period. Vanguard Group Inc. raised its position in Altair Engineering by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 5,944,285 shares of the software’s stock valued at $512,100,000 after purchasing an additional 182,840 shares during the last quarter. Conestoga Capital Advisors LLC raised its position in Altair Engineering by 1.4% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 2,522,551 shares of the software’s stock valued at $240,929,000 after purchasing an additional 33,985 shares during the last quarter. William Blair Investment Management LLC acquired a new stake in Altair Engineering during the 2nd quarter worth $91,589,000. Finally, Bank of New York Mellon Corp boosted its stake in shares of Altair Engineering by 121.7% during the second quarter. Bank of New York Mellon Corp now owns 569,109 shares of the software’s stock worth $55,818,000 after buying an additional 312,448 shares during the period. Institutional investors and hedge funds own 63.38% of the company’s stock.

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.