Zacks Investment Research downgraded shares of Altair Engineering (NASDAQ:ALTR) from a buy rating to a hold rating in a research report sent to investors on Monday morning.
According to Zacks, “Altair Engineering Inc. is focused on the development and broad application of simulation technology to synthesize and optimize designs, processes and decisions for business performance. The company serves broad industry segments. Altair Engineering Inc. is headquartered in Michigan, USA. “
ALTR has been the subject of several other research reports. Needham & Company LLC upped their target price on shares of Altair Engineering from $40.00 to $42.00 and gave the stock a buy rating in a research note on Thursday, March 14th. ValuEngine upgraded shares of Altair Engineering from a hold rating to a buy rating in a research note on Saturday, December 1st. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $38.57.
NASDAQ ALTR opened at $38.26 on Monday. Altair Engineering has a 1 year low of $25.28 and a 1 year high of $43.99. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.21 and a quick ratio of 1.19. The firm has a market capitalization of $2.76 billion, a PE ratio of 185.81 and a beta of 1.63.
In related news, Director Jan Kowal sold 8,000 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $37.62, for a total transaction of $300,960.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Martin E. Nichols sold 5,000 shares of the stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $35.59, for a total transaction of $177,950.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,000 shares of company stock valued at $621,350. 38.24% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of ALTR. Vanguard Group Inc. boosted its position in Altair Engineering by 11.4% during the third quarter. Vanguard Group Inc. now owns 2,733,081 shares of the software’s stock worth $118,752,000 after purchasing an additional 280,056 shares during the period. Vanguard Group Inc boosted its position in Altair Engineering by 11.4% during the third quarter. Vanguard Group Inc now owns 2,733,081 shares of the software’s stock worth $118,752,000 after purchasing an additional 280,056 shares during the period. BlackRock Inc. boosted its position in Altair Engineering by 15.3% during the third quarter. BlackRock Inc. now owns 2,536,341 shares of the software’s stock worth $110,204,000 after purchasing an additional 337,323 shares during the period. Alliancebernstein L.P. boosted its position in Altair Engineering by 870.0% during the third quarter. Alliancebernstein L.P. now owns 1,457,602 shares of the software’s stock worth $63,333,000 after purchasing an additional 1,307,332 shares during the period. Finally, Polar Capital LLP bought a new position in Altair Engineering during the fourth quarter worth about $20,295,000. Institutional investors own 37.98% of the company’s stock.
About Altair Engineering
Altair Engineering Inc, together with its subsidiaries, provides software and cloud solutions worldwide. The company operates through two segments, Software and Client Engineering Services. Its integrated suite of multi-disciplinary computer aided engineering software optimizes design performance across various disciplines, including structures, motion, fluids, thermal management, electromagnetics, system modeling and embedded systems.
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