Altair Engineering (NASDAQ:ALTR) Rating Reiterated by Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of Altair Engineering (NASDAQ:ALTR) in a research report sent to investors on Wednesday, Benzinga reports. Royal Bank of Canada currently has a $90.00 price objective on the software’s stock.

ALTR has been the subject of several other reports. JPMorgan Chase & Co. downgraded shares of Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 price target for the company. in a research note on Monday, July 15th. Needham & Company LLC reaffirmed a “buy” rating and issued a $100.00 price target on shares of Altair Engineering in a research note on Friday, August 2nd. Finally, The Goldman Sachs Group cut shares of Altair Engineering from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $85.00 to $71.00 in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Altair Engineering presently has a consensus rating of “Hold” and a consensus target price of $90.67.

Altair Engineering Trading Down 1.0 %

ALTR opened at $103.44 on Wednesday. Altair Engineering has a 1-year low of $57.59 and a 1-year high of $112.15. The company has a current ratio of 3.14, a quick ratio of 3.14 and a debt-to-equity ratio of 0.29. The company has a market cap of $8.59 billion, a P/E ratio of 1,149.33, a price-to-earnings-growth ratio of 12.15 and a beta of 1.45. The company has a fifty day moving average price of $92.65 and a two-hundred day moving average price of $90.74.

Altair Engineering (NASDAQ:ALTR) last posted its quarterly earnings results on Thursday, August 1st. The software reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.01. Altair Engineering had a net margin of 4.26% and a return on equity of 6.89%. The firm had revenue of $148.80 million during the quarter, compared to the consensus estimate of $146.88 million. During the same period in the previous year, the firm posted ($0.15) earnings per share. The business’s revenue was up 5.4% compared to the same quarter last year. Analysts predict that Altair Engineering will post 0.65 EPS for the current fiscal year.

Insider Activity

In related news, CEO James Ralph Scapa sold 13,000 shares of the business’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $88.11, for a total transaction of $1,145,430.00. Following the transaction, the chief executive officer now directly owns 134,045 shares in the company, valued at approximately $11,810,704.95. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Teresa A. Harris sold 620 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $82.57, for a total transaction of $51,193.40. Following the transaction, the director now directly owns 21,242 shares in the company, valued at approximately $1,753,951.94. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO James Ralph Scapa sold 13,000 shares of the business’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $88.11, for a total transaction of $1,145,430.00. Following the transaction, the chief executive officer now owns 134,045 shares in the company, valued at approximately $11,810,704.95. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 360,360 shares of company stock worth $35,194,300 over the last three months. 21.75% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ALTR. New York State Teachers Retirement System grew its position in shares of Altair Engineering by 1.2% during the 3rd quarter. New York State Teachers Retirement System now owns 8,500 shares of the software’s stock valued at $812,000 after acquiring an additional 100 shares during the period. State of Alaska Department of Revenue grew its position in shares of Altair Engineering by 11.5% during the 3rd quarter. State of Alaska Department of Revenue now owns 6,900 shares of the software’s stock valued at $659,000 after acquiring an additional 710 shares during the period. Louisiana State Employees Retirement System grew its position in shares of Altair Engineering by 2.5% during the 3rd quarter. Louisiana State Employees Retirement System now owns 16,500 shares of the software’s stock valued at $1,576,000 after acquiring an additional 400 shares during the period. Ballentine Partners LLC grew its position in shares of Altair Engineering by 8.5% during the 3rd quarter. Ballentine Partners LLC now owns 2,236 shares of the software’s stock valued at $214,000 after acquiring an additional 175 shares during the period. Finally, Moody Aldrich Partners LLC grew its position in shares of Altair Engineering by 15.2% during the 3rd quarter. Moody Aldrich Partners LLC now owns 75,233 shares of the software’s stock valued at $7,186,000 after acquiring an additional 9,907 shares during the period. 63.38% of the stock is currently owned by hedge funds and other institutional investors.

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.