Altair Engineering’s (ALTR) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Altair Engineering (NASDAQ:ALTR) in a report released on Friday, Benzinga reports. The firm currently has a $100.00 target price on the software’s stock.

ALTR has been the topic of several other research reports. JPMorgan Chase & Co. boosted their target price on Altair Engineering from $86.00 to $95.00 and gave the stock an overweight rating in a report on Tuesday, March 26th. Rosenblatt Securities restated a neutral rating and issued a $88.00 price target on shares of Altair Engineering in a research report on Monday, April 29th. Oppenheimer raised their price objective on Altair Engineering from $95.00 to $100.00 and gave the stock an outperform rating in a research report on Friday, February 23rd. Finally, Royal Bank of Canada restated a sector perform rating and set a $90.00 price target on shares of Altair Engineering in a report on Thursday, March 21st. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $94.60.

Altair Engineering Stock Down 0.3 %

NASDAQ:ALTR opened at $81.47 on Friday. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.32. The stock has a 50 day moving average of $83.21 and a 200-day moving average of $79.37. The firm has a market capitalization of $6.72 billion, a PE ratio of 905.22, a price-to-earnings-growth ratio of 10.86 and a beta of 1.42. Altair Engineering has a 52 week low of $57.59 and a 52 week high of $92.92.

Altair Engineering (NASDAQ:ALTR) last posted its earnings results on Thursday, May 2nd. The software reported $0.40 EPS for the quarter, topping the consensus estimate of $0.34 by $0.06. The firm had revenue of $172.91 million during the quarter, compared to analysts’ expectations of $169.29 million. Altair Engineering had a net margin of 1.55% and a return on equity of 5.83%. Altair Engineering’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.13 EPS. Analysts predict that Altair Engineering will post 0.63 EPS for the current year.

Insider Activity at Altair Engineering

In related news, CEO James Ralph Scapa sold 10,000 shares of the firm’s 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 document filed with the Securities & Exchange Commission, which is accessible through this link. In other Altair Engineering news, major shareholder George J. Christ sold 83,336 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $85.99, for a total value of $7,166,062.64. Following the completion of the sale, the insider now owns 200,000 shares in the company, valued at approximately $17,198,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO James Ralph Scapa sold 10,000 shares of the firm’s stock in a transaction 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 161,830 shares of company stock valued at $13,876,320. Corporate insiders own 21.75% of the company’s stock.

Institutional Trading of Altair Engineering

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC grew its holdings in shares of Altair Engineering by 31.3% in the 3rd quarter. SG Americas Securities LLC now owns 2,171 shares of the software’s stock worth $136,000 after purchasing an additional 518 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Altair Engineering by 6.6% in the third quarter. Bank of New York Mellon Corp now owns 269,932 shares of the software’s stock valued at $16,887,000 after buying an additional 16,768 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Altair Engineering by 9.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,438 shares of the software’s stock valued at $653,000 after buying an additional 870 shares during the last quarter. Strs Ohio lifted its position in Altair Engineering by 95.7% during the 3rd quarter. Strs Ohio now owns 9,000 shares of the software’s stock worth $563,000 after buying an additional 4,400 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Altair Engineering by 8.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 27,535 shares of the software’s stock worth $1,723,000 after acquiring an additional 2,039 shares during the last quarter. Institutional investors 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.