State of New Jersey Common Pension Fund D trimmed its holdings in shares of Altair Engineering Inc (NASDAQ:ALTR) by 6.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,900 shares of the software’s stock after selling 4,100 shares during the period. State of New Jersey Common Pension Fund D owned 0.08% of Altair Engineering worth $1,935,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Captrust Financial Advisors acquired a new stake in shares of Altair Engineering in the 2nd quarter valued at $39,000. Advisor Group Inc. increased its stake in shares of Altair Engineering by 63.7% in the 2nd quarter. Advisor Group Inc. now owns 1,020 shares of the software’s stock valued at $41,000 after buying an additional 397 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of Altair Engineering by 116.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,751 shares of the software’s stock valued at $71,000 after buying an additional 942 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Altair Engineering in the 2nd quarter valued at $73,000. Finally, US Bancorp DE increased its stake in shares of Altair Engineering by 83.5% in the 2nd quarter. US Bancorp DE now owns 2,299 shares of the software’s stock valued at $93,000 after buying an additional 1,046 shares during the period. 66.40% of the stock is owned by institutional investors.
Several equities research analysts have recently commented on ALTR shares. JPMorgan Chase & Co. lowered their target price on Altair Engineering from $34.00 to $30.00 and set an “underweight” rating for the company in a research note on Friday. Zacks Investment Research raised Altair Engineering from a “sell” rating to a “hold” rating in a research note on Wednesday, October 9th. William Blair cut Altair Engineering from an “outperform” rating to a “market perform” rating in a research note on Friday. Deutsche Bank cut Altair Engineering from a “buy” rating to a “hold” rating and set a $36.00 target price for the company. in a research note on Friday, August 9th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $38.00 target price on shares of Altair Engineering in a research note on Friday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $37.28.
NASDAQ ALTR opened at $30.00 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.58 and a current ratio of 2.58. The stock has a fifty day moving average of $34.80 and a 200-day moving average of $36.84. The stock has a market capitalization of $2.72 billion, a P/E ratio of 81.08 and a beta of 1.50. Altair Engineering Inc has a 52 week low of $25.28 and a 52 week high of $43.28.
Altair Engineering (NASDAQ:ALTR) last released its earnings results on Thursday, November 7th. The software reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.14). The company had revenue of $102.70 million during the quarter, compared to analyst estimates of $105.04 million. Altair Engineering had a net margin of 1.48% and a return on equity of 9.71%. Altair Engineering’s revenue was up 18.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.10 EPS. Equities research analysts forecast that Altair Engineering Inc will post 0.49 earnings per share for the current fiscal year.
In related news, major shareholder R. Scapa Declaration Of James sold 80,000 shares of Altair Engineering stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $33.51, for a total value of $2,680,800.00. Following the sale, the insider now owns 75,960 shares of the company’s stock, valued at $2,545,419.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder George J. Christ sold 20,194 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $34.79, for a total value of $702,549.26. In the last ninety days, insiders sold 361,715 shares of company stock worth $12,271,618. 29.27% of the stock is owned by company insiders.
Altair Engineering Company Profile
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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