Royal Bank of Canada Reiterates “Sector Perform” Rating for Altair Engineering (NASDAQ:ALTR)

Altair Engineering (NASDAQ:ALTR)‘s stock had its “sector perform” rating reissued by Royal Bank of Canada in a research note issued on Wednesday, Benzinga reports. They presently have a $90.00 target price on the software’s stock. Royal Bank of Canada’s target price would suggest a potential downside of 10.35% from the company’s previous close.

A number of other research analysts have also recently commented on ALTR. The Goldman Sachs Group cut shares of Altair Engineering from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $85.00 to $71.00 in a report on Friday, August 2nd. Needham & Company LLC reissued a “buy” rating and set a $100.00 target price on shares of Altair Engineering in a research report on Friday, August 2nd. Finally, JPMorgan Chase & Co. downgraded shares of Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 target price for the company. in a research report on Monday, July 15th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Altair Engineering has a consensus rating of “Hold” and a consensus target price of $90.67.

Altair Engineering Price Performance

Shares of ALTR stock traded down $2.61 on Wednesday, reaching $100.39. The company had a trading volume of 309,288 shares, compared to its average volume of 463,325. The stock has a market capitalization of $8.34 billion, a PE ratio of 1,116.89, a price-to-earnings-growth ratio of 12.15 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. Altair Engineering has a one year low of $57.59 and a one year high of $108.72. The business’s 50-day moving average is $91.81 and its 200 day moving average is $90.41.

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

Insider Transactions at Altair Engineering

In other news, Director Teresa A. Harris sold 620 shares of the firm’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 completion of the sale, the director now owns 21,242 shares of the company’s stock, valued at $1,753,951.94. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In other Altair Engineering news, CEO James Ralph Scapa sold 13,000 shares of the firm’s stock in a transaction on 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 directly owns 134,045 shares in the company, valued at approximately $11,810,704.95. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Teresa A. Harris sold 620 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $82.57, for a total value of $51,193.40. Following the transaction, the director now owns 21,242 shares in the company, valued at approximately $1,753,951.94. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 260,360 shares of company stock valued at $24,537,300 in the last quarter. 21.75% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Altair Engineering

Hedge funds have recently made changes to their positions in the business. Blue Trust Inc. raised its stake in shares of Altair Engineering by 572.1% during the 3rd quarter. Blue Trust Inc. now owns 289 shares of the software’s stock worth $28,000 after purchasing an additional 246 shares during the period. GAMMA Investing LLC raised its stake in Altair Engineering by 81.7% in the 2nd quarter. GAMMA Investing LLC now owns 418 shares of the software’s stock valued at $41,000 after acquiring an additional 188 shares during the period. FSC Wealth Advisors LLC raised its stake in Altair Engineering by 41.3% in the 2nd quarter. FSC Wealth Advisors LLC now owns 832 shares of the software’s stock valued at $82,000 after acquiring an additional 243 shares during the period. Van ECK Associates Corp raised its stake in Altair Engineering by 41.7% in the 2nd quarter. Van ECK Associates Corp now owns 1,057 shares of the software’s stock valued at $104,000 after acquiring an additional 311 shares during the period. Finally, SG Americas Securities LLC bought a new stake in Altair Engineering in the 1st quarter valued at about $177,000. 63.38% of the stock is currently owned by 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.