Altair Engineering Inc. (NASDAQ:ALTR) Sees Large Increase in Short Interest

Altair Engineering Inc. (NASDAQ:ALTR) was the recipient of a significant increase in short interest during the month of November. As of November 30th, there was short interest totalling 3,320,000 shares, an increase of 5.4% from the November 15th total of 3,150,000 shares. Based on an average daily volume of 870,400 shares, the short-interest ratio is presently 3.8 days.

Wall Street Analysts Forecast Growth

ALTR has been the topic of a number of research analyst reports. William Blair reissued a “market perform” rating on shares of Altair Engineering in a report on Thursday, October 31st. Wolfe Research cut shares of Altair Engineering from a “strong-buy” rating to a “hold” rating in a research note on Sunday, November 3rd. Loop Capital restated a “hold” rating and set a $113.00 price target on shares of Altair Engineering in a research report on Thursday, October 31st. Needham & Company LLC reiterated a “hold” rating and issued a $100.00 price objective on shares of Altair Engineering in a report on Thursday, October 31st. Finally, Rosenblatt Securities boosted their target price on Altair Engineering from $88.00 to $113.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $100.71.

Insider Buying and Selling at Altair Engineering

In related news, CRO Nelson Dias sold 22,500 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $106.23, for a total transaction of $2,390,175.00. Following the completion of the transaction, the executive now owns 48,437 shares in the company, valued at $5,145,462.51. The trade was a 31.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO James Ralph Scapa sold 13,000 shares of the firm’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $95.10, for a total value of $1,236,300.00. Following the completion of the sale, the chief executive officer now owns 134,045 shares in the company, valued at $12,747,679.50. The trade was a 8.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 400,519 shares of company stock worth $40,076,873 over the last 90 days. Insiders own 21.75% of the company’s stock.

Hedge Funds Weigh In On Altair Engineering

Several institutional investors and hedge funds have recently bought and sold shares of the business. Blue Trust Inc. grew its position in Altair Engineering by 572.1% in the third quarter. Blue Trust Inc. now owns 289 shares of the software’s stock worth $28,000 after acquiring an additional 246 shares in the last quarter. GAMMA Investing LLC increased its stake in Altair Engineering by 52.2% during the third quarter. GAMMA Investing LLC now owns 636 shares of the software’s stock valued at $61,000 after acquiring an additional 218 shares during the period. Van ECK Associates Corp lifted its position in Altair Engineering by 41.7% in the second quarter. Van ECK Associates Corp now owns 1,057 shares of the software’s stock worth $104,000 after purchasing an additional 311 shares during the period. KBC Group NV increased its stake in Altair Engineering by 17.9% in the third quarter. KBC Group NV now owns 1,640 shares of the software’s stock valued at $157,000 after acquiring an additional 249 shares during the period. Finally, Ballentine Partners LLC acquired a new stake in Altair Engineering during the 2nd quarter valued at $202,000. Hedge funds and other institutional investors own 63.38% of the company’s stock.

Altair Engineering Stock Performance

Shares of Altair Engineering stock opened at $106.65 on Monday. The stock has a market cap of $9.07 billion, a PE ratio of 280.67, a price-to-earnings-growth ratio of 12.16 and a beta of 1.44. Altair Engineering has a 12 month low of $73.21 and a 12 month high of $113.12. The company has a quick ratio of 3.27, a current ratio of 3.27 and a debt-to-equity ratio of 0.27. The business has a fifty day simple moving average of $102.83 and a 200-day simple moving average of $95.65.

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.