Royal Bank of Canada Issues Positive Forecast for Altair Engineering (NASDAQ:ALTR) Stock Price

Altair Engineering (NASDAQ:ALTR) had its price target upped by equities researchers at Royal Bank of Canada from $90.00 to $113.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “sector perform” rating on the software’s stock. Royal Bank of Canada’s target price suggests a potential upside of 8.65% from the company’s previous close.

A number of other equities analysts have also issued reports on the company. JPMorgan Chase & Co. lowered Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 price target on the stock. in a report on Monday, July 15th. William Blair reissued a “market perform” rating on shares of Altair Engineering in a report on Thursday. Needham & Company LLC reissued a “hold” rating and set a $100.00 price target on shares of Altair Engineering in a report on Thursday. Rosenblatt Securities raised their price target on Altair Engineering from $88.00 to $113.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, The Goldman Sachs Group lowered Altair Engineering from a “neutral” rating to a “sell” rating and lowered their price target for the stock from $85.00 to $71.00 in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $100.71.

Altair Engineering Stock Performance

Shares of ALTR stock opened at $104.00 on Thursday. The stock’s 50-day moving average is $94.30 and its two-hundred day moving average is $91.54. The firm has a market cap of $8.83 billion, a price-to-earnings ratio of 273.68, a PEG ratio of 13.87 and a beta of 1.45. Altair Engineering has a 1 year low of $57.59 and a 1 year high of $113.12. The company has a debt-to-equity ratio of 0.29, a quick ratio of 3.14 and a current ratio of 3.14.

Altair Engineering (NASDAQ:ALTR) last issued its quarterly earnings data on Wednesday, October 30th. The software reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.07. The company had revenue of $151.45 million for the quarter, compared to analyst estimates of $146.55 million. Altair Engineering had a return on equity of 7.70% and a net margin of 5.10%. Analysts predict that Altair Engineering will post 0.65 earnings per share for the current year.

Insider Buying and Selling at Altair Engineering

In other Altair Engineering news, Director Teresa A. Harris sold 620 shares of Altair Engineering stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $82.57, for a total value of $51,193.40. Following the sale, the director now owns 21,242 shares of the company’s stock, valued at approximately $1,753,951.94. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Altair Engineering news, major shareholder Jrs Investments Llc sold 6,500 shares of the business’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $89.04, for a total transaction of $578,760.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Teresa A. Harris sold 620 shares of the company’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 completion of the sale, the director now directly owns 21,242 shares in the company, valued at $1,753,951.94. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 360,360 shares of company stock valued at $35,476,660. 21.75% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Altair Engineering

Large investors have recently added to or reduced their stakes in the business. New York State Teachers Retirement System raised its position in Altair Engineering by 1.2% during the third quarter. New York State Teachers Retirement System now owns 8,500 shares of the software’s stock worth $812,000 after acquiring an additional 100 shares during the last quarter. ProShare Advisors LLC lifted its stake in Altair Engineering by 1.6% in the 2nd quarter. ProShare Advisors LLC now owns 10,219 shares of the software’s stock valued at $1,002,000 after buying an additional 160 shares in the last quarter. Ballentine Partners LLC grew its holdings in 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 buying an additional 175 shares during the last quarter. GAMMA Investing LLC increased its position in Altair Engineering by 81.7% during the second quarter. GAMMA Investing LLC now owns 418 shares of the software’s stock worth $41,000 after buying an additional 188 shares in the last quarter. Finally, FSC Wealth Advisors LLC increased its position in Altair Engineering by 41.3% during the second quarter. FSC Wealth Advisors LLC now owns 832 shares of the software’s stock worth $82,000 after buying an additional 243 shares in the last quarter. 63.38% of the stock is owned by institutional investors and hedge funds.

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.