Altair Engineering (NASDAQ:ALTR) Downgraded to Hold Rating by Wolfe Research

Wolfe Research cut shares of Altair Engineering (NASDAQ:ALTR) from a strong-buy rating to a hold rating in a research note published on Sunday morning, Zacks.com reports.

ALTR has been the topic of a number of other research reports. Rosenblatt Securities upped their target price on Altair Engineering from $88.00 to $113.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Needham & Company LLC reaffirmed a “hold” rating and set a $100.00 target price on shares of Altair Engineering in a research note on Thursday, October 31st. Royal Bank of Canada upped their target price on Altair Engineering from $90.00 to $113.00 and gave the company a “sector perform” rating in a research note on Thursday, October 31st. JPMorgan Chase & Co. cut Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 target price on the stock. in a research note on Monday, July 15th. Finally, Loop Capital reaffirmed a “hold” rating and set a $113.00 target price on shares of Altair Engineering in a research note on Thursday, October 31st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, Altair Engineering currently has an average rating of “Hold” and a consensus target price of $100.71.

Altair Engineering Trading Down 0.5 %

Shares of ALTR stock opened at $103.99 on Friday. Altair Engineering has a 1 year low of $66.51 and a 1 year high of $113.12. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.27 and a quick ratio of 3.27. The stock’s 50 day simple moving average is $94.86 and its two-hundred day simple moving average is $92.01. The company has a market cap of $8.83 billion, a PE ratio of 275.05, a price-to-earnings-growth ratio of 13.28 and a beta of 1.44.

Insider Activity

In other news, Director Teresa A. Harris sold 620 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $89.70, for a total transaction of $55,614.00. Following the completion of the sale, the director now owns 21,242 shares in the company, valued at approximately $1,905,407.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Teresa A. Harris sold 620 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $89.70, for a total transaction of $55,614.00. Following the completion of the sale, the director now owns 21,242 shares in the company, valued at approximately $1,905,407.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO James Ralph Scapa sold 13,000 shares of the stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $89.04, for a total value of $1,157,520.00. Following the sale, the chief executive officer now owns 134,045 shares of the company’s stock, valued at approximately $11,935,366.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 360,360 shares of company stock worth $35,490,008. Insiders own 21.75% of the company’s stock.

Hedge Funds Weigh In On Altair Engineering

A number of institutional investors have recently modified their holdings of ALTR. William Blair Investment Management LLC purchased a new position in shares of Altair Engineering during the 2nd quarter valued at about $91,589,000. Bank of New York Mellon Corp grew its position in shares of Altair Engineering by 121.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 569,109 shares of the software’s stock valued at $55,818,000 after acquiring an additional 312,448 shares during the period. Jane Street Group LLC grew its position in shares of Altair Engineering by 960.2% during the 1st quarter. Jane Street Group LLC now owns 303,672 shares of the software’s stock valued at $26,161,000 after acquiring an additional 275,030 shares during the period. Matrix Capital Management Company LP grew its position in shares of Altair Engineering by 1.6% during the 1st quarter. Matrix Capital Management Company LP now owns 12,430,000 shares of the software’s stock valued at $1,070,844,000 after acquiring an additional 196,826 shares during the period. Finally, Principal Financial Group Inc. grew its position in shares of Altair Engineering by 772.7% during the 2nd quarter. Principal Financial Group Inc. now owns 212,560 shares of the software’s stock valued at $20,848,000 after acquiring an additional 188,203 shares during the period. Hedge funds and other 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.