Altair Engineering (NASDAQ:ALTR) Lifted to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Altair Engineering (NASDAQ:ALTR) from a strong sell rating to a hold rating in a research report report published on Monday, Zacks.com reports.

According to Zacks, “Altair Engineering Inc. is focused on the development and broad application of simulation technology to synthesize and optimize designs, processes and decisions for business performance. The company serves broad industry segments. Altair Engineering Inc. is headquartered in Michigan, USA. “

Several other equities analysts have also recently commented on ALTR. JPMorgan Chase & Co. decreased their price target on shares of Altair Engineering from $34.00 to $30.00 and set an underweight rating for the company in a research report on Friday, November 8th. Goldman Sachs Group started coverage on shares of Altair Engineering in a research report on Tuesday, November 12th. They issued a neutral rating and a $34.00 price target for the company. Needham & Company LLC reissued a buy rating and issued a $38.00 price target on shares of Altair Engineering in a research report on Friday, November 8th. Finally, William Blair cut shares of Altair Engineering from an outperform rating to a market perform rating in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. Altair Engineering currently has a consensus rating of Hold and an average price target of $36.95.

Altair Engineering stock opened at $39.41 on Monday. Altair Engineering has a fifty-two week low of $27.91 and a fifty-two week high of $43.28. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.52 and a current ratio of 2.52. The firm has a 50 day moving average price of $35.20 and a 200 day moving average price of $35.73. The company has a market capitalization of $2.79 billion, a PE ratio of 106.51 and a beta of 1.40.

Altair Engineering (NASDAQ:ALTR) last issued its quarterly earnings results on Thursday, November 7th. The software reported ($0.09) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($0.14). Altair Engineering had a negative net margin of 3.85% and a positive return on equity of 4.40%. The business had revenue of $102.70 million during the quarter, compared to analysts’ expectations of $105.04 million. During the same period in the prior year, the business earned $0.10 EPS. The business’s quarterly revenue was up 18.3% on a year-over-year basis. As a group, equities research analysts forecast that Altair Engineering will post 0.2 earnings per share for the current year.

In other news, insider Uwe Schramm sold 8,000 shares of Altair Engineering stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $30.00, for a total transaction of $240,000.00. Also, major shareholder George J. Christ sold 20,194 shares of Altair Engineering stock in a transaction on Friday, October 18th. The stock was sold at an average price of $34.79, for a total transaction of $702,549.26. Insiders sold a total of 204,810 shares of company stock valued at $7,072,731 in the last three months. 29.27% of the stock is currently owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in ALTR. First Trust Advisors LP lifted its position in shares of Altair Engineering by 0.9% during the 1st quarter. First Trust Advisors LP now owns 59,237 shares of the software’s stock worth $2,181,000 after purchasing an additional 511 shares during the last quarter. Envestnet Asset Management Inc. purchased a new stake in shares of Altair Engineering during the 2nd quarter worth $213,000. Bank of Montreal Can purchased a new stake in shares of Altair Engineering during the 2nd quarter worth $130,000. LPL Financial LLC lifted its position in shares of Altair Engineering by 14.7% during the 2nd quarter. LPL Financial LLC now owns 6,822 shares of the software’s stock worth $279,000 after purchasing an additional 876 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Altair Engineering by 65.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 142,118 shares of the software’s stock worth $5,741,000 after purchasing an additional 56,037 shares during the last quarter. 69.91% of the stock is owned by institutional investors and hedge funds.

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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