Altair Engineering (NASDAQ:ALTR) Shares Gap Up to $85.84

Altair Engineering Inc. (NASDAQ:ALTR)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $85.84, but opened at $89.65. Altair Engineering shares last traded at $88.03, with a volume of 28,069 shares traded.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Rosenblatt Securities reissued a “neutral” rating and issued a $88.00 price target on shares of Altair Engineering in a research note on Monday, April 29th. The Goldman Sachs Group lowered Altair Engineering from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $85.00 to $71.00 in a research note on Friday, August 2nd. Needham & Company LLC reissued a “buy” rating and issued a $100.00 price target on shares of Altair Engineering in a research note on Friday, August 2nd. Finally, JPMorgan Chase & Co. lowered Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 price objective on the stock. in a research note on Monday, July 15th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $90.67.

Altair Engineering Stock Up 4.7 %

The firm has a 50-day moving average of $93.02 and a 200 day moving average of $88.34. The stock has a market capitalization of $7.47 billion, a price-to-earnings ratio of 953.78, a price-to-earnings-growth ratio of 10.73 and a beta of 1.48. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.30.

Altair Engineering (NASDAQ:ALTR) last released its quarterly earnings results on Thursday, August 1st. The software reported $0.16 EPS for the quarter, topping the consensus estimate of $0.15 by $0.01. The firm had revenue of $148.80 million for the quarter, compared to analyst estimates of $146.88 million. Altair Engineering had a return on equity of 7.11% and a net margin of 4.26%. Altair Engineering’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same period in the previous year, the company posted ($0.15) EPS. On average, sell-side analysts anticipate that Altair Engineering Inc. will post 0.66 earnings per share for the current year.

Insiders Place Their Bets

In other Altair Engineering news, major shareholder George J. Christ sold 100,000 shares of Altair Engineering stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $97.23, for a total transaction of $9,723,000.00. Following the sale, the insider now directly owns 100,000 shares in the company, valued at approximately $9,723,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, major shareholder George J. Christ sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $97.23, for a total value of $9,723,000.00. Following the completion of the sale, the insider now directly owns 100,000 shares in the company, valued at approximately $9,723,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Teresa A. Harris sold 620 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $85.95, for a total value of $53,289.00. Following the completion of the sale, the director now owns 21,242 shares of the company’s stock, valued at $1,825,749.90. The disclosure for this sale can be found here. Insiders have sold 259,235 shares of company stock worth $25,040,275 in the last three months. 21.75% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ALTR. ProShare Advisors LLC boosted its position in Altair Engineering by 1.6% during the 2nd quarter. ProShare Advisors LLC now owns 10,219 shares of the software’s stock worth $1,002,000 after acquiring an additional 160 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Altair Engineering by 81.7% in the second quarter. GAMMA Investing LLC now owns 418 shares of the software’s stock valued at $41,000 after buying an additional 188 shares during the period. American International Group Inc. lifted its holdings in shares of Altair Engineering by 0.7% in the fourth quarter. American International Group Inc. now owns 27,018 shares of the software’s stock valued at $2,274,000 after buying an additional 189 shares during the period. Natixis Advisors L.P. lifted its holdings in shares of Altair Engineering by 1.3% in the fourth quarter. Natixis Advisors L.P. now owns 17,333 shares of the software’s stock valued at $1,458,000 after buying an additional 229 shares during the period. Finally, FSC Wealth Advisors LLC lifted its holdings in shares of Altair Engineering by 41.3% in the second quarter. FSC Wealth Advisors LLC now owns 832 shares of the software’s stock valued at $82,000 after buying an additional 243 shares during the period. 63.38% of the stock is currently owned by institutional investors.

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.