Altair Engineering (NASDAQ:ALTR) had its target price increased by investment analysts at Berenberg Bank to $43.00 in a research note issued on Friday. The brokerage currently has a “buy” rating on the semiconductor manufacturer’s stock. Berenberg Bank’s target price would indicate a potential upside of 18.23% from the stock’s previous close.
ALTR has been the subject of several other reports. JPMorgan Chase & Co. raised their price target on Altair Engineering to $34.00 and gave the company a “neutral” rating in a report on Thursday, March 22nd. Royal Bank of Canada raised their price target on Altair Engineering to $29.00 and gave the company a “sector perform” rating in a report on Monday, March 12th. They noted that the move was a valuation call. Zacks Investment Research downgraded Altair Engineering from a “hold” rating to a “sell” rating in a report on Friday, March 23rd. Canaccord Genuity raised their price target on Altair Engineering from $25.00 to $30.00 and gave the company a “hold” rating in a report on Thursday, March 22nd. Finally, Citigroup raised their price target on Altair Engineering to $37.00 and gave the company a “buy” rating in a report on Thursday, March 22nd. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Altair Engineering currently has a consensus rating of “Buy” and a consensus price target of $35.75.
Altair Engineering opened at $36.37 on Friday, according to Marketbeat Ratings. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $2.32 billion and a price-to-earnings ratio of -57.73. Altair Engineering has a 12-month low of $16.55 and a 12-month high of $37.77.
Altair Engineering (NASDAQ:ALTR) last posted its quarterly earnings data on Monday, May 14th. The semiconductor manufacturer reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.05. The firm had revenue of $91.70 million during the quarter, compared to the consensus estimate of $87.01 million. The company’s revenue for the quarter was up 19.2% compared to the same quarter last year. equities analysts predict that Altair Engineering will post 0.27 earnings per share for the current year.
In related news, major shareholder George J. Christ sold 600,000 shares of Altair Engineering stock in a transaction dated Monday, June 11th. The stock was sold at an average price of $33.43, for a total value of $20,058,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James Ralph Scapa sold 1,075,420 shares of Altair Engineering stock in a transaction dated Monday, June 11th. The stock was sold at an average price of $33.43, for a total value of $35,951,290.60. The disclosure for this sale can be found here. Insiders sold a total of 2,106,420 shares of company stock valued at $70,417,621 over the last quarter. 38.24% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ALTR. Barclays PLC increased its holdings in Altair Engineering by 123.1% in the 1st quarter. Barclays PLC now owns 8,900 shares of the semiconductor manufacturer’s stock worth $279,000 after buying an additional 4,910 shares in the last quarter. Two Sigma Advisers LP bought a new stake in Altair Engineering in the 4th quarter worth about $287,000. Verition Fund Management LLC bought a new stake in Altair Engineering in the 1st quarter worth about $289,000. Goldman Sachs Group Inc. bought a new stake in Altair Engineering in the 4th quarter worth about $439,000. Finally, Royce & Associates LP bought a new stake in Altair Engineering in the 4th quarter worth about $485,000. Institutional investors own 23.22% of the company’s stock.
Altair Engineering Company Profile
Altair Engineering Inc, together with its subsidiaries, provides enterprise-class engineering software 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, as well as provides data analytics and true-to-life visualization and rendering.
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