Short Interest in Altair Engineering Inc (ALTR) Declines By 36.7%

Altair Engineering Inc (NASDAQ:ALTR) was the recipient of a significant drop in short interest in June. As of June 15th, there was short interest totalling 476,970 shares, a drop of 36.7% from the May 31st total of 754,043 shares. Approximately 2.3% of the company’s shares are sold short. Based on an average daily volume of 794,593 shares, the days-to-cover ratio is currently 0.6 days.

A number of equities analysts recently commented on the company. Berenberg Bank lifted their price objective on Altair Engineering to $43.00 and gave the stock a “buy” rating in a research note on Friday, June 15th. Royal Bank of Canada lifted their price objective on Altair Engineering to $38.00 and gave the stock a “sector perform” rating in a research note on Monday, June 11th. Zacks Investment Research raised Altair Engineering from a “sell” rating to a “buy” rating and set a $40.00 price objective on the stock in a research note on Tuesday, May 22nd. ValuEngine raised Altair Engineering from a “sell” rating to a “hold” rating in a research note on Monday, April 2nd. Finally, Needham & Company LLC assumed coverage on Altair Engineering in a research note on Monday, March 26th. They issued a “buy” rating and a $36.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Altair Engineering presently has an average rating of “Buy” and a consensus target price of $35.75.

Altair Engineering stock opened at $33.95 on Thursday. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $2.16 billion and a P/E ratio of -53.89. Altair Engineering has a one year low of $16.55 and a one year high of $37.77.

Altair Engineering (NASDAQ:ALTR) last issued its quarterly earnings results on Monday, May 14th. The semiconductor manufacturer reported $0.08 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.05. The business had revenue of $91.70 million during the quarter, compared to analyst estimates of $87.01 million. Altair Engineering’s revenue 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 fiscal year.

In other news, President Brett R. Chouinard sold 75,000 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 transaction of $2,507,250.00. The sale was disclosed in a document filed with the SEC, which is available 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 shares were 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 have sold 2,106,420 shares of company stock worth $70,417,621 over the last three months. Insiders own 38.24% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Barclays PLC lifted its stake in Altair Engineering by 123.1% in the first quarter. Barclays PLC now owns 8,900 shares of the semiconductor manufacturer’s stock valued at $279,000 after buying an additional 4,910 shares during the period. Verition Fund Management LLC acquired a new position in Altair Engineering in the first quarter valued at approximately $289,000. Schwab Charles Investment Management Inc. lifted its stake in Altair Engineering by 21.3% in the first quarter. Schwab Charles Investment Management Inc. now owns 65,027 shares of the semiconductor manufacturer’s stock valued at $2,040,000 after buying an additional 11,426 shares during the period. Two Sigma Advisers LP acquired a new position in Altair Engineering in the fourth quarter valued at approximately $287,000. Finally, Eaton Vance Management lifted its stake in Altair Engineering by 2.5% in the first quarter. Eaton Vance Management now owns 617,284 shares of the semiconductor manufacturer’s stock valued at $19,358,000 after buying an additional 15,196 shares during the period. 23.22% of the stock is currently owned by hedge funds and other institutional investors.

About Altair Engineering

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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