Altair Engineering (ALTR) Shares Down 19%

Altair Engineering Inc (NASDAQ:ALTR) traded down 19% on Monday . The stock traded as low as $30.16 and last traded at $30.70. 2,044,605 shares traded hands during mid-day trading, an increase of 483% from the average session volume of 350,538 shares. The stock had previously closed at $37.90.

Several equities research analysts have weighed in on the company. Zacks Investment Research cut Altair Engineering from a “buy” rating to a “hold” rating in a report on Monday, October 15th. William Blair restated an “outperform” rating on shares of Altair Engineering in a research note on Thursday, August 23rd. ValuEngine upgraded Altair Engineering from a “hold” rating to a “buy” rating in a research note on Monday, August 13th. Royal Bank of Canada upped their price objective on Altair Engineering from $38.00 to $40.00 and gave the stock a “sector perform” rating in a research note on Friday, August 10th. Finally, Needham & Company LLC upped their price objective on Altair Engineering from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, August 10th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $39.00.

The company has a market capitalization of $2.65 billion and a price-to-earnings ratio of -48.73.

Altair Engineering (NASDAQ:ALTR) last issued its quarterly earnings data on Thursday, August 9th. The semiconductor manufacturer reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The firm had revenue of $95.60 million during the quarter, compared to analysts’ expectations of $91.08 million. Altair Engineering had a negative return on equity of 21.85% and a negative net margin of 23.35%. Altair Engineering’s revenue for the quarter was up 17.2% compared to the same quarter last year. On average, equities research analysts anticipate that Altair Engineering Inc will post 0.29 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Legal & General Group Plc acquired a new position in Altair Engineering during the 2nd quarter valued at about $127,000. Brown Advisory Inc. acquired a new position in Altair Engineering during the 1st quarter valued at about $214,000. Zions Bancorporation acquired a new position in Altair Engineering during the 3rd quarter valued at about $227,000. California Public Employees Retirement System acquired a new position in Altair Engineering during the 2nd quarter valued at about $258,000. Finally, Cubist Systematic Strategies LLC acquired a new position in Altair Engineering during the 2nd quarter valued at about $282,000. Hedge funds and other institutional investors own 35.50% of the company’s stock.

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Altair Engineering Company Profile (NASDAQ:ALTR)

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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