Public Employees Retirement Association of Colorado bought a new position in shares of Altair Engineering Inc (NASDAQ:ALTR) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 345,667 shares of the software’s stock, valued at approximately $13,961,000.
Other hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP acquired a new stake in shares of Altair Engineering during the fourth quarter valued at about $536,000. Bank of America Corp DE grew its stake in shares of Altair Engineering by 19.7% during the fourth quarter. Bank of America Corp DE now owns 44,284 shares of the software’s stock valued at $1,222,000 after acquiring an additional 7,282 shares in the last quarter. Legal & General Group Plc grew its stake in shares of Altair Engineering by 313.6% during the fourth quarter. Legal & General Group Plc now owns 18,869 shares of the software’s stock valued at $520,000 after acquiring an additional 14,307 shares in the last quarter. American Century Companies Inc. acquired a new stake in shares of Altair Engineering during the fourth quarter valued at about $676,000. Finally, Deutsche Bank AG grew its stake in shares of Altair Engineering by 34.6% during the fourth quarter. Deutsche Bank AG now owns 81,545 shares of the software’s stock valued at $2,248,000 after acquiring an additional 20,967 shares in the last quarter. Institutional investors own 39.85% of the company’s stock.
Shares of ALTR stock opened at $34.10 on Thursday. The company has a quick ratio of 1.06, a current ratio of 1.09 and a debt-to-equity ratio of 0.12. Altair Engineering Inc has a one year low of $25.28 and a one year high of $43.99. The stock’s 50-day moving average is $40.67. The company has a market capitalization of $2.42 billion, a PE ratio of 92.16 and a beta of 1.40.
Altair Engineering (NASDAQ:ALTR) last issued its quarterly earnings results on Thursday, August 8th. The software reported $0.06 EPS for the quarter, topping the consensus estimate of $0.04 by $0.02. Altair Engineering had a net margin of 1.48% and a return on equity of 10.57%. The business had revenue of $106.80 million for the quarter, compared to analysts’ expectations of $108.69 million. During the same quarter last year, the company posted $0.05 earnings per share. The company’s quarterly revenue was up 13.7% compared to the same quarter last year. On average, equities research analysts expect that Altair Engineering Inc will post 0.49 earnings per share for the current fiscal year.
In other news, CFO Howard N. Morof sold 4,000 shares of the stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $36.14, for a total transaction of $144,560.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Uwe Schramm sold 2,000 shares of the stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $37.87, for a total transaction of $75,740.00. The disclosure for this sale can be found here. Insiders have sold 429,795 shares of company stock worth $17,021,625 in the last ninety days. Corporate insiders own 29.27% of the company’s stock.
Several analysts have recently weighed in on the company. ValuEngine downgraded Altair Engineering from a “buy” rating to a “hold” rating in a research note on Saturday, May 18th. Zacks Investment Research cut shares of Altair Engineering from a “hold” rating to a “sell” rating in a research report on Wednesday. Needham & Company LLC reaffirmed a “buy” rating and set a $40.00 price target (down previously from $42.00) on shares of Altair Engineering in a research report on Monday. Finally, Deutsche Bank cut shares of Altair Engineering from a “buy” rating to a “hold” rating and set a $36.00 price target on the stock. in a research report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. Altair Engineering presently has an average rating of “Hold” and an average target price of $39.14.
Altair Engineering 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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