Analysts Set Altair Engineering Inc. (NASDAQ:ALTR) PT at $59.20

Altair Engineering Inc. (NASDAQ:ALTR) has received an average rating of “Buy” from the nine brokerages that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $59.20.

Several equities research analysts recently weighed in on the stock. Zacks Investment Research cut shares of Altair Engineering from a “hold” rating to a “sell” rating in a research report on Wednesday, May 19th. William Blair raised shares of Altair Engineering from a “market perform” rating to an “outperform” rating in a research report on Friday, May 7th. Royal Bank of Canada upped their price objective on shares of Altair Engineering from $49.00 to $58.00 and gave the stock a “sector perform” rating in a research report on Friday, February 19th. Guggenheim reaffirmed a “hold” rating on shares of Altair Engineering in a research report on Sunday, May 30th. Finally, The Goldman Sachs Group began coverage on shares of Altair Engineering in a report on Friday, May 14th. They issued a “buy” rating and a $68.00 target price for the company.

Shares of Altair Engineering stock traded up $0.32 during trading on Tuesday, reaching $65.79. The company’s stock had a trading volume of 258 shares, compared to its average volume of 301,300. The firm’s 50-day moving average price is $65.25. The firm has a market capitalization of $4.94 billion, a price-to-earnings ratio of -1,309.40 and a beta of 1.50. Altair Engineering has a 52 week low of $35.79 and a 52 week high of $69.00.

Altair Engineering (NASDAQ:ALTR) last announced its earnings results on Thursday, May 6th. The software reported $0.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.10. Altair Engineering had a negative net margin of 0.44% and a positive return on equity of 4.01%. The company had revenue of $150.16 million during the quarter, compared to analysts’ expectations of $139.40 million. During the same quarter in the previous year, the business posted $0.16 earnings per share. Altair Engineering’s quarterly revenue was up 14.2% on a year-over-year basis. On average, analysts forecast that Altair Engineering will post -0.04 earnings per share for the current fiscal year.

In other news, insider Brett R. Chouinard sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 28th. The stock was sold at an average price of $67.45, for a total value of $337,250.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Uwe Schramm sold 4,449 shares of the company’s stock in a transaction that occurred on Tuesday, June 8th. The shares were sold at an average price of $66.83, for a total value of $297,326.67. The disclosure for this sale can be found here. Insiders sold 487,761 shares of company stock valued at $31,369,172 in the last three months. Company insiders own 25.26% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in ALTR. Steward Partners Investment Advisory LLC increased its stake in shares of Altair Engineering by 49.4% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 478 shares of the software’s stock valued at $28,000 after buying an additional 158 shares during the period. Harvest Fund Management Co. Ltd acquired a new position in shares of Altair Engineering in the fourth quarter valued at approximately $32,000. Quantbot Technologies LP increased its position in Altair Engineering by 1,620.0% during the 1st quarter. Quantbot Technologies LP now owns 516 shares of the software’s stock valued at $32,000 after purchasing an additional 486 shares during the period. Meeder Asset Management Inc. acquired a new stake in Altair Engineering during the 1st quarter valued at approximately $40,000. Finally, FORA Capital LLC acquired a new stake in Altair Engineering during the 1st quarter valued at approximately $79,000. 57.05% of the stock is owned by institutional investors.

About Altair Engineering

Altair Engineering Inc, together with its subsidiaries, provides software and cloud solutions in the areas of simulation, high-performance computing, data analytics, and artificial intelligence worldwide. The company operates through two segments, Software and Client Engineering Services. Its software segment includes solvers and optimization technology products, high-performance computing software applications and hardware products, modeling and visualization tools, data analytics and analysis products, and IoT platform and analytics tools, as well as support and complementary software products.

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Analyst Recommendations for Altair Engineering (NASDAQ:ALTR)

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