Altair Engineering (NASDAQ:ALTR) Posts Quarterly Earnings Results

Altair Engineering (NASDAQ:ALTR) announced its quarterly earnings data on Wednesday. The software reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.07, reports. Altair Engineering had a net margin of 4.26% and a return on equity of 6.89%. The firm had revenue of $151.45 million during the quarter, compared to analyst estimates of $146.55 million.

Altair Engineering Stock Down 4.3 %

Shares of Altair Engineering stock opened at $103.99 on Friday. The company’s fifty day simple moving average is $94.03 and its two-hundred day simple moving average is $91.38. Altair Engineering has a 12-month low of $57.59 and a 12-month high of $113.12. The company has a current ratio of 3.14, a quick ratio of 3.14 and a debt-to-equity ratio of 0.29. The company has a market cap of $8.63 billion, a P/E ratio of 1,155.44, a PEG ratio of 12.15 and a beta of 1.45.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ALTR. Needham & Company LLC reiterated a “hold” rating and issued a $100.00 target price on shares of Altair Engineering in a research report on Thursday. Loop Capital reiterated a “hold” rating and issued a $113.00 price objective on shares of Altair Engineering in a report on Thursday. Royal Bank of Canada increased their target price on Altair Engineering from $90.00 to $113.00 and gave the company a “sector perform” rating in a report on Thursday. The Goldman Sachs Group cut Altair Engineering from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $85.00 to $71.00 in a research note on Friday, August 2nd. Finally, Rosenblatt Securities raised their target price on shares of Altair Engineering from $88.00 to $113.00 and gave the stock a “neutral” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $100.71.

Insider Transactions at Altair Engineering

In other Altair Engineering news, major shareholder Jrs Investments Llc sold 6,500 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $102.59, for a total value of $666,835.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Altair Engineering news, major shareholder Jrs Investments Llc sold 6,500 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $102.59, for a total value of $666,835.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Teresa A. Harris sold 620 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $82.57, for a total transaction of $51,193.40. Following the completion of the sale, the director now directly owns 21,242 shares in the company, valued at $1,753,951.94. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 360,360 shares of company stock valued at $35,476,660. Company insiders own 21.75% of the company’s stock.

Hedge Funds Weigh In On Altair Engineering

Large investors have recently made changes to their positions in the business. QRG Capital Management Inc. grew its stake in shares of Altair Engineering by 9.2% in the 3rd quarter. QRG Capital Management Inc. now owns 25,874 shares of the software’s stock worth $2,471,000 after buying an additional 2,190 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Altair Engineering by 28.5% in the third quarter. Van ECK Associates Corp now owns 1,358 shares of the software’s stock worth $130,000 after acquiring an additional 301 shares during the last quarter. Harbor Capital Advisors Inc. increased its holdings in shares of Altair Engineering by 2.9% during the third quarter. Harbor Capital Advisors Inc. now owns 10,017 shares of the software’s stock valued at $957,000 after acquiring an additional 279 shares in the last quarter. Conestoga Capital Advisors LLC raised its position in shares of Altair Engineering by 1.4% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 2,522,551 shares of the software’s stock worth $240,929,000 after purchasing an additional 33,985 shares during the last quarter. Finally, US Bancorp DE boosted its stake in Altair Engineering by 19.6% in the 3rd quarter. US Bancorp DE now owns 6,572 shares of the software’s stock worth $628,000 after purchasing an additional 1,078 shares in the last quarter. 63.38% of the stock is currently owned by hedge funds and other institutional investors.

About Altair Engineering

Altair Engineering Inc, together with its subsidiaries, provides software and cloud solutions in the areas of simulation and design, high-performance computing, data analytics, and artificial intelligence in the United States and internationally. It operates in two segments, Software and Client Engineering Services.