Altair Engineering (NASDAQ:ALTR) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Altair Engineering (NASDAQ:ALTR) announced its quarterly earnings data on Thursday. The software reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.01, Briefing.com reports. Altair Engineering had a return on equity of 7.11% and a net margin of 4.26%. The business had revenue of $148.80 million during the quarter, compared to analyst estimates of $146.88 million. During the same period last year, the company earned ($0.15) earnings per share. Altair Engineering’s quarterly revenue was up 5.4% compared to the same quarter last year. Altair Engineering updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

Altair Engineering Stock Performance

Shares of NASDAQ:ALTR traded down $2.53 during midday trading on Friday, hitting $82.79. The company’s stock had a trading volume of 807,715 shares, compared to its average volume of 452,264. The stock has a market capitalization of $6.87 billion, a price-to-earnings ratio of 919.89, a PEG ratio of 10.73 and a beta of 1.48. The stock’s 50 day simple moving average is $93.34 and its 200 day simple moving average is $88.15. Altair Engineering has a fifty-two week low of $57.59 and a fifty-two week high of $101.39. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.46 and a current ratio of 2.46.

Analyst Ratings Changes

Several brokerages recently issued reports on ALTR. Rosenblatt Securities reiterated a “neutral” rating and set a $88.00 price objective on shares of Altair Engineering in a report on Monday, April 29th. The Goldman Sachs Group lowered Altair Engineering from a “neutral” rating to a “sell” rating and cut their target price for the company from $85.00 to $71.00 in a report on Friday. JPMorgan Chase & Co. lowered Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 target price on the stock. in a report on Monday, July 15th. Finally, Needham & Company LLC restated a “buy” rating and set a $100.00 target price on shares of Altair Engineering in a report on Friday. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $90.67.

Insider Activity

In other news, CMO Amy Messano sold 19,852 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $90.51, for a total value of $1,796,804.52. Following the sale, the chief marketing officer now directly owns 18,141 shares of the company’s stock, valued at $1,641,941.91. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CMO Amy Messano sold 19,852 shares of Altair Engineering stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $90.51, for a total transaction of $1,796,804.52. Following the sale, the chief marketing officer now directly owns 18,141 shares of the company’s stock, valued at $1,641,941.91. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Brian Gayle sold 773 shares of Altair Engineering stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $90.10, for a total value of $69,647.30. Following the sale, the chief accounting officer now directly owns 18,423 shares in the company, valued at $1,659,912.30. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 486,754 shares of company stock valued at $45,114,245. 21.75% of the stock is owned by insiders.

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.