Altair Engineering (NASDAQ:ALTR) Price Target Raised to $113.00 at Royal Bank of Canada

Altair Engineering (NASDAQ:ALTR) had its price objective raised by investment analysts at Royal Bank of Canada from $90.00 to $113.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “sector perform” rating on the software’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 8.58% from the stock’s current price.

Several other equities research analysts also recently issued reports on the company. William Blair reissued a “market perform” rating on shares of Altair Engineering in a research note on Thursday. JPMorgan Chase & Co. lowered shares of Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 price objective for the company. in a research note on Monday, July 15th. Loop Capital restated a “hold” rating and set a $113.00 target price on shares of Altair Engineering in a report on Thursday. Rosenblatt Securities increased their price objective on Altair Engineering from $88.00 to $113.00 and gave the company a “neutral” rating in a report on Thursday. Finally, Needham & Company LLC reiterated a “hold” rating and set a $100.00 price target on shares of Altair Engineering in a report on Thursday. One research analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $100.71.

Altair Engineering Stock Performance

ALTR traded down $4.56 during trading hours on Thursday, hitting $104.07. The company’s stock had a trading volume of 5,242,871 shares, compared to its average volume of 503,788. The company has a current ratio of 3.14, a quick ratio of 3.14 and a debt-to-equity ratio of 0.29. Altair Engineering has a fifty-two week low of $57.59 and a fifty-two week high of $113.12. The company has a 50-day simple moving average of $93.72 and a 200 day simple moving average of $91.29. The firm has a market capitalization of $8.64 billion, a PE ratio of 1,155.44, a PEG ratio of 12.15 and a beta of 1.45.

Altair Engineering (NASDAQ:ALTR) last issued its quarterly earnings results on Wednesday, October 30th. The software reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.07. The company had revenue of $151.45 million for the quarter, compared to analyst estimates of $146.55 million. Altair Engineering had a return on equity of 6.89% and a net margin of 4.26%. As a group, sell-side analysts expect that Altair Engineering will post 0.65 EPS for the current year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Altair Engineering

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. New York State Teachers Retirement System increased its holdings in shares of Altair Engineering by 1.2% in the third quarter. New York State Teachers Retirement System now owns 8,500 shares of the software’s stock valued at $812,000 after purchasing an additional 100 shares in the last quarter. ProShare Advisors LLC lifted its position in shares of Altair Engineering by 1.6% in the second quarter. ProShare Advisors LLC now owns 10,219 shares of the software’s stock worth $1,002,000 after purchasing an additional 160 shares in the last quarter. Ballentine Partners LLC increased its stake in Altair Engineering by 8.5% in the 3rd quarter. Ballentine Partners LLC now owns 2,236 shares of the software’s stock valued at $214,000 after buying an additional 175 shares during the last quarter. GAMMA Investing LLC lifted its position in Altair Engineering by 81.7% during the 2nd quarter. GAMMA Investing LLC now owns 418 shares of the software’s stock worth $41,000 after buying an additional 188 shares in the last quarter. Finally, FSC Wealth Advisors LLC boosted its stake in shares of Altair Engineering by 41.3% during the 2nd quarter. FSC Wealth Advisors LLC now owns 832 shares of the software’s stock worth $82,000 after buying an additional 243 shares during the last quarter. Institutional investors and hedge funds own 63.38% of the company’s stock.

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.