Zacks Investment Research Lowers Altair Engineering (NASDAQ:ALTR) to Hold

Zacks Investment Research cut shares of Altair Engineering (NASDAQ:ALTR) from a strong-buy rating to a hold rating in a report issued on Tuesday morning, Zacks.com reports.

According to Zacks, “Altair Engineering Inc. is focused on the development and broad application of simulation technology to synthesize and optimize designs, processes and decisions for business performance. The company serves broad industry segments. Altair Engineering Inc. is headquartered in Michigan, USA. “

Other equities research analysts have also issued research reports about the company. ValuEngine lowered Zymeworks from a buy rating to a hold rating in a research note on Saturday, May 18th. Guggenheim assumed coverage on Altair Engineering in a research note on Tuesday, March 19th. They set a neutral rating and a $37.70 price target for the company. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company currently has an average rating of Hold and an average target price of $39.28.

NASDAQ ALTR opened at $42.08 on Tuesday. The business’s 50 day simple moving average is $39.13. Altair Engineering has a one year low of $25.28 and a one year high of $43.99. The firm has a market capitalization of $2.96 billion, a PE ratio of 113.73 and a beta of 1.40. 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 (NASDAQ:ALTR) last released its earnings results on Thursday, May 9th. The software reported $0.26 EPS for the quarter, topping the consensus estimate of $0.22 by $0.04. Altair Engineering had a return on equity of 11.56% and a net margin of 2.62%. The business had revenue of $127.86 million during the quarter, compared to analysts’ expectations of $125.82 million. During the same quarter last year, the firm posted $0.35 earnings per share. The firm’s revenue was up 12.9% on a year-over-year basis. As a group, sell-side analysts predict that Altair Engineering will post 0.52 earnings per share for the current year.

In other news, CEO James Ralph Scapa sold 20,112 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $38.30, for a total transaction of $770,289.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, President Brett R. Chouinard sold 7,998 shares of the stock in a transaction on Monday, May 13th. The shares were sold at an average price of $34.13, for a total value of $272,971.74. The disclosure for this sale can be found here. Insiders sold a total of 373,436 shares of company stock worth $14,326,255 over the last ninety days. 29.27% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ALTR. Prudential Financial Inc. purchased a new position in shares of Altair Engineering during the fourth quarter valued at about $579,000. California Public Employees Retirement System grew its position in Altair Engineering by 173.0% during the 4th quarter. California Public Employees Retirement System now owns 15,779 shares of the software’s stock worth $435,000 after purchasing an additional 10,000 shares during the last quarter. Dimensional Fund Advisors LP acquired a new stake in shares of Altair Engineering in the 4th quarter worth $536,000. Geode Capital Management LLC lifted its stake in shares of Altair Engineering by 10.6% in the 4th quarter. Geode Capital Management LLC now owns 310,603 shares of the software’s stock worth $8,566,000 after acquiring an additional 29,726 shares during the period. Finally, Lord Abbett & CO. LLC lifted its stake in shares of Altair Engineering by 12.7% in the 4th quarter. Lord Abbett & CO. LLC now owns 399,317 shares of the software’s stock worth $11,013,000 after acquiring an additional 45,000 shares during the period. 38.54% of the stock is currently owned by hedge funds and other institutional investors.

Altair Engineering Company 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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