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

Altair Engineering (NASDAQ:ALTR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday, 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. “

Several other brokerages also recently commented on ALTR. Needham & Company LLC reaffirmed a “buy” rating and issued a $40.00 target price (down previously from $42.00) on shares of Altair Engineering in a research note on Monday, August 12th. ValuEngine downgraded shares of Altair Engineering from a “buy” rating to a “hold” rating in a research note on Saturday, May 18th. Finally, Deutsche Bank downgraded shares of Altair Engineering from a “buy” rating to a “hold” rating and set a $36.00 target price for the company. in a research note on Friday, August 9th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $39.14.

Shares of ALTR traded down $0.53 on Thursday, reaching $32.98. 15,964 shares of the company’s stock were exchanged, compared to its average volume of 504,044. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $2.47 billion, a P/E ratio of 89.14 and a beta of 1.40. The business has a 50 day moving average price of $39.84 and a two-hundred day moving average price of $37.50. Altair Engineering has a 12 month low of $25.28 and a 12 month high of $43.99.

Altair Engineering (NASDAQ:ALTR) last posted its quarterly earnings results on Thursday, August 8th. The software reported $0.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.02. Altair Engineering had a net margin of 1.48% and a return on equity of 9.71%. The business had revenue of $106.80 million during the quarter, compared to the consensus estimate of $108.69 million. During the same period in the previous year, the firm posted $0.05 earnings per share. Altair Engineering’s revenue for the quarter was up 13.7% compared to the same quarter last year. Equities research analysts predict that Altair Engineering will post 0.49 EPS for the current year.

In other news, insider Uwe Schramm sold 2,000 shares of the stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $37.87, for a total transaction of $75,740.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Martin E. Nichols sold 2,500 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $33.95, for a total transaction of $84,875.00. The disclosure for this sale can be found here. Insiders sold 439,135 shares of company stock valued at $17,342,171 in the last ninety days. Insiders own 29.27% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. boosted its holdings in Altair Engineering by 55.3% during the second quarter. BlackRock Inc. now owns 3,673,207 shares of the software’s stock worth $148,361,000 after purchasing an additional 1,308,497 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Altair Engineering by 7.7% during the second quarter. Vanguard Group Inc. now owns 3,053,897 shares of the software’s stock worth $123,346,000 after purchasing an additional 218,111 shares during the last quarter. Neuberger Berman Group LLC boosted its holdings in Altair Engineering by 20.9% during the first quarter. Neuberger Berman Group LLC now owns 2,707,777 shares of the software’s stock worth $99,673,000 after purchasing an additional 467,553 shares during the last quarter. Pictet Asset Management Ltd. acquired a new position in Altair Engineering during the second quarter worth $88,191,000. Finally, Primecap Management Co. CA boosted its holdings in Altair Engineering by 0.3% during the second quarter. Primecap Management Co. CA now owns 1,153,600 shares of the software’s stock worth $46,594,000 after purchasing an additional 3,600 shares during the last quarter. Institutional investors and hedge funds own 45.84% of the company’s stock.

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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