Altair Engineering Inc. (NASDAQ:ALTR - Get Free Report) was the recipient of a large growth in short interest in the month of December. As of December 31st, there was short interest totalling 3,800,000 shares, a growth of 13.4% from the December 15th total of 3,350,000 shares. Based on an average daily trading volume, of 1,020,000 shares, the days-to-cover ratio is presently 3.7 days.
Altair Engineering Price Performance
Shares of ALTR traded up $0.29 during trading hours on Friday, reaching $110.41. 979,239 shares of the company traded hands, compared to its average volume of 685,715. The stock has a market capitalization of $9.39 billion, a PE ratio of 290.56, a price-to-earnings-growth ratio of 11.34 and a beta of 1.42. The stock has a fifty day simple moving average of $107.17 and a 200 day simple moving average of $98.26. Altair Engineering has a fifty-two week low of $75.71 and a fifty-two week high of $113.12. The company has a quick ratio of 3.27, a current ratio of 3.27 and a debt-to-equity ratio of 0.27.
Insider Activity at Altair Engineering
In related news, major shareholder Christ Revocable Trust sold 100,000 shares of Altair Engineering stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $106.57, for a total value of $10,657,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO James Ralph Scapa sold 13,000 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $102.59, for a total transaction of $1,333,670.00. Following the completion of the sale, the chief executive officer now directly owns 134,045 shares in the company, valued at approximately $13,751,676.55. This represents a 8.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 181,447 shares of company stock worth $19,214,933. 21.75% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Altair Engineering
Several institutional investors and hedge funds have recently modified their holdings of ALTR. GAMMA Investing LLC raised its position in shares of Altair Engineering by 52.2% in the 3rd quarter. GAMMA Investing LLC now owns 636 shares of the software's stock worth $61,000 after buying an additional 218 shares during the period. Moody Aldrich Partners LLC increased its holdings in Altair Engineering by 15.2% during the 3rd quarter. Moody Aldrich Partners LLC now owns 75,233 shares of the software's stock worth $7,186,000 after purchasing an additional 9,907 shares during the last quarter. Fisher Asset Management LLC raised its position in shares of Altair Engineering by 27.0% in the 3rd quarter. Fisher Asset Management LLC now owns 401,612 shares of the software's stock valued at $38,358,000 after purchasing an additional 85,303 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Altair Engineering by 8.9% during the 2nd quarter. Envestnet Asset Management Inc. now owns 85,065 shares of the software's stock valued at $8,343,000 after buying an additional 6,956 shares during the last quarter. Finally, Amalgamated Bank grew its position in shares of Altair Engineering by 1,378.0% during the second quarter. Amalgamated Bank now owns 27,594 shares of the software's stock worth $2,706,000 after buying an additional 25,727 shares in the last quarter. Hedge funds and other institutional investors own 63.38% of the company's stock.
Wall Street Analysts Forecast Growth
A number of brokerages have weighed in on ALTR. Loop Capital reiterated a "hold" rating and issued a $113.00 price objective on shares of Altair Engineering in a research note on Thursday, October 31st. Wolfe Research cut Altair Engineering from a "strong-buy" rating to a "hold" rating in a report on Sunday, November 3rd. Needham & Company LLC restated a "hold" rating and set a $100.00 target price on shares of Altair Engineering in a research report on Thursday, October 31st. Royal Bank of Canada upped 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, October 31st. Finally, Rosenblatt Securities lifted their price target on Altair Engineering from $88.00 to $113.00 and gave the stock a "neutral" rating in a research note on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $100.71.
Read Our Latest Analysis on ALTR
About Altair Engineering
(
Get Free Report)
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.
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