Altair Engineering (NASDAQ:ALTR) Rating Lowered to "Hold" at Wolfe Research

Altair Engineering (NASDAQ:ALTR - Get Free Report) was downgraded by equities research analysts at Wolfe Research from a "strong-buy" rating to a "hold" rating in a research note issued on Sunday, Zacks.com reports.

A number of other analysts have also weighed in on ALTR. William Blair restated a "market perform" rating on shares of Altair Engineering in a report on Thursday, October 31st. The Goldman Sachs Group lowered Altair Engineering from a "neutral" rating to a "sell" rating and lowered their target price for the stock from $85.00 to $71.00 in a report on Friday, August 2nd. JPMorgan Chase & Co. lowered Altair Engineering from an "overweight" rating to a "neutral" rating and set a $95.00 target price for the company. in a report on Monday, July 15th. Royal Bank of Canada upped their target price on Altair Engineering from $90.00 to $113.00 and gave the stock a "sector perform" rating in a report on Thursday, October 31st. Finally, 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, October 31st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $100.71.

Altair Engineering Stock Down 0.5 %

Altair Engineering stock traded down $0.53 during mid-day trading on Friday, reaching $103.99. 3,734,349 shares of the company were exchanged, compared to its average volume of 549,976. The business has a fifty day moving average of $94.86 and a 200 day moving average of $92.01. The company has a debt-to-equity ratio of 0.27, a quick ratio of 3.27 and a current ratio of 3.27. The firm has a market cap of $8.83 billion, a P/E ratio of 275.05, a PEG ratio of 13.28 and a beta of 1.44. Altair Engineering has a 12-month low of $66.51 and a 12-month high of $113.12.

Insider Activity at Altair Engineering

In related news, major shareholder Christ Revocable Trust sold 100,000 shares of the company's stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $106.57, for a total value of $10,657,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Altair Engineering news, major shareholder George J. Christ sold 49,952 shares of the stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $95.72, for a total transaction of $4,781,405.44. Following the sale, the insider now directly owns 100,000 shares of the company's stock, valued at approximately $9,572,000. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Christ Revocable Trust sold 100,000 shares of the stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $106.57, for a total value of $10,657,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 360,360 shares of company stock valued at $35,490,008 in the last ninety days. Company insiders own 21.75% of the company's stock.

Institutional Investors Weigh In On Altair Engineering

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. grew its position in Altair Engineering by 572.1% during the 3rd quarter. Blue Trust Inc. now owns 289 shares of the software's stock worth $28,000 after purchasing an additional 246 shares during the period. GAMMA Investing LLC boosted its stake in shares of 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 acquiring an additional 188 shares in the last quarter. 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 acquiring an additional 243 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Altair Engineering by 41.7% during the 2nd quarter. Van ECK Associates Corp now owns 1,057 shares of the software's stock worth $104,000 after acquiring an additional 311 shares in the last quarter. Finally, KBC Group NV boosted its stake in shares of Altair Engineering by 17.9% during the 3rd quarter. KBC Group NV now owns 1,640 shares of the software's stock worth $157,000 after acquiring an additional 249 shares in the last quarter. 63.38% of the stock is owned by institutional investors and hedge funds.

Altair Engineering Company Profile

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.