Altair Engineering (NASDAQ:ALTR) Sets New 52-Week High - What's Next?

Altair Engineering Inc. (NASDAQ:ALTR - Get Free Report) shares hit a new 52-week high on Tuesday . The stock traded as high as $113.12 and last traded at $110.25, with a volume of 1173095 shares trading hands. The stock had previously closed at $102.00.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on ALTR shares. Needham & Company LLC reissued a "buy" rating and issued a $100.00 target price on shares of Altair Engineering in a research note on Friday, August 2nd. The Goldman Sachs Group downgraded shares of Altair Engineering from a "neutral" rating to a "sell" rating and reduced their price target for the stock from $85.00 to $71.00 in a research note on Friday, August 2nd. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $90.00 price target on shares of Altair Engineering in a research note on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. lowered shares of Altair Engineering from an "overweight" rating to a "neutral" rating and set a $95.00 target price on the stock. in a research report on Monday, July 15th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Altair Engineering currently has a consensus rating of "Hold" and a consensus price target of $90.67.

Altair Engineering Stock Performance

The firm has a 50-day moving average of $93.35 and a two-hundred day moving average of $91.17. The company has a quick ratio of 3.14, a current ratio of 3.14 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $9.19 billion, a PE ratio of 1,229.67, a PEG ratio of 12.15 and a beta of 1.45.

Altair Engineering (NASDAQ:ALTR - Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The software reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.01. The company had revenue of $148.80 million during the quarter, compared to analysts' expectations of $146.88 million. Altair Engineering had a return on equity of 6.89% and a net margin of 4.26%. Altair Engineering's quarterly revenue was up 5.4% on a year-over-year basis. During the same period last year, the business earned ($0.15) earnings per share. Research analysts anticipate that Altair Engineering Inc. will post 0.65 EPS for the current year.

Insider Activity

In other news, major shareholder Christ Revocable Trust sold 100,000 shares of the business's stock in a transaction that occurred 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, major shareholder Jrs Investments Llc sold 6,500 shares of Altair Engineering 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Christ Revocable Trust sold 100,000 shares of Altair Engineering stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders sold 360,360 shares of company stock worth $35,476,660 over the last three months. 21.75% of the stock is currently owned by corporate insiders.

Institutional Trading of Altair Engineering

A number of institutional investors have recently made changes to their positions in ALTR. Blue Trust Inc. boosted its stake in shares of Altair Engineering by 572.1% in the third quarter. Blue Trust Inc. now owns 289 shares of the software's stock worth $28,000 after acquiring an additional 246 shares during the last quarter. GAMMA Investing LLC boosted its stake in Altair Engineering by 81.7% during the second quarter. GAMMA Investing LLC now owns 418 shares of the software's stock worth $41,000 after buying an additional 188 shares during the last quarter. FSC Wealth Advisors LLC boosted its stake in Altair Engineering by 41.3% during the second 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. Van ECK Associates Corp boosted its stake in Altair Engineering by 41.7% during the second quarter. Van ECK Associates Corp now owns 1,057 shares of the software's stock worth $104,000 after buying an additional 311 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in Altair Engineering during the first quarter worth $177,000. 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.