Meeder Asset Management Inc. acquired a new position in shares of Altair Engineering Inc. (NASDAQ:ALTR – Get Rating) in the first quarter, reports HoldingsChannel.com. The institutional investor acquired 639 shares of the software stock, valued at approximately $41,000.
Several other large investors have also increased or reduced their stake in the company. Matrix Capital Management Company LP increased its stake in Altair Engineering shares by 5.1% during the 4th quarter. Matrix Capital Management Company LP now owns 8,600,000 shares of the software worth $664,952,000 after purchasing an additional 419,411 shares in the last quarter. Pictet Asset Management SA increased its position in Altair Engineering by 2.7% during the fourth quarter. Pictet Asset Management SA now owns 3,873,734 shares of the software worth $299,517,000 after acquiring an additional 100,732 shares last quarter. Conestoga Capital Advisors LLC increased its stake in Altair Engineering by 1.4% in the first quarter. Conestoga Capital Advisors LLC now owns 2,362,649 shares of the software valued at $152,155,000 after acquiring 32,010 additional shares in the last quarter. Impax Asset Management Group plc increased its stake in Altair Engineering shares by 9.5% during the 4th quarter. Impax Asset Management Group plc now owns 2,270,939 shares of the software worth $174,752,000 after buying an additional 197,646 shares in the last quarter. Finally, Eaton Vance Management increased its stake in Altair Engineering shares by 3.8% during the 4th quarter. Eaton Vance Management now owns 983,464 shares of the software worth $76,041,000 after purchasing an additional 35,647 shares in the last quarter. Institutional investors and hedge funds own 97.47% of the company’s shares.
Wall Street analysts predict growth
A number of brokerages have weighed in on ALTR. Wolfe Research began covering Altair Engineering in a research report on Tuesday, August 16. They set an “outperform” rating and a price target of $70.00 on the stock. Goldman Sachs Group cut Altair Engineering shares from a “neutral” rating to a “sell” rating and cut its price target for the stock from $62.00 to $41.00 in a report of search for Monday, June 27. Oppenheimer reiterated an “insiders” note on Altair Engineering stock in a Wednesday, July 27 research note. Finally, Rosenblatt Securities reduced its price target on Altair Engineering shares from $77.00 to $70.00 and placed a “buy” rating on the stock in a Thursday, July 21 research note. One analyst rated the stock with a sell rating, two assigned a hold rating and four assigned the company a buy rating. According to MarketBeat, Altair Engineering currently has an average rating of “Hold” and a consensus price target of $70.50.
Altair Engineering Price Performance
Shares of ALTR opened at $53.26 on Wednesday. The company has a debt ratio of 0.55, a quick ratio of 2.96 and a current ratio of 2.96. The company has a 50-day simple moving average of $54.20 and a two-hundred-day simple moving average of $56.98. Altair Engineering Inc. has a one-year minimum of $48.19 and a one-year maximum of $82.96.
Altair Engineering (NASDAQ:ALTR – Get Rating) last released its quarterly results on Thursday, August 4. The software reported earnings of $0.13 per share for the quarter, beating the consensus estimate of $0.09 by $0.04. Altair Engineering posted a positive return on equity of 1.79% and a negative net margin of 5.73%. The company posted revenue of $132.66 million for the quarter, compared to $129.37 million expected by analysts. In the same period a year earlier, the company posted ($0.04) earnings per share. The company’s quarterly revenue increased by 10.6% compared to the same quarter last year. On average, equity research analysts expect Altair Engineering Inc. to post -0.03 EPS for the current year.
Insider buying and selling
Separately, insider Uwe Schramm sold 5,934 shares in a trade dated Thursday, May 26. The stock was sold at an average price of $52.64, for a total value of $312,365.76. Following the completion of the sale, the insider now owns 44,309 shares of the company, valued at $2,332,425.76. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold a total of 8,943 shares of the company valued at $479,224 over the past three months. Insiders hold 22.65% of the shares of the company.
Altair Engineering Company Profile
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Altair Engineering Inc, together with its subsidiaries, provides software and cloud solutions in the fields of simulation, high performance computing, data analysis and artificial intelligence worldwide. The Company operates in two segments, software and customer engineering services. The Software segment includes solvers and optimization technology products, software applications and high-performance computing hardware products, modeling and visualization tools, analytics and data analysis products, platform and IoT analysis tools, as well as support and complementary software products.
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