Altair Engineering (NASDAQ:ALTR) Posts Earnings Results, Beats Expectations By $0.08 EPS

Altair Engineering (NASDAQ:ALTRGet Rating) posted its quarterly earnings data on Thursday. The software reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.08, MarketWatch Earnings reports. The firm had revenue of $159.78 million during the quarter, compared to analysts’ expectations of $154.16 million. Altair Engineering had a negative net margin of 2.15% and a positive return on equity of 3.39%. The firm’s quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter last year, the company posted $0.23 EPS.

ALTR stock traded down $2.13 during midday trading on Monday, hitting $49.44. The company’s stock had a trading volume of 9,667 shares, compared to its average volume of 221,322. Altair Engineering has a 52-week low of $50.72 and a 52-week high of $82.96. The firm has a 50-day moving average of $60.61.

A number of equities analysts recently weighed in on ALTR shares. The Goldman Sachs Group lowered their price objective on shares of Altair Engineering from $78.00 to $67.00 and set a “neutral” rating for the company in a research report on Monday, March 7th. Zacks Investment Research cut shares of Altair Engineering from a “buy” rating to a “hold” rating in a research report on Wednesday, March 2nd. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Altair Engineering presently has a consensus rating of “Hold” and an average target price of $80.60.

In other news, CEO James Ralph Scapa sold 1,760 shares of the firm’s stock in a transaction on Wednesday, March 16th. The shares were sold at an average price of $58.50, for a total value of $102,960.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CMO Amy Messano sold 396 shares of the firm’s stock in a transaction on Monday, March 7th. The shares were sold at an average price of $64.55, for a total transaction of $25,561.80. The disclosure for this sale can be found here. Insiders sold a total of 11,176 shares of company stock valued at $693,839 in the last three months. 22.65% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. UBS Asset Management Americas Inc. raised its stake in Altair Engineering by 0.3% during the 3rd quarter. UBS Asset Management Americas Inc. now owns 50,416 shares of the software’s stock worth $3,476,000 after acquiring an additional 147 shares in the last quarter. Franklin Resources Inc. raised its stake in Altair Engineering by 3.3% during the 3rd quarter. Franklin Resources Inc. now owns 4,840 shares of the software’s stock worth $333,000 after acquiring an additional 154 shares in the last quarter. Voya Investment Management LLC raised its stake in Altair Engineering by 1.2% during the 3rd quarter. Voya Investment Management LLC now owns 17,982 shares of the software’s stock worth $1,240,000 after acquiring an additional 208 shares in the last quarter. Principal Financial Group Inc. raised its stake in Altair Engineering by 0.4% during the 4th quarter. Principal Financial Group Inc. now owns 54,402 shares of the software’s stock worth $4,206,000 after acquiring an additional 210 shares in the last quarter. Finally, Fifth Third Bancorp raised its stake in Altair Engineering by 33.7% during the 4th quarter. Fifth Third Bancorp now owns 860 shares of the software’s stock worth $66,000 after acquiring an additional 217 shares in the last quarter. Institutional investors and hedge funds own 97.47% of the company’s stock.

Altair Engineering Company Profile (Get Rating)

Altair Engineering Inc, together with its subsidiaries, provides software and cloud solutions in the areas of simulation, high-performance computing, data analytics, and artificial intelligence worldwide. The company operates in two segments, Software and Client Engineering Services. The Software segment includes solvers and optimization technology products, high-performance computing software applications and hardware products, modeling and visualization tools, data analytics and analysis products, and Internet of Things platform and analytics tools, as well as support and the complementary software products.

See Also

Earnings History for Altair Engineering (NASDAQ:ALTR)

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