Altair Engineering (NASDAQ:ALTR) Given Buy Rating at Needham & Company LLC

Altair Engineering (NASDAQ:ALTR)‘s stock had its “buy” rating restated by investment analysts at Needham & Company LLC in a report issued on Friday, Benzinga reports. They currently have a $100.00 price target on the software’s stock. Needham & Company LLC’s price objective suggests a potential upside of 22.74% from the company’s current price.

A number of other equities research analysts also recently weighed in on the stock. Oppenheimer boosted their price target on shares of Altair Engineering from $95.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, February 23rd. JPMorgan Chase & Co. boosted their price target on shares of Altair Engineering from $86.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 26th. Rosenblatt Securities reissued a “neutral” rating and set a $88.00 price target on shares of Altair Engineering in a research note on Monday, April 29th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $90.00 price target on shares of Altair Engineering in a research note on Thursday, March 21st. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $90.00.

Altair Engineering Price Performance

Shares of ALTR stock opened at $81.47 on Friday. Altair Engineering has a 1 year low of $57.59 and a 1 year high of $92.92. The firm’s 50 day moving average is $83.21 and its 200-day moving average is $79.27. The firm has a market capitalization of $6.72 billion, a price-to-earnings ratio of 905.22, a PEG ratio of 10.90 and a beta of 1.42. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.32.

Altair Engineering (NASDAQ:ALTR) last announced its earnings results on Thursday, February 22nd. The software reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.07. Altair Engineering had a net margin of 1.55% and a return on equity of 5.83%. The company had revenue of $171.50 million for the quarter, compared to analyst estimates of $172.48 million. Sell-side analysts forecast that Altair Engineering will post 0.63 EPS for the current fiscal year.

Insider Buying and Selling at Altair Engineering

In other Altair Engineering news, CEO James Ralph Scapa sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $91.07, for a total value of $910,700.00. Following the completion of the sale, the chief executive officer now owns 103,591 shares of the company’s stock, valued at $9,434,032.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Altair Engineering news, CEO James Ralph Scapa sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $91.07, for a total value of $910,700.00. Following the completion of the sale, the chief executive officer now owns 103,591 shares of the company’s stock, valued at $9,434,032.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Jrs Investments Llc sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $80.74, for a total transaction of $403,700.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 161,830 shares of company stock valued at $13,876,320. Corporate insiders own 21.75% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. McGlone Suttner Wealth Management Inc. acquired a new position in Altair Engineering during the fourth quarter worth $31,000. EdgeRock Capital LLC acquired a new stake in shares of Altair Engineering during the 4th quarter worth about $33,000. Harvest Fund Management Co. Ltd lifted its stake in shares of Altair Engineering by 1,157.7% during the 4th quarter. Harvest Fund Management Co. Ltd now owns 981 shares of the software’s stock worth $83,000 after buying an additional 903 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Altair Engineering by 10.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,991 shares of the software’s stock worth $125,000 after buying an additional 190 shares during the last quarter. Finally, SG Americas Securities LLC lifted its stake in shares of Altair Engineering by 31.3% during the 3rd quarter. SG Americas Securities LLC now owns 2,171 shares of the software’s stock worth $136,000 after buying an additional 518 shares during the last quarter. Institutional investors and hedge funds own 63.38% of the company’s stock.

About Altair Engineering

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.