Norges Bank Makes New Investment in Altair Engineering Inc. (NASDAQ:ALTR)

Norges Bank acquired a new position in shares of Altair Engineering Inc. (NASDAQ:ALTRFree Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 95,552 shares of the software’s stock, valued at approximately $8,041,000. Norges Bank owned 0.12% of Altair Engineering as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Principal Financial Group Inc. grew its stake in Altair Engineering by 11.6% during the fourth quarter. Principal Financial Group Inc. now owns 6,268 shares of the software’s stock worth $527,000 after buying an additional 653 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Altair Engineering by 2.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 470,907 shares of the software’s stock valued at $39,627,000 after purchasing an additional 9,714 shares during the period. Teacher Retirement System of Texas boosted its stake in shares of Altair Engineering by 85.7% in the fourth quarter. Teacher Retirement System of Texas now owns 7,680 shares of the software’s stock valued at $646,000 after purchasing an additional 3,545 shares during the period. Versor Investments LP purchased a new position in shares of Altair Engineering in the fourth quarter valued at $298,000. Finally, EdgeRock Capital LLC purchased a new position in shares of Altair Engineering in the fourth quarter valued at $33,000. 63.38% of the stock is currently owned by hedge funds and other institutional investors.

Altair Engineering Trading Down 3.3 %

ALTR opened at $86.22 on Friday. The stock has a market capitalization of $7.16 billion, a PE ratio of 958.00, a P/E/G ratio of 10.96 and a beta of 1.45. Altair Engineering Inc. has a 12-month low of $57.59 and a 12-month high of $93.69. The firm’s fifty day moving average price is $85.61 and its 200 day moving average price is $83.12. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.46 and a quick ratio of 2.46.

Altair Engineering (NASDAQ:ALTRGet Free Report) last issued its earnings results on Thursday, May 2nd. The software reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.06. The company had revenue of $172.91 million for the quarter, compared to analysts’ expectations of $169.29 million. Altair Engineering had a net margin of 1.55% and a return on equity of 5.60%. The firm’s revenue was up 4.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.13 earnings per share. As a group, research analysts expect that Altair Engineering Inc. will post 0.66 EPS for the current fiscal year.

Insiders Place Their Bets

In other Altair Engineering news, CEO James Ralph Scapa sold 1,686 shares of the stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $81.66, for a total transaction of $137,678.76. Following the sale, the chief executive officer now directly owns 98,605 shares of the company’s stock, valued at $8,052,084.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, major shareholder George J. Christ sold 87,217 shares of the stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $85.12, for a total value of $7,423,911.04. Following the sale, the insider now owns 100,000 shares of the company’s stock, valued at approximately $8,512,000. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO James Ralph Scapa sold 1,686 shares of the stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $81.66, for a total transaction of $137,678.76. Following the completion of the sale, the chief executive officer now directly owns 98,605 shares in the company, valued at approximately $8,052,084.30. The disclosure for this sale can be found here. Over the last three months, insiders have sold 361,544 shares of company stock valued at $31,521,070. Company insiders own 21.75% of the company’s stock.

Wall Street Analyst Weigh In

ALTR has been the subject of several analyst reports. Oppenheimer upped their target price on shares of Altair Engineering from $95.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, February 23rd. Rosenblatt Securities restated a “neutral” rating and issued a $88.00 target price on shares of Altair Engineering in a research note on Monday, April 29th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $90.00 price target on shares of Altair Engineering in a report on Thursday, March 21st. JPMorgan Chase & Co. upped their price target on shares of Altair Engineering from $86.00 to $95.00 and gave the company an “overweight” rating in a report on Tuesday, March 26th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $100.00 price target on shares of Altair Engineering in a report on Friday, May 3rd. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $94.60.

Read Our Latest Stock Report on Altair Engineering

About Altair Engineering

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Altair Engineering (NASDAQ:ALTR)

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