Altair Engineering (NASDAQ:ALTR) Downgraded by Wolfe Research to Hold

Wolfe Research downgraded shares of Altair Engineering (NASDAQ:ALTR) from a strong-buy rating to a hold rating in a research report sent to investors on Sunday, Zacks.com reports.

A number of other research firms have also recently commented on ALTR. Needham & Company LLC reaffirmed a “hold” rating and set a $100.00 price objective on shares of Altair Engineering in a research report on Thursday, October 31st. JPMorgan Chase & Co. lowered shares of Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 price target on the stock. in a research note on Monday, July 15th. The Goldman Sachs Group downgraded shares of Altair Engineering from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $85.00 to $71.00 in a research report on Friday, August 2nd. Rosenblatt Securities increased their target price on Altair Engineering from $88.00 to $113.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Finally, Royal Bank of Canada upped their price objective on Altair Engineering from $90.00 to $113.00 and gave the company a “sector perform” rating in a report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Altair Engineering presently has an average rating of “Hold” and an average target price of $100.71.

Altair Engineering Price Performance

NASDAQ:ALTR opened at $104.52 on Friday. The company has a quick ratio of 3.27, a current ratio of 3.27 and a debt-to-equity ratio of 0.27. Altair Engineering has a 12-month low of $65.25 and a 12-month high of $113.12. The stock’s 50 day moving average price is $94.57 and its two-hundred day moving average price is $91.85. The firm has a market capitalization of $8.87 billion, a price-to-earnings ratio of 275.05, a P/E/G ratio of 13.28 and a beta of 1.44.

Insider Buying and Selling at Altair Engineering

In other Altair Engineering news, major shareholder Christ Revocable Trust sold 100,000 shares of the company’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $106.57, for a total transaction of $10,657,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, major shareholder Christ Revocable Trust sold 100,000 shares of the stock in a transaction dated Wednesday, October 23rd. The shares were 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 accessible through the SEC website. Also, major shareholder Jrs Investments Llc sold 6,500 shares of Altair Engineering stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $89.04, for a total transaction of $578,760.00. The disclosure for this sale can be found here. Insiders have sold a total of 359,740 shares of company stock valued at $35,425,466 in the last ninety days. 21.75% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Matrix Capital Management Company LP raised its holdings in Altair Engineering by 1.6% during the first quarter. Matrix Capital Management Company LP now owns 12,430,000 shares of the software’s stock worth $1,070,844,000 after buying an additional 196,826 shares during the last quarter. Vanguard Group Inc. raised its holdings in Altair Engineering by 3.2% during the 1st quarter. Vanguard Group Inc. now owns 5,944,285 shares of the software’s stock valued at $512,100,000 after acquiring an additional 182,840 shares during the period. Conestoga Capital Advisors LLC increased its position in shares of Altair Engineering by 1.4% during the third quarter. Conestoga Capital Advisors LLC now owns 2,522,551 shares of the software’s stock valued at $240,929,000 after buying an additional 33,985 shares during the period. William Blair Investment Management LLC purchased a new stake in Altair Engineering in the 2nd quarter worth approximately $91,589,000. Finally, Bank of New York Mellon Corp raised its position in shares of Altair Engineering by 121.7% in the second quarter. Bank of New York Mellon Corp now owns 569,109 shares of the software’s stock worth $55,818,000 after buying an additional 312,448 shares in the last quarter. Institutional investors own 63.38% of the company’s stock.

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.