Altair Engineering (NASDAQ:ALTR) Sees Large Volume Increase – Here’s Why

by · The Markets Daily

Shares of Altair Engineering Inc. (NASDAQ:ALTR – Get Free Report) saw unusually-strong trading volume on Wednesday . Approximately 2,470,905 shares traded hands during trading, an increase of 355% from the previous session’s volume of 543,271 shares.The stock last traded at $103.93 and had previously closed at $104.52.

Analyst Upgrades and Downgrades

Several research analysts recently commented on ALTR shares. Rosenblatt Securities boosted their price objective on shares of Altair Engineering from $88.00 to $113.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. The Goldman Sachs Group lowered shares of Altair Engineering from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $85.00 to $71.00 in a research note on Friday, August 2nd. Needham & Company LLC restated a “hold” rating and set a $100.00 price target on shares of Altair Engineering in a research note on Thursday, October 31st. Loop Capital restated a “hold” rating and set a $113.00 price target on shares of Altair Engineering in a research note on Thursday, October 31st. Finally, 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. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $100.71.

Read Our Latest Research Report on ALTR

Altair Engineering Price Performance

The stock has a market cap of $8.83 billion, a price-to-earnings ratio of 275.05, a price-to-earnings-growth ratio of 13.28 and a beta of 1.44. The stock’s 50 day moving average price is $94.86 and its two-hundred day moving average price is $92.01. The company has a quick ratio of 3.27, a current ratio of 3.27 and a debt-to-equity ratio of 0.27.

Insider Transactions at Altair Engineering

In related news, major shareholder Christ Revocable Trust sold 100,000 shares of the stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $106.57, for a total transaction of $10,657,000.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Altair Engineering news, major shareholder George J. Christ sold 97,824 shares of the stock in a transaction on Friday, October 11th. The shares were sold at an average price of $95.23, for a total transaction of $9,315,779.52. Following the transaction, the insider now directly owns 302,176 shares of the company’s stock, valued at $28,776,220.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Christ Revocable Trust sold 100,000 shares of the stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $106.57, for a total transaction of $10,657,000.00. The disclosure for this sale can be found here. Insiders have sold 360,360 shares of company stock worth $35,490,008 over the last 90 days. 21.75% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Altair Engineering

A number of hedge funds have recently modified their holdings of ALTR. Blue Trust Inc. raised its position in shares of Altair Engineering by 572.1% in the third quarter. Blue Trust Inc. now owns 289 shares of the software’s stock valued at $28,000 after buying an additional 246 shares during the last quarter. GAMMA Investing LLC increased its position in Altair Engineering by 81.7% during the second quarter. GAMMA Investing LLC now owns 418 shares of the software’s stock worth $41,000 after purchasing an additional 188 shares during the last quarter. FSC Wealth Advisors LLC increased its position in Altair Engineering by 41.3% during the second quarter. FSC Wealth Advisors LLC now owns 832 shares of the software’s stock worth $82,000 after purchasing an additional 243 shares during the last quarter. Van ECK Associates Corp increased its position in Altair Engineering by 41.7% during the second quarter. Van ECK Associates Corp now owns 1,057 shares of the software’s stock worth $104,000 after purchasing an additional 311 shares during the last quarter. Finally, KBC Group NV increased its position in Altair Engineering by 17.9% during the third quarter. KBC Group NV now owns 1,640 shares of the software’s stock worth $157,000 after purchasing an additional 249 shares during the last quarter. 63.38% of the stock is currently owned by institutional investors and hedge funds.

About Altair Engineering

(Get 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.

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