Altair Engineering (NASDAQ:ALTR) Sees Unusually-High Trading Volume – Here’s What Happened

by · The Markets Daily

Altair Engineering Inc. (NASDAQ:ALTR – Get Free Report) shares saw an uptick in trading volume on Thursday . 380,881 shares were traded during trading, a decline of 36% from the previous session’s volume of 592,099 shares.The stock last traded at $107.35 and had previously closed at $105.66.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. William Blair reissued a “market perform” rating on shares of Altair Engineering in a report on Thursday, October 31st. Rosenblatt Securities lifted their price target on Altair Engineering from $88.00 to $113.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. 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 research note on Thursday, October 31st. Needham & Company LLC reiterated a “hold” rating and set a $100.00 target price on shares of Altair Engineering in a research report on Thursday, October 31st. Finally, Wolfe Research cut shares of Altair Engineering from a “strong-buy” rating to a “hold” rating in a research report on Sunday, November 3rd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Altair Engineering presently has a consensus rating of “Hold” and a consensus price target of $100.71.

Read Our Latest Report on Altair Engineering

Altair Engineering Price Performance

The company has a current ratio of 3.27, a quick ratio of 3.27 and a debt-to-equity ratio of 0.27. The business’s 50-day simple moving average is $103.79 and its two-hundred day simple moving average is $96.07. The firm has a market cap of $9.27 billion, a price-to-earnings ratio of 286.85, a P/E/G ratio of 12.16 and a beta of 1.44.

Insider Activity

In related news, CRO Nelson Dias sold 22,500 shares of the business’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $106.23, for a total value of $2,390,175.00. Following the completion of the sale, the executive now directly owns 48,437 shares of the company’s stock, valued at $5,145,462.51. The trade was a 31.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Christ Revocable Trust sold 100,000 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $106.57, for a total value of $10,657,000.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 400,519 shares of company stock valued at $40,076,873. 21.75% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Altair Engineering

A number of large investors have recently modified their holdings of the company. New York State Teachers Retirement System lifted its position in Altair Engineering by 1.2% in the 3rd quarter. New York State Teachers Retirement System now owns 8,500 shares of the software’s stock valued at $812,000 after acquiring an additional 100 shares in the last quarter. ProShare Advisors LLC increased its holdings in Altair Engineering by 1.6% during the 2nd quarter. ProShare Advisors LLC now owns 10,219 shares of the software’s stock worth $1,002,000 after purchasing an additional 160 shares in the last quarter. Ballentine Partners LLC raised its stake in shares of Altair Engineering by 8.5% in the third quarter. Ballentine Partners LLC now owns 2,236 shares of the software’s stock worth $214,000 after purchasing an additional 175 shares during the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of Altair Engineering by 1.5% in the third quarter. Thrivent Financial for Lutherans now owns 13,961 shares of the software’s stock valued at $1,333,000 after purchasing an additional 201 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Altair Engineering by 52.2% during the third quarter. GAMMA Investing LLC now owns 636 shares of the software’s stock valued at $61,000 after buying an additional 218 shares during the last quarter. 63.38% of the stock is currently owned by institutional investors.

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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