Altair Engineering Inc. (NASDAQ:ALTR) Short Interest Down 6.1% in July

Altair Engineering Inc. (NASDAQ:ALTR) saw a large decline in short interest in July. As of July 31st, there was short interest totalling 4,190,000 shares, a decline of 6.1% from the July 15th total of 4,460,000 shares. Based on an average daily volume of 617,600 shares, the short-interest ratio is currently 6.8 days.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ALTR. Rosenblatt Securities restated a “neutral” rating and set a $88.00 target price on shares of Altair Engineering in a report on Monday, April 29th. The Goldman Sachs Group downgraded 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. JPMorgan Chase & Co. cut Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 target price on the stock. in a report on Monday, July 15th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $100.00 price target on shares of Altair Engineering in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $90.67.

Altair Engineering Trading Down 6.9 %

NASDAQ ALTR opened at $85.84 on Wednesday. The company has a market cap of $7.13 billion, a P/E ratio of 953.78, a P/E/G ratio of 10.73 and a beta of 1.48. Altair Engineering has a 12 month low of $57.59 and a 12 month high of $101.39. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.46 and a quick ratio of 2.46. The company has a 50-day moving average of $93.02 and a 200-day moving average of $88.34.

Altair Engineering (NASDAQ:ALTR) last released its earnings results on Thursday, August 1st. The software reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.01. The firm had revenue of $148.80 million during the quarter, compared to the consensus estimate of $146.88 million. Altair Engineering had a net margin of 4.26% and a return on equity of 7.11%. Altair Engineering’s revenue was up 5.4% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.15) earnings per share. As a group, equities analysts predict that Altair Engineering will post 0.66 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Teresa A. Harris sold 620 shares of the stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $85.95, for a total value of $53,289.00. Following the completion of the transaction, the director now owns 21,242 shares in the company, valued at approximately $1,825,749.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Teresa A. Harris sold 620 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $85.95, for a total transaction of $53,289.00. Following the sale, the director now owns 21,242 shares of the company’s stock, valued at approximately $1,825,749.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Mahalingam Srikanth sold 2,479 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $89.01, for a total value of $220,655.79. Following the completion of the transaction, the chief technology officer now directly owns 34,077 shares of the company’s stock, valued at $3,033,193.77. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 259,235 shares of company stock worth $25,040,275. Corporate insiders own 21.75% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. William Blair Investment Management LLC purchased a new position in shares of Altair Engineering in the 2nd quarter worth about $91,589,000. Matrix Capital Management Company LP lifted its position in Altair Engineering by 8.3% during the fourth quarter. Matrix Capital Management Company LP now owns 12,233,174 shares of the software’s stock valued at $1,029,422,000 after buying an additional 932,717 shares in the last quarter. Bain Capital Public Equity Management II LLC purchased a new stake in Altair Engineering during the fourth quarter worth approximately $57,728,000. Wellington Management Group LLP grew its stake in Altair Engineering by 97.3% during the fourth quarter. Wellington Management Group LLP now owns 1,182,339 shares of the software’s stock worth $99,494,000 after buying an additional 583,127 shares during the period. Finally, Bank of New York Mellon Corp increased 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 acquiring an additional 312,448 shares in 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.