Altair Engineering (NASDAQ:ALTR) had its target price increased by equities research analysts at Royal Bank of Canada from $38.00 to $40.00 in a research report issued to clients and investors on Friday. The firm presently has a “sector perform” rating on the semiconductor manufacturer’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 5.15% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. Berenberg Bank upped their price target on shares of Altair Engineering to $43.00 and gave the company a “buy” rating in a research note on Friday, June 15th. JPMorgan Chase & Co. upped their price target on shares of Altair Engineering from $34.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday. Canaccord Genuity upped their price target on shares of Altair Engineering from $32.00 to $38.00 and gave the company a “hold” rating in a research note on Friday. Needham & Company LLC upped their price target on shares of Altair Engineering from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Friday. Finally, Zacks Investment Research upgraded shares of Altair Engineering from a “sell” rating to a “buy” rating and set a $40.00 price target on the stock in a research note on Tuesday, May 22nd. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $38.25.

Shares of ALTR stock traded up $1.50 on Friday, reaching $38.04. The stock had a trading volume of 1,038,019 shares, compared to its average volume of 322,936. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.01. Altair Engineering has a 12 month low of $16.55 and a 12 month high of $39.20.

Altair Engineering (NASDAQ:ALTR) last issued its earnings results on Thursday, August 9th. The semiconductor manufacturer reported $0.05 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.01. The company had revenue of $95.60 million for the quarter, compared to analysts’ expectations of $91.08 million. Altair Engineering had a negative net margin of 23.35% and a negative return on equity of 68.72%. The firm’s revenue was up 17.2% on a year-over-year basis. sell-side analysts forecast that Altair Engineering will post 0.28 earnings per share for the current fiscal year.

In related news, President Brett R. Chouinard sold 75,000 shares of the company’s stock in a transaction dated Monday, June 11th. The shares were sold at an average price of $33.43, for a total value of $2,507,250.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder George J. Christ sold 600,000 shares of the company’s stock in a transaction dated Monday, June 11th. The shares were sold at an average price of $33.43, for a total transaction of $20,058,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,106,420 shares of company stock worth $70,417,621. 38.24% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Legal & General Group Plc acquired a new position in shares of Altair Engineering during the 2nd quarter worth approximately $127,000. Brown Advisory Inc. acquired a new position in shares of Altair Engineering during the 1st quarter worth approximately $214,000. Barclays PLC grew its position in shares of Altair Engineering by 123.1% during the 1st quarter. Barclays PLC now owns 8,900 shares of the semiconductor manufacturer’s stock worth $279,000 after purchasing an additional 4,910 shares in the last quarter. Verition Fund Management LLC acquired a new position in shares of Altair Engineering during the 1st quarter worth approximately $289,000. Finally, NJ State Employees Deferred Compensation Plan acquired a new position in shares of Altair Engineering during the 2nd quarter worth approximately $342,000. Institutional investors and hedge funds own 24.33% of the company’s stock.

About Altair Engineering

Altair Engineering Inc, together with its subsidiaries, provides enterprise-class engineering software worldwide. The company operates through two segments, Software and Client Engineering Services. Its integrated suite of multi-disciplinary computer aided engineering software optimizes design performance across various disciplines, including structures, motion, fluids, thermal management, electromagnetics, system modeling and embedded systems, as well as provides data analytics and true-to-life visualization and rendering.

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Analyst Recommendations for Altair Engineering (NASDAQ:ALTR)

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