JPMorgan Chase & Co. Raises Altair Engineering (NASDAQ:ALTR) Price Target to $95.00

Altair Engineering (NASDAQ:ALTR) had its price objective raised by JPMorgan Chase & Co. from $86.00 to $95.00 in a research report report published on Tuesday morning, Benzinga reports. The brokerage currently has an overweight rating on the software’s stock.

Several other brokerages have also recently weighed in on ALTR. Needham & Company LLC reissued a buy rating and issued a $100.00 price target on shares of Altair Engineering in a research note on Monday. Oppenheimer increased their price target on Altair Engineering from $95.00 to $100.00 and gave the company an outperform rating in a research note on Friday, February 23rd. Rosenblatt Securities reissued a neutral rating and issued a $88.00 price target (up previously from $74.00) on shares of Altair Engineering in a research note on Friday, February 23rd. Finally, Royal Bank of Canada reissued a sector perform rating and issued a $90.00 price target on shares of Altair Engineering in a research note on Thursday, March 21st. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Altair Engineering has a consensus rating of Moderate Buy and a consensus target price of $88.71.

Altair Engineering Price Performance

Shares of ALTR opened at $86.15 on Tuesday. Altair Engineering has a 12-month low of $57.59 and a 12-month high of $92.92. The business has a 50-day simple moving average of $85.81 and a two-hundred day simple moving average of $75.89. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.32. The stock has a market cap of $7.11 billion, a PE ratio of -662.69, a PEG ratio of 11.89 and a beta of 1.43.

Altair Engineering (NASDAQ:ALTR) last issued its quarterly earnings results on Thursday, February 22nd. The software reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.07. The company had revenue of $171.50 million during the quarter, compared to analysts’ expectations of $172.48 million. Altair Engineering had a positive return on equity of 3.77% and a negative net margin of 1.46%. Analysts anticipate that Altair Engineering will post 0.6 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Altair Engineering news, major shareholder Jrs Investments Llc sold 5,000 shares of the stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $83.73, for a total value of $418,650.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO James Ralph Scapa sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $83.73, for a total value of $837,300.00. Following the transaction, the chief executive officer now owns 103,591 shares in the company, valued at $8,673,674.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Jrs Investments Llc sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $83.73, for a total value of $418,650.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 180,091 shares of company stock worth $15,548,707. Corporate insiders own 22.17% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Matrix Capital Management Company LP increased its position in shares of 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 acquiring an additional 932,717 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Altair Engineering by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 5,761,445 shares of the software’s stock valued at $484,826,000 after acquiring an additional 33,503 shares during the last quarter. BlackRock Inc. increased its position in shares of Altair Engineering by 7.5% during the first quarter. BlackRock Inc. now owns 4,879,144 shares of the software’s stock valued at $314,217,000 after acquiring an additional 339,610 shares during the last quarter. Conestoga Capital Advisors LLC increased its position in shares of Altair Engineering by 0.6% during the fourth quarter. Conestoga Capital Advisors LLC now owns 2,424,711 shares of the software’s stock valued at $204,039,000 after acquiring an additional 15,200 shares during the last quarter. Finally, Impax Asset Management Group plc increased its position in shares of Altair Engineering by 6.9% during the third quarter. Impax Asset Management Group plc now owns 2,130,550 shares of the software’s stock valued at $132,570,000 after acquiring an additional 137,933 shares during the last quarter. Institutional investors 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.