EdgeRock Capital LLC Takes Position in Altair Engineering Inc. (NASDAQ:ALTR)

EdgeRock Capital LLC bought a new position in shares of Altair Engineering Inc. (NASDAQ:ALTR) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 382 shares of the software’s stock, valued at approximately $33,000.

Other hedge funds have also bought and sold shares of the company. McGlone Suttner Wealth Management Inc. acquired a new stake in Altair Engineering during the 4th quarter worth about $31,000. Harvest Fund Management Co. Ltd grew its stake in Altair Engineering by 1,157.7% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 981 shares of the software’s stock worth $83,000 after purchasing an additional 903 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in Altair Engineering by 10.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,991 shares of the software’s stock worth $125,000 after purchasing an additional 190 shares in the last quarter. SG Americas Securities LLC lifted its stake in Altair Engineering by 31.3% in the third quarter. SG Americas Securities LLC now owns 2,171 shares of the software’s stock valued at $136,000 after buying an additional 518 shares during the period. Finally, Legato Capital Management LLC bought a new position in shares of Altair Engineering during the 4th quarter worth approximately $217,000. Institutional investors own 63.38% of the company’s stock.

Altair Engineering Stock Down 1.0 %

NASDAQ ALTR traded down $0.89 during trading hours on Wednesday, hitting $85.20. The company’s stock had a trading volume of 703,172 shares, compared to its average volume of 416,168. The company has a market capitalization of $7.03 billion, a PE ratio of 946.67, a price-to-earnings-growth ratio of 10.86 and a beta of 1.42. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.30. Altair Engineering Inc. has a 52 week low of $57.59 and a 52 week high of $92.92. The company’s 50-day simple moving average is $83.20 and its two-hundred day simple moving average is $79.80.

Altair Engineering (NASDAQ:ALTR) last posted its earnings results on Thursday, May 2nd. The software reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.06. Altair Engineering had a return on equity of 5.60% and a net margin of 1.55%. The company had revenue of $172.91 million for the quarter, compared to analyst estimates of $169.29 million. During the same quarter last year, the company earned $0.13 earnings per share. The company’s revenue for the quarter was up 4.1% on a year-over-year basis. Research analysts anticipate that Altair Engineering Inc. will post 0.63 EPS for the current fiscal year.

Insider Transactions at Altair Engineering

In other Altair Engineering news, Director Teresa A. Harris sold 620 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $82.89, for a total value of $51,391.80. Following the completion of the sale, the director now owns 18,895 shares in the company, valued at approximately $1,566,206.55. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, major shareholder Christ Revocable Trust sold 3,904 shares of the business’s stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $85.42, for a total value of $333,479.68. Following the transaction, the insider now directly owns 283,336 shares of the company’s stock, valued at approximately $24,202,561.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Teresa A. Harris sold 620 shares of Altair Engineering stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $82.89, for a total transaction of $51,391.80. Following the completion of the sale, the director now directly owns 18,895 shares in the company, valued at approximately $1,566,206.55. The disclosure for this sale can be found here. Insiders sold a total of 162,450 shares of company stock worth $13,927,712 in the last quarter. 21.75% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ALTR. Needham & Company LLC reiterated a “buy” rating and set a $100.00 target price on shares of Altair Engineering in a research report on Friday, May 3rd. Royal Bank of Canada reissued a “sector perform” rating and set a $90.00 price objective on shares of Altair Engineering in a research report on Thursday, March 21st. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $88.00 target price on shares of Altair Engineering in a research report on Monday, April 29th. Oppenheimer raised their price objective on Altair Engineering from $95.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, February 23rd. Finally, JPMorgan Chase & Co. upped their target price on Altair Engineering from $86.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 26th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Altair Engineering presently has a consensus rating of “Moderate Buy” and an average target price of $94.60.

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.