Altair Engineering (NASDAQ:ALTR) Downgraded to Sell at Zacks Investment Research

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Zacks Investment Research downgraded shares of Altair Engineering (NASDAQ:ALTR) from a hold rating to a sell rating in a research note issued to investors on Wednesday morning, Zacks.com reports.

According to Zacks, “Altair Engineering Inc. is focused on the development and broad application of simulation technology to synthesize and optimize designs, processes and decisions for business performance. The company serves broad industry segments. Altair Engineering Inc. is headquartered in Michigan, USA. “

Several other research analysts also recently commented on the stock. Deutsche Bank downgraded shares of Altair Engineering from a buy rating to a hold rating and set a $36.00 price target on the stock. in a research note on Friday, August 9th. Needham & Company LLC reaffirmed a buy rating and issued a $40.00 price target (down previously from $42.00) on shares of Altair Engineering in a research note on Monday. Finally, ValuEngine downgraded shares of Altair Engineering from a buy rating to a hold rating in a research note on Saturday, May 18th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $39.14.

ALTR stock traded down $0.42 during trading on Wednesday, hitting $33.68. The company had a trading volume of 3,175 shares, compared to its average volume of 455,697. The stock has a market cap of $2.41 billion, a price-to-earnings ratio of 91.69 and a beta of 1.40. Altair Engineering has a 52-week low of $25.28 and a 52-week high of $43.99. The firm has a 50 day moving average of $40.67. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.09 and a quick ratio of 1.06.

Altair Engineering (NASDAQ:ALTR) last posted its quarterly earnings results on Thursday, August 8th. The software reported $0.06 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.02. The company had revenue of $106.80 million for the quarter, compared to the consensus estimate of $108.69 million. Altair Engineering had a net margin of 1.48% and a return on equity of 10.57%. The firm’s revenue was up 13.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.05 EPS. As a group, analysts anticipate that Altair Engineering will post 0.49 earnings per share for the current year.

In other Altair Engineering news, insider James Dagg sold 8,000 shares of the firm’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $42.04, for a total transaction of $336,320.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Gc Investments Llc sold 20,076 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $42.21, for a total transaction of $847,407.96. The disclosure for this sale can be found here. Insiders have sold a total of 429,795 shares of company stock worth $17,021,625 in the last three months. Insiders own 29.27% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Royce & Associates LP boosted its stake in Altair Engineering by 22.6% in the 1st quarter. Royce & Associates LP now owns 83,154 shares of the software’s stock worth $3,061,000 after purchasing an additional 15,338 shares in the last quarter. Well Done LLC boosted its stake in Altair Engineering by 0.7% in the 1st quarter. Well Done LLC now owns 52,106 shares of the software’s stock worth $1,918,000 after purchasing an additional 355 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its stake in Altair Engineering by 53.2% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 11,039 shares of the software’s stock worth $406,000 after purchasing an additional 3,835 shares in the last quarter. Legal & General Group Plc boosted its stake in Altair Engineering by 313.6% in the 4th quarter. Legal & General Group Plc now owns 18,869 shares of the software’s stock worth $520,000 after purchasing an additional 14,307 shares in the last quarter. Finally, Lombard Odier Asset Management USA Corp acquired a new stake in Altair Engineering in the 1st quarter worth approximately $2,209,000. 39.85% of the stock is currently owned by institutional investors and hedge funds.

Altair Engineering Company Profile

Altair Engineering Inc, together with its subsidiaries, provides software and cloud solutions 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.

See Also: What does a hold rating mean?

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