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Altera (NASDAQ:ALTR) was upgraded by equities research analysts at RBC Capital from a “sector perform” rating to an “outperform” rating in a research note issued to investors on Monday, TheFlyOnTheWall.com reports.

Shares of Altera (NASDAQ:ALTR) opened at 32.77 on Monday. Altera has a 52-week low of $30.73 and a 52-week high of $39.18. The stock has a 50-day moving average of $33.79 and a 200-day moving average of $33.51. The company has a market cap of $10.265 billion and a P/E ratio of 23.90. Altera also was the recipient of a significant decrease in short interest in the month of April. As of April 30th, there was short interest totalling 3,651,829 shares, a decrease of 29.3% from the April 15th total of 5,165,893 shares. Currently, 1.2% of the shares of the company are sold short. Based on an average daily volume of 4,264,563 shares, the days-to-cover ratio is currently 0.9 days.

Altera (NASDAQ:ALTR) last issued its quarterly earnings data on Thursday, April 24th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.05. The company had revenue of $461.10 million for the quarter, compared to the consensus estimate of $437.97 million. During the same quarter in the previous year, the company posted $0.37 earnings per share. The company’s revenue for the quarter was up 12.3% on a year-over-year basis. On average, analysts predict that Altera will post $1.52 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which is scheduled for Monday, June 2nd. Stockholders of record on Monday, May 12th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date of this dividend is Thursday, May 8th.

Several other analysts have also recently commented on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Altera in a research note on Monday, April 28th. They now have a $35.00 price target on the stock. Separately, analysts at Nomura reiterated a “reduce” rating on shares of Altera in a research note on Friday, April 25th. They now have a $30.00 price target on the stock. Finally, analysts at TheStreet downgraded shares of Altera from a “buy” rating to a “hold” rating in a research note on Thursday, April 24th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $38.29.

Altera Corporation is a global semiconductor company. The Company designs, manufactures, and markets high-density programmable logic devices (NASDAQ:ALTR), HardCopy ASIC devices, pre-defined design building blocks known as intellectual property (IP) cores, and associated development tools.

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