JPMorgan Chase & Co. Trims Altair Engineering (NASDAQ:ALTR) Target Price to $30.00

Altair Engineering (NASDAQ:ALTR) had its price objective cut by investment analysts at JPMorgan Chase & Co. from $34.00 to $30.00 in a report released on Friday, The Fly reports. The brokerage currently has an “underweight” rating on the software’s stock.

Several other research firms also recently commented on ALTR. Deutsche Bank downgraded Altair Engineering from a “buy” rating to a “hold” rating and set a $36.00 price objective on the stock. in a report on Friday, August 9th. Zacks Investment Research upgraded Altair Engineering from a “sell” rating to a “hold” rating in a report on Wednesday, October 9th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $38.00 price objective on shares of Altair Engineering in a report on Friday. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company’s stock. Altair Engineering has an average rating of “Hold” and a consensus target price of $37.28.

Shares of ALTR traded down $7.47 during trading hours on Friday, hitting $30.00. The company had a trading volume of 3,385,800 shares, compared to its average volume of 357,634. The firm has a market cap of $2.72 billion, a P/E ratio of 81.08 and a beta of 1.50. The stock’s 50 day moving average price is $34.90 and its 200 day moving average price is $36.88. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.54. Altair Engineering has a 52-week low of $25.28 and a 52-week high of $43.28.

Altair Engineering (NASDAQ:ALTR) last released its quarterly earnings data on Thursday, November 7th. The software reported ($0.09) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($0.14). The company had revenue of $102.70 million during the quarter, compared to analysts’ expectations of $105.04 million. Altair Engineering had a return on equity of 9.71% and a net margin of 1.48%. The firm’s quarterly revenue was up 18.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.10 EPS. On average, research analysts expect that Altair Engineering will post 0.49 EPS for the current fiscal year.

In related news, insider James Dagg sold 1,160 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $35.14, for a total transaction of $40,762.40. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Christ Revocable Trust sold 69,806 shares of the business’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $34.79, for a total value of $2,428,550.74. In the last 90 days, insiders have sold 361,715 shares of company stock worth $12,271,618. 29.27% of the stock is owned by company insiders.

Large investors have recently made changes to their positions in the stock. Atria Investments LLC purchased a new position in Altair Engineering during the 2nd quarter valued at about $197,000. Janus Henderson Group PLC grew its holdings in shares of Altair Engineering by 8.1% during the 2nd quarter. Janus Henderson Group PLC now owns 647,520 shares of the software’s stock worth $26,153,000 after acquiring an additional 48,660 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Altair Engineering during the 2nd quarter worth approximately $73,000. BB&T Securities LLC purchased a new position in shares of Altair Engineering during the 2nd quarter worth approximately $243,000. Finally, Renaissance Technologies LLC grew its holdings in shares of Altair Engineering by 127.4% during the 2nd quarter. Renaissance Technologies LLC now owns 87,500 shares of the software’s stock worth $3,534,000 after acquiring an additional 49,024 shares during the period. Institutional investors own 66.40% of the company’s stock.

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.

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