Altair Engineering (NASDAQ:ALTR) Sees Unusually-High Trading Volume – What’s Next?

Altair Engineering Inc. (NASDAQ:ALTR) saw unusually-high trading volume on Thursday . Approximately 380,881 shares traded hands during trading, a decline of 36% from the previous session’s volume of 592,099 shares.The stock last traded at $107.35 and had previously closed at $105.66.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ALTR. Rosenblatt Securities increased their price target on Altair Engineering from $88.00 to $113.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Royal Bank of Canada upped their price target on shares of Altair Engineering from $90.00 to $113.00 and gave the company a “sector perform” rating in a research note on Thursday, October 31st. William Blair restated a “market perform” rating on shares of Altair Engineering in a report on Thursday, October 31st. Wolfe Research downgraded shares of Altair Engineering from a “strong-buy” rating to a “hold” rating in a report on Sunday, November 3rd. Finally, Loop Capital reissued a “hold” rating and set a $113.00 price objective on shares of Altair Engineering in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $100.71.

Altair Engineering Stock Up 2.2 %

The company has a debt-to-equity ratio of 0.27, a quick ratio of 3.27 and a current ratio of 3.27. The company has a market cap of $9.19 billion, a P/E ratio of 284.22, a price-to-earnings-growth ratio of 12.16 and a beta of 1.44. The business’s fifty day moving average is $103.53 and its two-hundred day moving average is $95.98.

Insiders Place Their Bets

In other news, major shareholder Christ Revocable Trust sold 50,048 shares of the firm’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $95.07, for a total value of $4,758,063.36. Following the completion of the sale, the insider now owns 149,952 shares of the company’s stock, valued at $14,255,936.64. This trade represents a 25.02 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Ravi Kunju sold 360 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $103.65, for a total value of $37,314.00. Following the completion of the sale, the insider now owns 30,305 shares of the company’s stock, valued at approximately $3,141,113.25. This trade represents a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 400,519 shares of company stock worth $40,076,873. 21.75% of the stock is currently owned by company insiders.

Institutional Trading of Altair Engineering

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Altair Engineering in the 2nd quarter valued at $206,000. Louisiana State Employees Retirement System acquired a new position in shares of Altair Engineering in the 2nd quarter valued at about $1,579,000. Retirement Systems of Alabama purchased a new stake in shares of Altair Engineering in the second quarter worth about $6,894,000. Bank of New York Mellon Corp raised its position in Altair Engineering by 121.7% during the second quarter. Bank of New York Mellon Corp now owns 569,109 shares of the software’s stock valued at $55,818,000 after acquiring an additional 312,448 shares in the last quarter. Finally, State of Michigan Retirement System purchased a new position in Altair Engineering during the second quarter valued at approximately $1,344,000. Institutional investors and hedge funds 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.