Altair Engineering Inc. (NASDAQ:ALTR) Sees Large Growth in Short Interest

Altair Engineering Inc. (NASDAQ:ALTR) was the recipient of a significant growth in short interest during the month of December. As of December 31st, there was short interest totalling 3,800,000 shares, a growth of 13.4% from the December 15th total of 3,350,000 shares. Based on an average daily volume of 1,020,000 shares, the short-interest ratio is presently 3.7 days.

Analyst Upgrades and Downgrades

ALTR has been the subject of a number of research reports. Wolfe Research cut shares of Altair Engineering from a “strong-buy” rating to a “hold” rating in a research report on Sunday, November 3rd. Rosenblatt Securities increased their target price on Altair Engineering from $88.00 to $113.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. William Blair reissued a “market perform” rating on shares of Altair Engineering in a research report on Thursday, October 31st. Loop Capital reaffirmed a “hold” rating and issued a $113.00 price objective on shares of Altair Engineering in a research report on Thursday, October 31st. Finally, Needham & Company LLC reissued a “hold” rating and set a $100.00 target price on shares of Altair Engineering in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $100.71.

Altair Engineering Stock Up 0.3 %

ALTR stock opened at $110.41 on Friday. The company has a current ratio of 3.27, a quick ratio of 3.27 and a debt-to-equity ratio of 0.27. The firm has a 50 day simple moving average of $107.17 and a 200-day simple moving average of $98.26. The company has a market capitalization of $9.39 billion, a P/E ratio of 290.56, a PEG ratio of 11.34 and a beta of 1.42. Altair Engineering has a twelve month low of $75.71 and a twelve month high of $113.12.

Insider Buying and Selling

In other news, major shareholder Jrs Investments Llc sold 6,500 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $102.59, for a total transaction of $666,835.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Christ Revocable Trust sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $106.57, for a total transaction of $10,657,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 181,447 shares of company stock valued at $19,214,933. Insiders own 21.75% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Conestoga Capital Advisors LLC increased its position in shares of Altair Engineering by 1.4% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 2,522,551 shares of the software’s stock worth $240,929,000 after purchasing an additional 33,985 shares during the last quarter. State Street Corp increased its holdings in Altair Engineering by 3.3% in the third quarter. State Street Corp now owns 2,053,957 shares of the software’s stock valued at $196,173,000 after buying an additional 65,589 shares during the last quarter. Geode Capital Management LLC increased its holdings in Altair Engineering by 3.9% in the third quarter. Geode Capital Management LLC now owns 1,423,880 shares of the software’s stock valued at $136,020,000 after buying an additional 53,088 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Altair Engineering by 7.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 513,695 shares of the software’s stock worth $50,384,000 after buying an additional 37,114 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Altair Engineering by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 505,470 shares of the software’s stock worth $48,277,000 after acquiring an additional 42,592 shares in the last quarter. 63.38% of the stock is currently owned by institutional investors.

Altair Engineering Company Profile

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.