Altair Engineering Inc. (NASDAQ:ALTR) Short Interest Update

Altair Engineering Inc. (NASDAQ:ALTR) was the recipient of a significant growth in short interest in November. As of November 30th, there was short interest totalling 3,320,000 shares, a growth of 5.4% from the November 15th total of 3,150,000 shares. Based on an average trading volume of 870,400 shares, the days-to-cover ratio is presently 3.8 days.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on ALTR shares. William Blair restated a “market perform” rating on shares of Altair Engineering in a research report on Thursday, October 31st. Wolfe Research downgraded Altair Engineering from a “strong-buy” rating to a “hold” rating in a research report on Sunday, November 3rd. Needham & Company LLC reiterated a “hold” rating and set a $100.00 target price on shares of Altair Engineering in a report on Thursday, October 31st. Rosenblatt Securities boosted their price target on Altair Engineering from $88.00 to $113.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Finally, Royal Bank of Canada upped their price objective on Altair Engineering from $90.00 to $113.00 and gave the company a “sector perform” rating in a research report on Thursday, October 31st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Altair Engineering has a consensus rating of “Hold” and an average target price of $100.71.

Insiders Place Their Bets

In related news, major shareholder Christ Revocable Trust sold 50,048 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now directly 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 SEC, which is available at this hyperlink. Also, CEO James Ralph Scapa sold 13,000 shares of the business’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $95.10, for a total value of $1,236,300.00. Following the sale, the chief executive officer now owns 134,045 shares in the company, valued at approximately $12,747,679.50. The trade was a 8.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 400,519 shares of company stock worth $40,076,873. 21.75% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. New York State Teachers Retirement System boosted its position in shares of Altair Engineering by 1.2% in the third quarter. New York State Teachers Retirement System now owns 8,500 shares of the software’s stock worth $812,000 after acquiring an additional 100 shares during the last quarter. ProShare Advisors LLC boosted its holdings in shares of Altair Engineering by 1.6% in the 2nd quarter. ProShare Advisors LLC now owns 10,219 shares of the software’s stock valued at $1,002,000 after purchasing an additional 160 shares during the last quarter. Ballentine Partners LLC grew its stake in shares of Altair Engineering by 8.5% during the 3rd quarter. Ballentine Partners LLC now owns 2,236 shares of the software’s stock valued at $214,000 after buying an additional 175 shares during the period. Thrivent Financial for Lutherans increased its holdings in shares of Altair Engineering by 1.5% during the 3rd quarter. Thrivent Financial for Lutherans now owns 13,961 shares of the software’s stock worth $1,333,000 after buying an additional 201 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Altair Engineering by 52.2% in the 3rd quarter. GAMMA Investing LLC now owns 636 shares of the software’s stock worth $61,000 after buying an additional 218 shares during the period. Institutional investors and hedge funds own 63.38% of the company’s stock.

Altair Engineering Price Performance

ALTR stock opened at $106.78 on Tuesday. The stock has a market capitalization of $9.08 billion, a price-to-earnings ratio of 281.00, a price-to-earnings-growth ratio of 12.16 and a beta of 1.44. The company has a quick ratio of 3.27, a current ratio of 3.27 and a debt-to-equity ratio of 0.27. Altair Engineering has a 52-week low of $73.33 and a 52-week high of $113.12. The stock’s fifty day simple moving average is $103.09 and its 200-day simple moving average is $95.78.

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.