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

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

Insider Transactions at Altair Engineering

In related news, CFO Matthew Charles Brown sold 1,048 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $108.90, for a total value of $114,127.20. Following the sale, the chief financial officer now owns 55,519 shares of the company’s stock, valued at approximately $6,046,019.10. This trade represents a 1.85 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Teresa A. Harris sold 620 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $104.10, for a total value of $64,542.00. Following the transaction, the director now owns 21,242 shares of the company’s stock, valued at $2,211,292.20. This represents a 2.84 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 181,447 shares of company stock worth $19,214,933. 21.75% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Altair Engineering

A number of institutional investors and hedge funds have recently modified their holdings of ALTR. UMB Bank n.a. raised its position in shares of Altair Engineering by 77.0% during the fourth quarter. UMB Bank n.a. now owns 285 shares of the software’s stock worth $31,000 after purchasing an additional 124 shares during the period. Blue Trust Inc. increased its stake in Altair Engineering by 572.1% in the 3rd quarter. Blue Trust Inc. now owns 289 shares of the software’s stock worth $28,000 after purchasing an additional 246 shares in the last quarter. GAMMA Investing LLC raised its holdings in Altair Engineering by 52.2% during 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. Van ECK Associates Corp lifted its stake in Altair Engineering by 28.5% during the third quarter. Van ECK Associates Corp now owns 1,358 shares of the software’s stock valued at $130,000 after buying an additional 301 shares in the last quarter. Finally, KBC Group NV boosted its holdings in shares of Altair Engineering by 17.9% in the third quarter. KBC Group NV now owns 1,640 shares of the software’s stock worth $157,000 after buying an additional 249 shares during the period. Institutional investors and hedge funds own 63.38% of the company’s stock.

Altair Engineering Stock Up 0.3 %

NASDAQ ALTR opened at $110.41 on Friday. Altair Engineering has a 12 month low of $75.71 and a 12 month high of $113.12. 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. The company’s 50 day simple moving average is $107.17 and its 200 day simple moving average is $98.26. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.27 and a quick ratio of 3.27.

Analyst Ratings Changes

ALTR has been the subject of a number of analyst reports. Royal Bank of Canada boosted their target price 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. Loop Capital reissued a “hold” rating and issued a $113.00 price objective on shares of Altair Engineering in a report on Thursday, October 31st. Rosenblatt Securities raised their target price on Altair Engineering from $88.00 to $113.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Needham & Company LLC reiterated a “hold” rating and set a $100.00 price target on shares of Altair Engineering in a research report on Thursday, October 31st. Finally, William Blair reissued a “market perform” rating on shares of Altair Engineering in a report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Altair Engineering currently has an average rating of “Hold” and an average target price of $100.71.

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.