Zacks Investment Research lowered shares of Altair Engineering (NASDAQ:ALTR) from a hold rating to a sell rating in a research report sent to investors on Wednesday morning, Zacks.com reports.

According to Zacks, “Altair Engineering Inc. is focused on the development and broad application of simulation technology to synthesize and optimize designs, processes and decisions for business performance. The company serves broad industry segments. Altair Engineering Inc. is headquartered in Michigan, USA. “

ALTR has been the subject of a number of other research reports. Deutsche Bank lowered shares of Altair Engineering from a buy rating to a hold rating and set a $36.00 target price for the company. in a report on Friday, August 9th. Needham & Company LLC reaffirmed a buy rating and set a $40.00 target price (down previously from $42.00) on shares of Altair Engineering in a report on Monday. Finally, ValuEngine lowered shares of Altair Engineering from a buy rating to a hold rating in a report on Saturday, May 18th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. Altair Engineering currently has a consensus rating of Hold and an average target price of $39.14.

Shares of Altair Engineering stock traded down $0.42 during trading hours on Wednesday, reaching $33.68. 3,175 shares of the company’s stock were exchanged, compared to its average volume of 455,697. Altair Engineering has a 1 year low of $25.28 and a 1 year high of $43.99. The stock has a market capitalization of $2.41 billion, a P/E ratio of 91.69 and a beta of 1.40. The firm has a fifty day moving average price of $40.67. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.09 and a quick ratio of 1.06.

Altair Engineering (NASDAQ:ALTR) last released its earnings results on Thursday, August 8th. The software reported $0.06 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.02. Altair Engineering had a net margin of 1.48% and a return on equity of 10.57%. The business had revenue of $106.80 million during the quarter, compared to analyst estimates of $108.69 million. During the same quarter in the prior year, the firm earned $0.05 earnings per share. The company’s revenue for the quarter was up 13.7% compared to the same quarter last year. As a group, research analysts anticipate that Altair Engineering will post 0.49 EPS for the current fiscal year.

In other Altair Engineering news, insider James Dagg sold 1,160 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $35.14, for a total value of $40,762.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Howard N. Morof sold 4,000 shares of the company’s stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $36.14, for a total transaction of $144,560.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 429,795 shares of company stock worth $17,021,625. Corporate insiders own 29.27% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of ALTR. Nuveen Asset Management LLC acquired a new stake in Altair Engineering in the second quarter valued at $11,712,000. OneAscent Financial Services LLC purchased a new position in shares of Altair Engineering in the second quarter valued at $224,000. UBS Asset Management Americas Inc. purchased a new position in shares of Altair Engineering in the second quarter valued at $929,000. Jane Street Group LLC purchased a new position in shares of Altair Engineering in the second quarter valued at $833,000. Finally, Balyasny Asset Management LLC purchased a new position in shares of Altair Engineering in the second quarter valued at $12,317,000. 39.85% of the stock is owned by hedge funds and other institutional investors.

About Altair Engineering

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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