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

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Altair Engineering Inc (NASDAQ:ALTR) was the target of a large increase in short interest during the month of June. As of June 30th, there was short interest totalling 2,021,800 shares, an increase of 25.6% from the May 30th total of 1,609,500 shares. Approximately 6.2% of the company’s stock are sold short. Based on an average daily volume of 417,800 shares, the short-interest ratio is currently 4.8 days.

Shares of NASDAQ:ALTR opened at $41.18 on Friday. The stock’s fifty day moving average is $38.66. Altair Engineering has a 12 month low of $25.28 and a 12 month high of $43.99. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.09 and a quick ratio of 1.06. The firm has a market cap of $2.93 billion, a price-to-earnings ratio of 111.30 and a beta of 1.40.

Altair Engineering (NASDAQ:ALTR) last announced its quarterly earnings results on Thursday, May 9th. The software reported $0.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.04. The firm had revenue of $127.86 million for the quarter, compared to analyst estimates of $125.82 million. Altair Engineering had a net margin of 2.62% and a return on equity of 11.56%. Altair Engineering’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period last year, the business earned $0.35 EPS. Research analysts anticipate that Altair Engineering will post 0.52 EPS for the current fiscal year.

In related news, CEO James Ralph Scapa sold 83,700 shares of Altair Engineering stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $36.86, for a total transaction of $3,085,182.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, President Brett R. Chouinard sold 8,000 shares of Altair Engineering stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $36.53, for a total transaction of $292,240.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 353,011 shares of company stock valued at $13,407,161. Corporate insiders own 29.27% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of ALTR. Polar Capital LLP acquired a new position in Altair Engineering in the fourth quarter valued at $20,295,000. Neuberger Berman Group LLC increased its stake in Altair Engineering by 20.9% in the first quarter. Neuberger Berman Group LLC now owns 2,707,777 shares of the software’s stock valued at $99,673,000 after purchasing an additional 467,553 shares during the period. Primecap Management Co. CA increased its stake in Altair Engineering by 21.3% in the first quarter. Primecap Management Co. CA now owns 1,150,000 shares of the software’s stock valued at $42,331,000 after purchasing an additional 201,800 shares during the period. Wasatch Advisors Inc. increased its stake in Altair Engineering by 14.4% in the first quarter. Wasatch Advisors Inc. now owns 944,091 shares of the software’s stock valued at $34,752,000 after purchasing an additional 118,943 shares during the period. Finally, Tygh Capital Management Inc. acquired a new position in Altair Engineering in the first quarter valued at $4,296,000. Institutional investors own 38.54% of the company’s stock.

Several equities research analysts recently commented on ALTR shares. ValuEngine lowered shares of Zymeworks from a “buy” rating to a “hold” rating in a research note on Saturday, May 18th. Guggenheim started coverage on shares of Altair Engineering in a research note on Tuesday, March 19th. They set a “neutral” rating and a $37.70 price target on the stock. Finally, Zacks Investment Research lowered shares of GreenTree Hospitality Group from a “buy” rating to a “hold” rating in a research note on Monday, May 20th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $39.28.

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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