Matrix Capital Management Co. LP has recently announced that it has increased stake in Altair Engineering Inc. (NASDAQ:ALTR) by 10.81%. After grabbing 10.3 million shares, the institutional investor is now in possession of 1.0 million shares of the Technology Company. The new investment brought the stake of investor firm to 19.67% having worth around $468.57 million. Moreover, The Vanguard Group, Inc. increased its share by 74120.0 to have a control over 4.74 million shares. And Impax Asset Management Ltd. raised its holdings to 0.31 million shares by acquiring 2.43 million shares or 4.64% of the stake.
Altair Engineering Inc. (ALTR) concluded trading on 01/18/23 at a closing price of $50.58, with 0.36 million shares of worth about $18.17 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -4.26% during that period and on Wednesday the price saw a gain of about 0.80%. Currently the company’s common shares owned by public are about 79.21M shares, out of which, 51.56M shares are available for trading.
Top 5 Undervalued Stocks To Own In 2023
Microchip Maker Releases "World's Most Powerful Data Center CPU". It could allow the company who manufactures it to lead the industry as the global microchip shortage continues into the coming year. We've put together a free research report that explains all the details. Not only will you find out why analysts believe this chip manufacturer could lead the pack, you will also discover four more potential winners for the coming year.
Click here to download your Free Research Report…
Sponsored
A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 10 analysts are covering the ALTR stock and their offered price forecasts bring an average price target of $56.88. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $63.00 and could fall to a lowest price of $39.00. The stock’s current price level is 11.08% above of average price target set by the analysts, while a rise to estimated low would result in loss of -29.69% for the stock. However, touching the estimated high of $63.00 would mean a gain of 19.71% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 98 times over the past 12 months. They bought 142,401 shares in 44 of the transactions. In 54 selling transactions, insiders dumped 106,751 shares.
Pictet – Robotics, Vanguard Total Stock Market Index, and Conestoga Small Cap Fund are the top 3 mutual funds which are holding stakes in Altair Engineering Inc. Pictet – Robotics is currently holding 2.54 million shares of worth totaling $115.5 million. The company recently came buying 42401.0 shares which brought its stake up to 4.85% of the company’s outstanding shares. Vanguard Total Stock Market Index bought 2954.0 shares, after which its hold over company’s outstanding shares expand to 2.86%, leaving 1.5 million shares with the mutual fund that have a worth of about $68.15 million. Conestoga Small Cap Fund, after buying 1.47 million shares, have now control over 2.80% of the stake in the company. It holds 0.0 shares of worth $66.67 million.
Altair Engineering Inc. (NASDAQ: ALTR) started trading at $50.58, above $0.4 from concluding price of the previous day. However, the stock later moved at a day high price of 52.14, or with a gain of 0.80%. Stock saw a price change of 3.44% in past 5 days and over the past one month there was a price change of 10.17%. Year-to-date (YTD), ALTR shares are showing a performance of 11.24% which decreased to -21.21% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $43.17 but also hit the highest price of $68.85 during that period. The average intraday trading volume for Altair Engineering Inc. shares is 310.65K. The stock is currently trading 8.76% above its 20-day simple moving average (SMA20), while that difference is up 7.30% for SMA50 and it goes to -1.18% lower than SMA200.
Matrix Capital Management Co. LP acquired 10.3 million shares of Altair Engineering Inc. having value of about $468.57 million. Data submitted at the U.S SEC by Matrix Capital Management Co. LP revealed that the firm now holds 1.0 million shares in the company valued at close to $50832900.0, or have control over 10.81% stake in the company. Altair Engineering Inc. (NASDAQ: ALTR) currently have 79.21M outstanding shares and institutions hold larger chunk of about 99.10% of that. Holding of mutual funds in the company is about 42.25% while other institutional holders and individual stake holders have control over 56.49% and 10.87% of the stake respectively.
The stock has a current market capitalization of $4.06B and its 3Y-monthly beta is at 1.47. It has posted earnings per share of -$0.73 in the same period. It has Quick Ratio of 2.30 while making debt-to-equity ratio of 0.57. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for ALTR, volatility over the week remained 2.47% while standing at 2.88% over the month.
Analysts are in expectations that Altair Engineering Inc. (ALTR) stock would likely to be making an EPS of $0.01 in the current quarter, while forecast for next quarter EPS is $0.21 and it is $0.85 for next year. For the current quarter EPS, analysts have given the company a lowest target $0 which is $0.01 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.11 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 19.50% while it is estimated to increase by 13.98% in next year.
Analysts at 10 brokerage firms have issued recommendations for the Altair Engineering Inc. (ALTR)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.10. Out of those 10 Wall Street analysts, 7 recommended a “Buy” rating, while 2 were in favor recommending the stock as a “Hold” and 1 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Needham on November 16, 2022 offering a Buy rating for the stock and assigned a target price of $60 to it. Coverage by Wolfe Research stated Altair Engineering Inc. (ALTR) stock as an Outperform in their note to investors on August 17, 2022, suggesting a price target of $70 for the stock. On July 27, 2022, Oppenheimer Initiated their recommendations, while on June 27, 2022, Goldman Downgrade their ratings for the stock with a price target of $41. Stock get a Buy rating from Loop Capital on November 09, 2021.
