In a report issued on February 26, Kenneth Wong from Guggenheim upgraded Altair Engineering (ALTR) to Hold. The company’s shares closed last Friday at $67.11, close to its 52-week high of $68.58.
According to TipRanks.com, Wong is a 4-star analyst with an average return of 25.0% and a 71.0% success rate. Wong covers the Technology sector, focusing on stocks such as BigCommerce Holdings, Veeva Systems, and Guidewire.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Altair Engineering with a $66.00 average price target, representing a 1.0% upside. In a report issued on March 1, Goldman Sachs also upgraded the stock to Hold with a $65.00 price target.
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Based on Altair Engineering’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $133 million and net profit of $2.2 million. In comparison, last year the company earned revenue of $124 million and had a GAAP net loss of $1.5 million.
Based on the recent corporate insider activity of 160 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ALTR in relation to earlier this year.
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Altair Engineering, Inc. engages in the provision of software and cloud solutions for product design & development, high performance cloud computing and data intelligence. It operates through the following segments: Software and Client Engineering Services. The Software segment includes a portfolio of software products; as well as solvers and optimization technology products, modelling and visualization tools. The Client Engineering Services segment engages in the provision of client engineering services to support customers with long-term, ongoing product design and development expertise. The company was founded by James R. Scapa in 1985 and is headquartered in Troy, MI.
