Zions Bancorporation Acquires New Stake in Altair Engineering Inc (ALTR)

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Zions Bancorporation acquired a new stake in shares of Altair Engineering Inc (NASDAQ:ALTR) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,220 shares of the semiconductor manufacturer’s stock, valued at approximately $227,000.

A number of other institutional investors also recently modified their holdings of ALTR. BlackRock Inc. lifted its position in Altair Engineering by 177.3% during the second quarter. BlackRock Inc. now owns 2,199,018 shares of the semiconductor manufacturer’s stock valued at $75,161,000 after purchasing an additional 1,406,125 shares during the period. Hood River Capital Management LLC bought a new position in Altair Engineering during the second quarter valued at approximately $14,075,000. Citadel Advisors LLC lifted its position in Altair Engineering by 146.0% during the second quarter. Citadel Advisors LLC now owns 682,244 shares of the semiconductor manufacturer’s stock valued at $23,319,000 after purchasing an additional 404,855 shares during the period. Cortina Asset Management LLC bought a new position in Altair Engineering during the second quarter valued at approximately $12,442,000. Finally, Wells Fargo & Company MN lifted its position in Altair Engineering by 75.8% during the second quarter. Wells Fargo & Company MN now owns 578,144 shares of the semiconductor manufacturer’s stock valued at $19,761,000 after purchasing an additional 249,369 shares during the period. Institutional investors own 35.50% of the company’s stock.

ALTR has been the topic of a number of research analyst reports. ValuEngine upgraded shares of Altair Engineering from a “hold” rating to a “buy” rating in a research report on Monday, August 13th. Zacks Investment Research upgraded shares of Altair Engineering from a “hold” rating to a “buy” rating and set a $43.00 price objective on the stock in a research report on Monday, August 13th. Needham & Company LLC increased their price objective on shares of Altair Engineering from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, August 10th. Canaccord Genuity increased their price objective on shares of Altair Engineering from $32.00 to $38.00 and gave the company a “hold” rating in a research report on Friday, August 10th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Altair Engineering from $34.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, August 10th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $39.00.

Shares of ALTR stock opened at $30.77 on Tuesday. Altair Engineering Inc has a 12 month low of $18.10 and a 12 month high of $43.99. The company has a market cap of $2.65 billion and a price-to-earnings ratio of -48.84.

Altair Engineering (NASDAQ:ALTR) last announced its earnings results on Thursday, August 9th. The semiconductor manufacturer reported $0.05 EPS for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.01. Altair Engineering had a negative net margin of 23.35% and a negative return on equity of 21.85%. The business had revenue of $95.60 million during the quarter, compared to analysts’ expectations of $91.08 million. The firm’s quarterly revenue was up 17.2% on a year-over-year basis. As a group, equities research analysts predict that Altair Engineering Inc will post 0.29 EPS for the current year.

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Altair Engineering Profile

Altair Engineering Inc, together with its subsidiaries, provides enterprise-class engineering software 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, as well as provides data analytics and true-to-life visualization and rendering.

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Institutional Ownership by Quarter for Altair Engineering (NASDAQ:ALTR)

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