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Quanta Services, Inc. (PWR) - free report >>
Altair Engineering Inc. (ALTR) - free report >>
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Altair Engineering (ALTR) Ties Up With TrueInsight, Widens Reach
Altair Engineering Inc. (ALTR - Free Report) recently announced that it has inked a collaboration with TrueInsight — a Sandy, UT-based data analytics, and AI software solutions company.
Per this channel partner agreement, TrueInsight will be responsible for completely managing middle market customer relationships. It will provide strategic sales and robust technical support to Altair Engineering's customers. TrueInsight has an experience of more than 25 years and is authorised to support Altair Engineering’s customers with its industry-leading software services.
With respect to the partnership, Jason Napolitano, senior vice president, Americas, of Altair Engineering, has said, “This partnership will accelerate the growth for both organizations, while offering our customers the solutions and tailored support they need to grow their business.”
Meanwhile, Altair Engineering’s channel partner circle is actively expanding its global reach across all industries and regions.
Share Performance
Solid execution of Altair Engineering’s strategy of driving organic revenue growth and profit has been boosting growth. During second-quarter 2021, software product revenues were $99.6 million compared with $81.8 million a year ago, reflecting an increase of 21.7%. Total revenues for the quarter rose 21.7% to $119.9 million from $98.6 million a year ago.
Coming to share price performance, Altair Engineering has surged 81% in the past year, compared with the Zacks Engineering - R and D Services industry’s 73.1% rally. Notably, earnings estimates for 2021 have moved up over the past 60 days, depicting analysts’ optimism regarding its bottom-line growth potential. The company is benefiting from strong customer demand across all its verticals, regions, and products, reflecting year-over-year revenue growth.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
Currently, Altair Engineering carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Other top-ranked stocks in the same industry include KBR, Inc. (KBR - Free Report) , Quanta Services, Inc. (PWR - Free Report) and Howmet Aerospace Inc. (HWM - Free Report) , each carrying a Zacks Rank #2 (Buy).
KBR, Quanta Services and Howmet’s earnings for 2021 are expected to rise 24.9%,19.9% and 25%, respectively.