Insider Selling: Altair Engineering Inc. (NASDAQ:ALTR) Major Shareholder Sells $618,150.00 in Stock

Altair Engineering Inc. (NASDAQ:ALTR) major shareholder Jrs Investments Llc sold 6,500 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $95.10, for a total transaction of $618,150.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Jrs Investments Llc also recently made the following trade(s):

• On Wednesday, August 28th, Jrs Investments Llc sold 6,500 shares of Altair Engineering stock. The stock was sold at an average price of $89.04, for a total value of $578,760.00.
• On Monday, July 29th, Jrs Investments Llc sold 6,500 shares of Altair Engineering stock. The stock was sold at an average price of $88.11, for a total value of $572,715.00.

Altair Engineering Trading Down 0.9 %

Shares of ALTR opened at $93.94 on Friday. The firm has a market cap of $7.80 billion, a P/E ratio of 1,043.78, a price-to-earnings-growth ratio of 12.01 and a beta of 1.45. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.14 and a quick ratio of 3.14. Altair Engineering Inc. has a 1 year low of $57.59 and a 1 year high of $101.39. The company has a 50 day simple moving average of $89.27 and a two-hundred day simple moving average of $89.26.

Altair Engineering (NASDAQ:ALTR) last posted its earnings results on Thursday, August 1st. The software reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.01. The company had revenue of $148.80 million during the quarter, compared to analysts’ expectations of $146.88 million. Altair Engineering had a net margin of 4.26% and a return on equity of 6.89%. Altair Engineering’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period last year, the company posted ($0.15) earnings per share. On average, equities analysts expect that Altair Engineering Inc. will post 0.65 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Altair Engineering

Several large investors have recently made changes to their positions in ALTR. ProShare Advisors LLC grew its holdings in Altair Engineering by 1.6% during the 2nd quarter. ProShare Advisors LLC now owns 10,219 shares of the software’s stock valued at $1,002,000 after buying an additional 160 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Altair Engineering by 81.7% during the 2nd quarter. GAMMA Investing LLC now owns 418 shares of the software’s stock valued at $41,000 after acquiring an additional 188 shares during the last quarter. American International Group Inc. grew its holdings in shares of Altair Engineering by 0.7% in the fourth quarter. American International Group Inc. now owns 27,018 shares of the software’s stock valued at $2,274,000 after purchasing an additional 189 shares in the last quarter. FSC Wealth Advisors LLC increased its position in Altair Engineering by 41.3% in the second quarter. FSC Wealth Advisors LLC now owns 832 shares of the software’s stock worth $82,000 after purchasing an additional 243 shares during the last quarter. Finally, Cullen Frost Bankers Inc. raised its stake in Altair Engineering by 6.8% during the second quarter. Cullen Frost Bankers Inc. now owns 4,356 shares of the software’s stock valued at $427,000 after purchasing an additional 276 shares in the last quarter. 63.38% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ALTR has been the subject of several research reports. JPMorgan Chase & Co. lowered shares of Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 price target for the company. in a research report on Monday, July 15th. Needham & Company LLC restated a “buy” rating and issued a $100.00 price target on shares of Altair Engineering in a research report on Friday, August 2nd. Finally, The Goldman Sachs Group downgraded shares of Altair Engineering from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $85.00 to $71.00 in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Altair Engineering has an average rating of “Hold” and a consensus target price of $90.67.

About Altair Engineering

Altair Engineering Inc, together with its subsidiaries, provides software and cloud solutions in the areas of simulation and design, high-performance computing, data analytics, and artificial intelligence in the United States and internationally. It operates in two segments, Software and Client Engineering Services.