Insider Selling: Altair Engineering Inc. (NASDAQ:ALTR) Director Sells 620 Shares of Stock

Altair Engineering Inc. (NASDAQ:ALTR) Director Teresa A. Harris sold 620 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $95.12, for a total value of $58,974.40. Following the sale, the director now directly owns 21,242 shares in the company, valued at $2,020,539.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Altair Engineering Stock Performance

Shares of Altair Engineering stock opened at $93.94 on Friday. The company has a quick ratio of 3.14, a current ratio of 3.14 and a debt-to-equity ratio of 0.29. The stock’s fifty day moving average is $89.27 and its two-hundred day moving average is $89.26. Altair Engineering Inc. has a 52 week low of $57.59 and a 52 week high of $101.39. The company has a market capitalization of $7.80 billion, a PE ratio of 1,043.78, a price-to-earnings-growth ratio of 12.01 and a beta of 1.45.

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

Hedge Funds Weigh In On Altair Engineering

Hedge funds and other institutional investors have recently modified their holdings of the business. Wellington Management Group LLP raised its stake in Altair Engineering by 97.3% in the fourth quarter. Wellington Management Group LLP now owns 1,182,339 shares of the software’s stock worth $99,494,000 after buying an additional 583,127 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Altair Engineering by 5,564.8% in the 1st quarter. Russell Investments Group Ltd. now owns 31,043 shares of the software’s stock valued at $2,676,000 after acquiring an additional 30,495 shares during the period. Matrix Capital Management Company LP raised its position in shares of Altair Engineering by 8.3% in the 4th quarter. Matrix Capital Management Company LP now owns 12,233,174 shares of the software’s stock worth $1,029,422,000 after acquiring an additional 932,717 shares in the last quarter. Bain Capital Public Equity LP purchased a new stake in shares of Altair Engineering during the 4th quarter worth $6,376,000. Finally, Linden Thomas Advisory Services LLC bought a new stake in Altair Engineering during the second quarter valued at about $629,000. 63.38% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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