Altair Engineering Inc. (NASDAQ:ALTR) Major Shareholder Sells $9,315,779.52 in Stock

Altair Engineering Inc. (NASDAQ:ALTR) major shareholder George J. Christ sold 97,824 shares of the firm’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $95.23, for a total value of $9,315,779.52. Following the completion of the sale, the insider now directly owns 302,176 shares of the company’s stock, valued at approximately $28,776,220.48. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Altair Engineering Price Performance

Shares of NASDAQ:ALTR traded down $0.93 on Tuesday, hitting $94.57. The company had a trading volume of 35,169 shares, compared to its average volume of 460,036. The company has a market cap of $7.85 billion, a PE ratio of 1,061.11, a PEG ratio of 12.15 and a beta of 1.45. The business has a 50 day moving average of $90.70 and a 200 day moving average of $89.90. Altair Engineering Inc. has a 52-week low of $57.59 and a 52-week high of $101.39. The company has a current ratio of 3.14, a quick ratio of 3.14 and a debt-to-equity ratio of 0.29.

Altair Engineering (NASDAQ:ALTR) last released its quarterly earnings results on Thursday, August 1st. The software reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.01. The company had revenue of $148.80 million for 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%. The firm’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period last year, the company earned ($0.15) EPS. As a group, equities analysts anticipate that Altair Engineering Inc. will post 0.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on ALTR shares. The Goldman Sachs Group lowered shares of Altair Engineering from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $85.00 to $71.00 in a research report on Friday, August 2nd. JPMorgan Chase & Co. cut Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 price target on the stock. in a report on Monday, July 15th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $100.00 price objective on shares of Altair Engineering in a report on Friday, August 2nd. One 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. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $90.67.

Hedge Funds Weigh In On Altair Engineering

Hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC raised its position in shares of Altair Engineering by 81.7% in the 2nd quarter. GAMMA Investing LLC now owns 418 shares of the software’s stock worth $41,000 after buying an additional 188 shares during the period. FSC Wealth Advisors LLC raised its holdings in shares of Altair Engineering by 41.3% in the 2nd 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 period. Van ECK Associates Corp lifted its stake in shares of Altair Engineering by 41.7% in the 2nd quarter. Van ECK Associates Corp now owns 1,057 shares of the software’s stock valued at $104,000 after purchasing an additional 311 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Altair Engineering during the 1st quarter worth about $177,000. Finally, Ballentine Partners LLC acquired a new stake in Altair Engineering during the 2nd quarter worth approximately $202,000. Institutional investors and hedge funds own 63.38% of the company’s stock.

Altair Engineering Company Profile

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.