Handelsbanken Fonder AB Lowers Stock Position in Altair Engineering Inc. (NASDAQ:ALTR)

Handelsbanken Fonder AB cut its holdings in shares of Altair Engineering Inc. (NASDAQ:ALTR) by 12.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 15,400 shares of the software’s stock after selling 2,200 shares during the quarter. Handelsbanken Fonder AB’s holdings in Altair Engineering were worth $1,680,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. UMB Bank n.a. grew its position in shares of Altair Engineering by 77.0% during the fourth quarter. UMB Bank n.a. now owns 285 shares of the software’s stock worth $31,000 after acquiring an additional 124 shares during the last quarter. Blue Trust Inc. grew its position in Altair Engineering by 572.1% in the 3rd quarter. Blue Trust Inc. now owns 289 shares of the software’s stock valued at $28,000 after buying an additional 246 shares during the last quarter. GAMMA Investing LLC grew its position in Altair Engineering by 14.6% in the 4th quarter. GAMMA Investing LLC now owns 729 shares of the software’s stock valued at $80,000 after buying an additional 93 shares during the last quarter. Van ECK Associates Corp grew its position in Altair Engineering by 28.5% in the 3rd quarter. Van ECK Associates Corp now owns 1,358 shares of the software’s stock valued at $130,000 after buying an additional 301 shares during the last quarter. Finally, KBC Group NV grew its position in Altair Engineering by 17.9% in the 3rd quarter. KBC Group NV now owns 1,640 shares of the software’s stock valued at $157,000 after buying an additional 249 shares during the last quarter. 63.38% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Altair Engineering

In other news, CFO Matthew Charles Brown sold 1,048 shares of Altair Engineering stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $108.90, for a total transaction of $114,127.20. Following the completion of the transaction, the chief financial officer now owns 55,519 shares of the company’s stock, valued at $6,046,019.10. The trade was a 1.85 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO James Ralph Scapa sold 13,000 shares of Altair Engineering stock in a transaction on Friday, November 29th. The stock was sold at an average price of $105.69, for a total value of $1,373,970.00. Following the transaction, the chief executive officer now directly owns 134,045 shares of the company’s stock, valued at $14,167,216.05. This trade represents a 8.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,143 shares of company stock valued at $6,265,694 in the last 90 days. 21.75% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ALTR. Wolfe Research lowered shares of Altair Engineering from a “strong-buy” rating to a “hold” rating in a research report on Sunday, November 3rd. Needham & Company LLC reiterated a “hold” rating on shares of Altair Engineering in a research report on Friday, February 21st. William Blair reiterated a “market perform” rating on shares of Altair Engineering in a research report on Thursday, October 31st. Rosenblatt Securities reiterated a “neutral” rating and issued a $113.00 price objective on shares of Altair Engineering in a research report on Monday. Finally, Loop Capital reiterated a “hold” rating and issued a $113.00 price objective on shares of Altair Engineering in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating and seven have issued a hold rating to the company. Based on data from MarketBeat, Altair Engineering has an average rating of “Hold” and an average price target of $100.83.

Altair Engineering Stock Performance

Shares of NASDAQ ALTR opened at $111.64 on Wednesday. The firm has a market capitalization of $9.50 billion, a P/E ratio of 656.71, a PEG ratio of 10.75 and a beta of 1.42. Altair Engineering Inc. has a one year low of $75.71 and a one year high of $113.12. The company’s fifty day moving average is $110.09 and its two-hundred day moving average is $101.96.

Altair Engineering (NASDAQ:ALTR) last issued its earnings results on Thursday, February 20th. The software reported $0.36 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.15). The company had revenue of $192.63 million for the quarter, compared to analysts’ expectations of $182.98 million. Altair Engineering had a return on equity of 8.08% and a net margin of 2.13%. On average, sell-side analysts forecast that Altair Engineering Inc. will post 0.87 earnings per share for the current fiscal year.

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.