Insider Selling: Altair Engineering Inc. (NASDAQ:ALTR) Major Shareholder Sells 100,000 Shares of Stock

Altair Engineering Inc. (NASDAQ:ALTR) major shareholder Christ Revocable Trust sold 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $106.57, for a total value of $10,657,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Christ Revocable Trust also recently made the following trade(s):

• On Friday, September 27th, Christ Revocable Trust sold 50,048 shares of Altair Engineering stock. The stock was sold at an average price of $95.07, for a total transaction of $4,758,063.36.

Altair Engineering Price Performance

Shares of ALTR opened at $103.44 on Friday. Altair Engineering Inc. has a 12 month low of $57.59 and a 12 month high of $112.15. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.14 and a quick ratio of 3.14. The stock has a fifty day moving average price of $92.65 and a 200 day moving average price of $90.78. The company has a market cap of $8.59 billion, a P/E ratio of 1,149.33, a PEG ratio of 12.15 and a beta of 1.45.

Altair Engineering (NASDAQ:ALTR) last released its quarterly earnings data on Thursday, August 1st. The software reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.01. The business 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 company’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same quarter last year, the company earned ($0.15) EPS. On average, research analysts forecast that Altair Engineering Inc. will post 0.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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 decreased their price objective for the stock from $85.00 to $71.00 in a report on Friday, August 2nd. JPMorgan Chase & Co. lowered Altair Engineering from an “overweight” rating to a “neutral” rating and set a $95.00 price target on the stock. in a research report on Monday, July 15th. Needham & Company LLC reaffirmed a “buy” rating and issued a $100.00 price objective on shares of Altair Engineering in a report on Friday, August 2nd. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $90.00 target price on shares of Altair Engineering in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $90.67.

Hedge Funds Weigh In On Altair Engineering

Hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC raised its stake in Altair Engineering by 52.2% during the 3rd quarter. GAMMA Investing LLC now owns 636 shares of the software’s stock valued at $61,000 after acquiring an additional 218 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of Altair Engineering by 5,564.8% during the first quarter. Russell Investments Group Ltd. now owns 31,043 shares of the software’s stock valued at $2,676,000 after purchasing an additional 30,495 shares in the last quarter. Moody Aldrich Partners LLC lifted its holdings in Altair Engineering by 15.2% in the third quarter. Moody Aldrich Partners LLC now owns 75,233 shares of the software’s stock worth $7,186,000 after purchasing an additional 9,907 shares during the period. Linden Thomas Advisory Services LLC bought a new position in Altair Engineering in the 2nd quarter valued at about $629,000. Finally, Jane Street Group LLC grew its position in Altair Engineering by 960.2% in the 1st quarter. Jane Street Group LLC now owns 303,672 shares of the software’s stock valued at $26,161,000 after buying an additional 275,030 shares in the last quarter. 63.38% of the stock is currently owned by institutional investors and hedge funds.

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.