Wellington Management Group LLP Increases Stock Position in Altair Engineering Inc. (NASDAQ:ALTR)

Wellington Management Group LLP boosted its stake in Altair Engineering Inc. (NASDAQ:ALTR) by 97.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,182,339 shares of the software’s stock after purchasing an additional 583,127 shares during the quarter. Wellington Management Group LLP owned about 1.43% of Altair Engineering worth $99,494,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. McGlone Suttner Wealth Management Inc. purchased a new stake in Altair Engineering in the fourth quarter valued at approximately $31,000. EdgeRock Capital LLC purchased a new stake in Altair Engineering in the fourth quarter valued at approximately $33,000. Harvest Fund Management Co. Ltd raised its stake in Altair Engineering by 1,157.7% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 981 shares of the software’s stock valued at $83,000 after purchasing an additional 903 shares in the last quarter. Natixis Investment Managers International grew its position in Altair Engineering by 68.7% during the fourth quarter. Natixis Investment Managers International now owns 1,940 shares of the software’s stock valued at $163,000 after acquiring an additional 790 shares during the last quarter. Finally, Legato Capital Management LLC bought a new position in Altair Engineering during the fourth quarter valued at approximately $217,000. 63.38% of the stock is owned by hedge funds and other institutional investors.

Altair Engineering Stock Down 2.1 %

Shares of Altair Engineering stock opened at $96.37 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.46 and a current ratio of 2.46. Altair Engineering Inc. has a 52-week low of $57.59 and a 52-week high of $100.79. The stock has a market capitalization of $8.00 billion, a price-to-earnings ratio of 1,067.11, a P/E/G ratio of 12.38 and a beta of 1.45. The company’s 50 day moving average price is $87.60 and its 200-day moving average price is $84.66.

Altair Engineering (NASDAQ:ALTR) last issued its earnings results on Thursday, May 2nd. The software reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.06. The firm had revenue of $172.91 million for the quarter, compared to analysts’ expectations of $169.29 million. Altair Engineering had a net margin of 1.55% and a return on equity of 5.60%. The business’s revenue was up 4.1% on a year-over-year basis. During the same quarter last year, the business earned $0.13 earnings per share. Equities research analysts forecast that Altair Engineering Inc. will post 0.66 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Royal Bank of Canada reiterated a “sector perform” rating and set a $90.00 price target on shares of Altair Engineering in a research report on Thursday, March 21st. Rosenblatt Securities reiterated a “neutral” rating and set a $88.00 price target on shares of Altair Engineering in a research report on Monday, April 29th. Needham & Company LLC reiterated a “buy” rating and set a $100.00 price target on shares of Altair Engineering in a research report on Friday, May 3rd. Oppenheimer increased their price target on shares of Altair Engineering from $95.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, February 23rd. Finally, JPMorgan Chase & Co. increased their price target on shares of Altair Engineering from $86.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, March 26th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $94.60.

Insider Activity at Altair Engineering

In related news, Director Teresa A. Harris sold 620 shares of Altair Engineering stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $84.00, for a total value of $52,080.00. Following the sale, the director now owns 18,895 shares in the company, valued at $1,587,180. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Altair Engineering news, CAO Brian Gayle sold 773 shares of the firm’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $90.10, for a total transaction of $69,647.30. Following the completion of the transaction, the chief accounting officer now owns 18,423 shares of the company’s stock, valued at $1,659,912.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Teresa A. Harris sold 620 shares of the firm’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $84.00, for a total value of $52,080.00. Following the transaction, the director now directly owns 18,895 shares of the company’s stock, valued at approximately $1,587,180. The disclosure for this sale can be found here. Insiders have sold a total of 454,277 shares of company stock worth $40,867,170 over the last quarter. Corporate insiders own 21.75% of the company’s stock.

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.