Massachusetts Financial Services Co. MA Trims Holdings in Altair Engineering Inc. (NASDAQ:ALTR)

Massachusetts Financial Services Co. MA decreased its holdings in Altair Engineering Inc. (NASDAQ:ALTR) by 5.7% during the second quarter, HoldingsChannel.com reports. The firm owned 298,124 shares of the software’s stock after selling 17,916 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Altair Engineering were worth $29,240,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC increased its stake in Altair Engineering by 81.7% in the second quarter. GAMMA Investing LLC now owns 418 shares of the software’s stock worth $41,000 after purchasing an additional 188 shares during the period. FSC Wealth Advisors LLC increased its stake in Altair Engineering by 41.3% in the second 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 increased its stake in Altair Engineering by 41.7% in the second quarter. Van ECK Associates Corp now owns 1,057 shares of the software’s stock worth $104,000 after purchasing an additional 311 shares during the period. Natixis Investment Managers International increased its stake in Altair Engineering by 68.7% in the fourth quarter. Natixis Investment Managers International now owns 1,940 shares of the software’s stock worth $163,000 after purchasing an additional 790 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in Altair Engineering in the first quarter worth $177,000. Hedge funds and other institutional investors own 63.38% of the company’s stock.

Insiders Place Their Bets

In other Altair Engineering news, major shareholder George J. Christ sold 100,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $98.40, for a total value of $9,840,000.00. Following the completion of the sale, the insider now owns 200,000 shares of the company’s stock, valued at $19,680,000. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Altair Engineering news, major shareholder George J. Christ sold 100,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $98.40, for a total value of $9,840,000.00. Following the completion of the sale, the insider now owns 200,000 shares of the company’s stock, valued at $19,680,000. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO James Ralph Scapa sold 13,000 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $98.26, for a total transaction of $1,277,380.00. Following the completion of the transaction, the chief executive officer now owns 134,045 shares in the company, valued at approximately $13,171,261.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 153,860 shares of company stock valued at $14,739,205. 21.75% of the stock is currently owned by corporate insiders.

Altair Engineering Price Performance

ALTR opened at $94.43 on Friday. The business’s 50-day moving average is $89.11 and its two-hundred day moving average is $88.46. Altair Engineering Inc. has a 1 year low of $57.59 and a 1 year high of $101.39. 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 firm has a market capitalization of $7.84 billion, a PE ratio of 1,049.22, a price-to-earnings-growth ratio of 10.94 and a beta of 1.45.

Altair Engineering (NASDAQ:ALTR) last issued its quarterly earnings results on Thursday, August 1st. The software reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.01. The business had revenue of $148.80 million during the quarter, compared to the consensus estimate of $146.88 million. Altair Engineering had a return on equity of 6.89% and a net margin of 4.26%. The company’s quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter last year, the company earned ($0.15) earnings per share. Research analysts anticipate that Altair Engineering Inc. will post 0.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ALTR. The Goldman Sachs Group lowered Altair Engineering from a “neutral” rating to a “sell” rating and cut their price target for the company from $85.00 to $71.00 in a research note 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 note on Monday, July 15th. Finally, Needham & Company LLC restated a “buy” rating and set a $100.00 price target on shares of Altair Engineering in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Altair Engineering currently has an average rating of “Hold” and a consensus price target of $90.67.

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.